A new study commissioned by FICO has revealed work still needs to be done for advanced personalisation in UK banks. The Forrester Consulting study, Unlocking Hyper-Personalization at Hyper-Scale, includes the results of a survey among 52 financial services providers worldwide and points to gaps in banks’ ability to manage customer relationships in a consistent way.
“Personalisation is not new for banking, but what we call hyper-personalisation is,” said Matt Cox, Managing Director, EMEA, FICO. “From behaviour-triggered offers to real-time reminders and support, banking customers are increasingly expecting personalised interactions and information throughout their journey. The demand from the regulators places even more onus on financial services providers to bring all their information on a customer to every decision.
“While 65% of respondents in our survey said their organisation strives for a single view of its customer through accurate and accessible data, that leaves one-third of banks unable to deal with their customers in a holistic, compliant manner. This not only stifles their reach and impact but puts them at risk of losing brand reputation or falling out of line with the new legislation.”