Banking Industry Fails to Meet Personalization Expectations

Consumers expect their financial institution to understand their needs and deliver personalized solutions similar to what they receive from Google, Amazon, Facebook and Apple. Unfortunately, despite advanced AI technology, most personalization expectations remain unfulfilled. The combination of big data, advanced analytics and new digital technology is helping all industries create engagement with consumers on a level of personalization never before imagined. We are quickly moving from an eCommerce environment that once responded to customer needs to one that now anticipates needs… in real time. In the financial services industry, one of the results of this digital transformation is a marketplace crowded with new fintech start-ups and, to a certain degree, major technology firms such as Google, Amazon, Facebook and Apple that are moving market share from legacy banking organizations.