Phoenix Synergistics: Personalizing the Customer Banking Experience

December 2020 | From Account Acquisition to Customer Service | Impact on Loyalty and Retention | Role of AI

Personalization is receiving a great deal of attention in today’s financial services marketing programs. Industry experts herald personalization as the center of marketing and the major driver of success in the future. They warn providers that they must act now to stay ahead of the curve in maximizing personalization strategies. Personalization has been extremely successful for technology giants such as Amazon and Netflix. Financial services providers are relatively new entrants when it comes to leveraging personalization and all that it offers.

Today, personalization goes beyond addressing someone by name. There are a wide range of touchpoints where providers can personalize customer experiences, including websites, apps, emails, call centers, and branches. For example, artificial intelligence (AI) can be used in a branch to assess customer needs and help a customer-service representative make better recommendations about a type of financial product.

Online text and video chat can provide a more-personal customer experience—cost effectively—and are growing in popularity with consumers. Some financial services providers have implemented Alexa-type systems that harness AI to interact with customers by text, voice, or video for a variety of applications. For the financial services industry, personalization is new and exciting and offers opportunities for increased revenue as well as marketing efficiencies.


Research Objective

This study examines the use and impacts of personalization by financial service institutions to enhance customer banking experiences during customer journey stages, including account acquisition, onboarding, and customer service.

Research Design

National survey – The survey will include 1,500 online interviews with consumers age 18 and older.

Questionnaire Review

Clients will have the opportunity to review the questionnaire and provide comments. The cut-off date for client input is October 2, 2020.

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