Personalization in Finserv Industry: All You Need to Know About It

Despite the expansive personalization opportunities, many financial institutions are still limited by disparate systems and siloed data. Rising customer expectations have made it imperative for this sector to accept personalization. With technology and solutions like Salesforce that make customization a cakewalk, the financial sector can extend more valuable and bespoke services to customers with the right strategy. 

What Does Personalization Look Like in the Finserv Industry?

Personalized services at its core are about evaluating customer data and extending products and services that are relevant and valuable to end-users. Furthermore, it’s about connecting customers and operational data across all branches, call centers, and applications. Through this, personalization assists finserv in being proactive and delivering solutions by gauging customers’ challenges and needs. 

What Are The Benefits of Personalization in Fiserv?

Fostering Customer Advocacy

Customer advocacy is about delivering content that is valuable to your end-users. It could be anything from notifying them about their spending, informing them of relevant offers to providing financial advice. When customers realize that you know them, understand their challenges and needs, and want to help them, there will be a tremendous boost in engagement level. 

Delivering Omnichannel Experiences

Personalization allows customers to continue to receive a seamless banking experience across multiple channels. Offering an omnichannel experience empowers you to reinforce marketing efforts and boost engagement at every corner. 

Improving Customer Retention

The chances of selling to existing customers are around 60-70% whereas the probability of selling to new prospects is merely 5%-20%. When customers receive personalized and value-based solutions, they are likely to stick with their bank for a long time. 

Effective Personalization Strategies for Finserv

Tailor Experiences at Each Marketing Channel

When you acquire a new user, acknowledge how they landed on your website and what value proposition attracted them to be here. Keep your interactions focused on what they are looking for especially during the initial stage. You don’t want to drive a prospective customer away with an over-the-top sales pitch. 

For instance, if you have advertised a low-interest credit card, it would be discordant if the landing page takes them to start a savings account. 

Introduce Real-Time Messaging

Financial decisions involve a lot of reasoning, assessment, and mathematical calculations. This makes it difficult for people to see the benefits of the products and services that you are offering.

Instead of asking your users to drop their queries and get back to them, you should introduce real-time messaging where the agent is just a call or text away. This will reduce idleness and make your services more bespoke and responsive. 

Leverage Cross-Channel Engagement

The benefits of cross-channel engagement are that there are multiple opportunities to engage the user, even if they abandon you on one platform. If the visitors have given you their email address, that’s the most valuable data that you can harness. You can curate more personalized messages to trigger re-engagement. Furthermore, location-based notifications and push notifications are other resources that can boost engagement and redirect the visitor to your website. 

Use Cross-Sell and Upsell Opportunities the Right Way

Product recommendations are an important aspect of personalized journeys. Complementary financial products help boost the benefits of existing customers’ product packages and give the right push to new users to make  decisions. Recommendations allow finserv companies to match the right promotions or products to users individually based on their account information, current needs, and intentions. 

Send Across Timely and Sensitive Information

Apart from user-centric data, there are tons of geographical, contextual, and environmental data at your disposal which can be used to engage users. 

For instance, there is an extreme weather warning in some regions. Individuals living in these regions would highly benefit if they are alerted of protection options such as insurance coverage in a timely manner.

Finserv companies that are successful in building personalized experiences can position themselves in this fiercely competitive market. Present investments in effective personalization strategies can create quality customer experiences across various channels and help you build an extensive client base.