The days of one-size-fits-all service delivery are long gone, in fact 76% of customers now expect personalised experiences. This goes beyond simply adding a name to an email; it's about tailoring service delivery to meet the unique needs and preferences of each individual customer. In this blog post, we explore the significance of personalisation and why the Financial Services industry must adopt a more refined approach to customer engagement.
Benefits of personalisation in Financial Services
According to McKinsey & Company, implementing personalisation in Financial Services can boost revenues by up to 15%. Additionally, it helps to:
- Reduce costs
- Boost customer satisfaction
- Mitigate risks
- Heighten competitive advantage
Personalisation vs. Customer Experience
Customer experience encompasses every interaction a client has with a financial institution, ranging from website usability to staff responsiveness. Personalisation goes deeper into this experience by refining it based on individual customer data. It involves truly understanding your customers by analysing their data and leveraging these valuable insights to customise interactions throughout their journey and across multiple channels and touchpoints.
How Financial Services can leverage personalisation
Below are some practical examples that can be used to start your personalisation journey:
- Interactive Voice Response (IVR) systems: By incorporating personalisation, IVR systems can be optimised to cater to each customer's specific requirements. Whether a customer is up-to-date on payments or has overdue bills, the system can dynamically adapt the options provided to ensure a smooth and tailored customer experience.
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- Payment Links: Sending a payment link serves as a subtle reminder for customers to meet their financial responsibilities in a stress-free manner. Enhancing this process involves personalisation, where companies adjust payment amounts to align with what customers can realistically afford.
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- Communication: Moving beyond simply using a customer's name in correspondence, effective personalised communication involves incorporating relevant details from previous interactions. For instance, if a customer has raised a concern, the ability for a company to outline the specifics of the conversation in an email will assure the customer that their issue is being handled with precision and care. This approach minimises unnecessary back-and-forth, instills confidence in the seriousness of addressing the concern, and ensures the customer feels valued and understood, ultimately reducing the need for repetitive exchanges.
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- As the landscape of Financial Services continues to evolve, personalisation stands out as a crucial strategy for institutions aiming to thrive in a competitive marketplace. By harnessing the power of advanced data analytics and focusing on individual customer journeys, Financial Services can create experiences that not only meet but surpass the expectations of modern consumers. This tailored approach isn't just about staying current - it's about setting a new standard in customer engagement and loyalty.
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For a deeper dive into the subject of personalisation in Financial Services watch our recent webinar.