Personalization in Banking - Thematic Research

Personalization in Banking - Thematic Research

Summary

This report provides an overview of the Personalization theme in Banking. It identifies the key trends impacting growth of the theme over the next 12–24 months, provides consumer survey data on which types of personalization matter most to banks’ customers, and includes market-level data on job analytics worldwide within the theme. It also offers a summary of key merger and acquisition activity, a timeline of key milestones in the theme’s development, a technology value chain, as well as firm-level analysis of leading players, both technology providers and financial service providers.

The ability to deliver personalization is not about any one technology or confined to any one area of customer interaction, or one set of bank processes. Instead, a multi-pronged approach is necessary, in which banks identify the types of personalization that promise to unlock the most value and outcome to customers, then seek to increase access to that data, consolidate that data, and run machine learning algorithms on that data to prove results (in increased customer satisfaction, online conversion, etc.), and play those results back to all stakeholders (customers and employees) to drive continued momentum and support for scaling personalization across the enterprise.

ScopePersonalized recommendations are key drivers for revenue growth in many industries. Amazon reportedly makes 35% of its revenue through recommendations alone, amounting to over $100 million per day.According to a recent GlobalData survey, half of all baby boomers and nearly 60% of older customers indicate that “receiving a personalized service is not important to me”, compared to only 30% for Gen X and below 20% for younger customers (both Gen Y and Gen Z). The highest scoring is the preference by Gen Z for tips and advice to help stay within budget. Gen Y and millennials also score highly for this feature.Reasons to BuyUnderstand key technology, macroeconomic, and regulatory trends impacting Personalization in Banking.Identity priority application areas for Personalization in Banking as well as the vendors and banks delivering these experiences to end users Access firm-level/case-study insight on the leading private and public players within the Personalization theme in Banking.