Don't Rip and Replace in Order to Hyper-Personalise

In an increasingly digital world filled with chatbots, tap-and-go payments and "buy now, pay later" credit lines, hyper-personalisation is the new frontier on top of a new frontier in financial services. Hyper-personalisation enables financial services organisations to leverage the huge volumes of customer data they have in their systems efficiently and effectively to make more specific and more relevant product recommendations, such as an increase of a credit limit at the point of sale, or a list of previous interactions pushed to the chatbot, allowing it to pick up where the last left off. It does so by analysing the data available to it through the power of analytics, artificial intelligence (AI) and machine learning. It offers immense growth opportunities for all financial services providers if they can cater to small and specific groups. Hyper-personalisation can foster loyalty in an era in which loyalty has declined, and it pushes the next generation of consumers and investors towards those financial services which can be agile in what they offer.