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.