More Related Content Similar to Personalization in banking- How to build relationships with Alyson Clarke of Forrester Research (20) More from MoEngage Inc. (20) Personalization in banking- How to build relationships with Alyson Clarke of Forrester Research3. 3
3© 2019 FORRESTER. REPRODUCTION PROHIBITED.
Personalization is an experience that uses
customer data and understanding to frame,
guide, extend, and enhance interactions
based on that person’s history, preferences,
context, and intent.
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When done right, personalization can create a
competitive advantage that can’t be replicated.
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Leverage technology to build 1:1 relationships that
are unique and can’t be replicated.
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Personalization is
like a relationship —
it has to be two-way.
Image source: Pexels
8. 8© 2020 Forrester. Reproduction Prohibited.
Personalization is a two-way street
Source: Forrester Research
Information
flow
Unknown
prospect
Basic
segmentation
Advanced
segmentation
1:1
Customer
Firm
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Banks should leverage technology to
personalize experiences for as many
customers as possible, across the lifecycle.
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Source: Financial Services Firms Should Personalize Across The Lifecycle And On All Touchpoints Forrester report
Personalized site search
Personalized recommendations to help
prospects choose the right product or service
Personalized content, language,
and images on public sites
Cross-sell and upsell of products
is personalized based on a
customer’s situation and needsPersonalized content and functionality
Personalized offers
Personalized site search
Call center agent matching
“Next best interaction” and real-time
insights on the customer for
employees (e.g. via whisper agents)
Personalized onboarding
(e.g. messaging, tools,
personalized videos)
Real-time customer insights for
front-line employees
Language, content, and images
personalized in marketing offers
and communication
Personalized financial tips,
guidance, insights and advice
Personalized videos to simplify,
educate, and drive engagement.
Personalized pricing
Personalized videos to
encourage customers to renew
Personalized videos to simplify statements
and communications (e.g. mortgages,
annual review of financial plan)
Personalized videos to explain
personalized quotes before purchase
Interactive videos to guide
customers through their options
12. 12© 2020 Forrester. Reproduction Prohibited.
Leaders get closer to
their customers by
ensuring
personalization adds
value to the customer
INFORM
GUIDE
ADVISE
CARE
How will personalization add value to the customer?
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USAA is personalizing the mobile banking
experience
Source: USAA
INFORM
GUIDE
ADVISE
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USAA can also follow up on human interactions through
digital touchpoints
Source: USAA
INFORM
GUIDE
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Barclays personalized lending video helps customers know
how much they could borrow
INFORM
GUIDE
ADVISE
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Huntington Bank gives a “Heads Up” on upcoming activity and
relevant information
INFORM
GUIDE
ADVISE
CARE
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BBVA offers personalized recommendations based on customer’s
financial health
INFORM
GUIDE
ADVISE
CARE
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Banks like Sberbank are deploying whisper agents (virtual assistants)
to help call center agents personalize interactions
INFORM
GUIDE
ADVISE
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BBVA also helps people plan for a baby – even if they aren’t
BBVA customers!
Source: BBVA website (Spain)
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Adopt design
thinking as a
common framework
to guide your
strategy
Source: How To Build A Better (Digital) Mousetrap Forrester report
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22© 2019 FORRESTER. REPRODUCTION PROHIBITED.
Determine what
your customers
care about.
Understand what
you know about
customers to create
dynamic profiles.
Learn customers’
privacy and brand
expectations.
Source: Forrester Research, Inc.
23. 23© 2020 Forrester. Reproduction Prohibited.
BBVA adopted a
design thinking
approach to drive its
personalization
program
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Use customer journeys to guide your personalization strategy
Source: Use Customer Journeys To Guide Your Digital Banking Strategy Forrester report
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Take a systematic approach to identify moments for
personalization
moments of truth
Welcomes
his first
child
Requests
and
compares
quotes
online
Calls
financial
professional
Schedules
medical
exam
Waits
Oneweek
Finalizes
and
makes
payment
Receives
quote and
reads
paperwork
Few
weeks
Calls to
check
on quote
for premium
and
coverage
Example: financial services
Where can personalization . . .
• . . . help inform the situation?
• . . . guide them to what they need?
• . . . extend their options to advise them of other things they may need?
• . . . enhance the experience to demonstrate you care about your customer?
26. 26© 2020 Forrester. Reproduction Prohibited.
Personalization
can strengthen
your relationships
with customers
1. Ensure personalization adds value to the
customer.
2. Personalize experiences at each stage of the
customer lifecycle.
3. Provide 1:1 experiences on all touchpoints.
4. Focus on moments that inform, guide, advise,
and/or shows you care.
5. Adopt design thinking to guide your
personalization strategy.
29. Your customers will be on Mobile and Web, and not in your Bank!
Reach them wherever they are with Intelligent Mobile Engagement
Mobile
Push
Web
Push
In-app
Messages
Email SMS Ad
Networks
30. MoEngage Enables Real-Time Unified Digital Communication Across Businesses
Mobile
Payments
Checking
& Savings
Bill
Payments
Loans
Investments
Credit Cards
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Give our Fintech CSM team a call for ideas and help
Ehren Maedge
VP North America
+1.650.302.3752
ehren@moengage.com