{"id":35014,"date":"2025-03-30T11:00:45","date_gmt":"2025-03-30T08:00:45","guid":{"rendered":"https:\/\/www.intellias.com\/?p=35014"},"modified":"2025-11-25T15:08:28","modified_gmt":"2025-11-25T13:08:28","slug":"personalized-banking-mastering-the-11-act","status":"publish","type":"blog","link":"https:\/\/intellias.com\/personalized-banking\/","title":{"rendered":"Personalization in Banking: The Key to a Perfect Customer Experience"},"content":{"rendered":"

Delivering a personalized customer experience in retail banking comes with changing channels and customer behavior, and yet profit is directly tied to customer satisfaction and loyalty. Banks stand to influence these metrics.<\/p>\n

How? By providing a hyper-personalized banking experience to each and every customer.<\/p>\n

Personalized banking allows financial institutions to provide better, more relevant services on an individual basis, resulting in a higher customer satisfaction rate and strengthening the bank’s position in the market.<\/p>\n

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Personalization in banking means you as a bank can provide financial services that align with each client\u2019s specific goals, spending habits and risk tolerance. Essentially, your bank will understand each person\u2019s financial needs even before they communicate them to you.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\tPavlo Khorpatyy, <\/span> Global Head of Delivery Financial Services & Insurance Segment at Intellias<\/span><\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/blockquote>\n\t\t<\/section>\n

Intellias has been delivering technology services to businesses in the financial services and insurance for more than two decades. Trusted by leading market players, we have numerous successful financial services development projects under our belt. In this article, we discuss what it takes to adopt banking personalization for your organization and how you can benefit from doing so.<\/p>\n

What is personalized banking?<\/h2>\n

Personalized banking services<\/a> refer to the ability of a financial services provider to identify the specific financial goals each customer has and present them with the most relevant financial offerings.<\/p>\n

How does personalization in banking work? Banks should first gather extensive customer data, which is processed by advanced analytics software powered by artificial intelligence and machine learning. Based on the insights gained from these analytics, banks can customize their services to fit the preferences of a specific customer.<\/p>\n

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Machine learning, location-based services, and big data enable banks to anticipate customers\u2019 needs and match them with major life events.<\/p>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t\n\t\t\t\t\t From \u201cNew Age in Banking, a whitepaper by Intellias<\/span><\/span>\n\t\t\t\t<\/div>\n\t\t\t<\/blockquote>\n\t\t<\/section>\n

But that\u2019s just a simplified overview of the process. In the following sections, we will discuss some of the technical aspects of banking personalization in more detail.<\/p>\n

Why personalized banking is the future of customer experience in finance<\/h2>\n

A forecast says that digital banking is here to stay. Up to 75%<\/a> of bank customers plan to keep the digital banking<\/a> habits they adopted during the pandemic.<\/p>\n

\"Personalization<\/p>\n

Source: PYMNTS \u2014 Leveraging the digital banking shift<\/a><\/em><\/p>\n

The banking sector is embracing the era of the connected customer<\/a> \u2014 a digitally savvy individual who engages with financial institutions through various digital channels.<\/p>\n

In fact, 54% of US financial institution consumers<\/a> want financial providers to use their data to deliver more personalized banking experiences. Also, 72% of customer experience leaders<\/a> say personalization in banking becomes even more in demand during economic uncertainties.<\/p>\n

Recognizing this shift, 86% of financial institutions<\/a> prioritize personalization in their digital strategy. Plus, banks already possess a wealth of customer data. However, not all of them are using it fully to enable personalized banking experiences. Why?<\/p>\n

As many as 45% of banking executives<\/a> find it challenging to meet evolving customer expectations. Meanwhile, 72% of financial institution leaders<\/a> say their organizations struggle to integrate data quickly for personalized online banking due to manual processes \u2013 that is, they are lacking the necessary technological tools.<\/p>\n

To start delivering a personalized banking experience, pay attention to the following points:<\/p>\n