How Banks Can Use AI to Deliver Personalized Service

Consumers are ready for personalization in their banking routines. A 2019 Accenture study on consumer patterns in financial services outlines four bank consumer personas: the pioneer, the pragmatist, the skeptic and the traditionalist. Of the four groups, representing 47,000 banking and insurance customers globally, only the traditionalists -- which make up about a fifth of survey respondents -- showed any true resistance toward using personalized data to help improve the customer experience. Even then, 55 percent of traditionalists still said personalization is what they wanted. Among the largest persona group, the tech-averse skeptics, 80 percent of respondents said they would be willing to share their data in return for personalized services.