The future of retail banking

The hyper-personalisation imperative

With the ever-changing technological landscape, consumers are increasingly expecting a highly-personalised service determined by their individual requirements. We believe that data driven hyper-personalisation is an imperative for banks, enabling them to respond to customers’ manifest and latent needs.


Adopting hyper-personalisation will enable banks to differentiate their brand, boost their revenues, increase customer experience and customer engagement, and improve financial inclusion. Those banks that seize the challenge most rapidly and deliver true end-to-end hyper-personalised products and services will create a significant advantage over their competitors. However, banks face substantial challenges in adopting hyper-personalisation.


This report sets out the obstacles faced by banks in adopting hyper-personalisation and outlines the building-blocks banks must have to overcome these obstacles.

Challenges of adopting hyper-personalisation and how to overcome them

Harnessing the building blocks of hyper-personalisation

Banks lack the capabilities in data analytics, behavioural science, and ethnographic research to truly leverage their vast databases.


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Meeting customer needs


Customers believe that banks are not getting the basics of products, addressing customer pain points and improving the customer experience.

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Banks typically lack customers’ trust

Integrity, benevolence, and competence have been eroded in recent years in the banking sector. In today’s climate it is pivotal to be a trust protector of your customers’ data across different platforms.

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If you have any questions or would like to discuss what hyper-personalisation means for your business, please get in touch.

Contacts

Richard Kibble

Partner


Margaret Doyle

Partner


Dr Alexandra Dobra-Kiel

Manager