Deepening existing relationships, building new ones and enhancing customer experience, for each customer and for every single journey, demands a complete rethink of the ways data, advanced analytics, AI tech, and automation is embedded within the customer journeys. Fintech operates in a busy street as far as customer journeys are concerned – demanding that product owners deliver personalized product design, tailored advice and recommendations, pricing optimization, and tactical communications and servicing strategies.
Customers, now equipped with the tools to digitize their experience, dictate the delivery of services and products – and by now have gotten used to a hyper-personalized universe of competing service providers. Based on the digital maturity of an organization, hyper-personalization can be achieved in various degrees: From recommendation engines >> Connecting online and offline sales channels >> Predicting customer preferences to developing tailored products or pricing.
That’s the better part of the story. The teething question that remains to be answered is…
Can real-time hyper-personalization be achieved in a cookie-less world?
Can the goodies of hyper-personalization be delivered in a new data paradigm where the customers also dictate the depth and volume of personal data that they are willing to share with brands and search engines?