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The future of retail banking

The hyper-personalisation imperative

With the ever-changing technological landscape, consumers are increasingly expecting a highly-personalised service determined by their individual requirements. We believe that data driven hyper-personalisation is an imperative for banks, enabling them to respond to customers’ manifest and latent needs.

Adopting hyper-personalisation will enable banks to differentiate their brand, boost their revenues, increase customer experience and customer engagement, and improve financial inclusion. Those banks that seize the challenge most rapidly and deliver true end-to-end hyper-personalised products and services will create a significant advantage over their competitors. However, banks face substantial challenges in adopting hyper-personalisation.

This report sets out the obstacles faced by banks in adopting hyper-personalisation and outlines the building-blocks banks must have to overcome these obstacles.

Challenges of adopting hyper-personalisation and how to overcome them

Banks must integrate both real-time structured and unstructured data from internal and external sources. They must also invest in behavioural sciences and ethnographic research capabilities, enabling organisations to explore, measure, and predict online consumer behaviour and tailor products to truly personalise the customer experience.

Enhancing product functionality innovation in order to meet customers’ needs and deliver the most relevant financial opportunities efficiently through applying basic research and routine innovation.

In-depth analytics rely on establishing a trusting relationship with your customer base. Developing trust and increasing customer loyalty, as well as leveraging emotional connection through product design innovation and socially responsible initiatives.

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