The banking industry’s digital revolution means online banking is ubiquitous and institutions boast impressive data and AI capabilities. Yet, a sense of stagnation lingers.

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Most services are readily available, but are we truly empowering customers? Have we fundamentally transformed the banking experience to deliver new forms of value and relevance?

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The solution for banks lies in transitioning from the current state where their platforms are merely providing a service to ones that engage customers. Banks must delve deeper into customer motivations and evolving preferences. Digital adoption has soared, but significant service frontiers remain unexplored. Understanding the expectations and aspirations of customers is key to fostering deeper and more meaningful relationships.

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The challenge lies in achieving this without incurring additional service costs while remaining adaptable to the evolving regulatory landscape (post-Consumer Duty) and technological advancements in AI.

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The Personalisation Paradox: Unlocking Customer Potential

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The banking industry is yet to fully leverage personalisation for a competitive edge. While basic product recommendations exist, the industry hasn't cracked the code for true personalisation that fosters deeper customer engagement, going beyond mere cross-selling.

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Banks need to question if they've truly empowered customers. Have we created innovative solutions and functionalities that fundamentally enhance the banking experience? The future hinges on transforming from service platforms to genuine engagement platforms.

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Personalisation should make customers feel like their banking experience is meticulously tailored to their needs, even before they fully grasp them. Imagine a bank that anticipates a customer’s financial goals, proactively suggesting relevant products and services. This is the essence of true personalisation.

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Solutions for the Engagement Era

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Here's where harnessing data and AI can enhance banks’ offerings:

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• Anticipatory Product & Service Recommendations: Leverage AI to predict customer needs and suggest relevant products or services at the right time and right channel, driving adoption and satisfaction.
• Adaptive Service Journeys: By deeply understanding customer goals, personalise service journeys and streamline user experiences - without increasing the cost to serve each customer.
• Reflexive, Step-up Support: Utilise AI to identify customers who require additional assistance and proactively offer help, enhancing customer experience and loyalty.
• Rapid & Flexible Regulatory Compliance: Ensure agile integration of emerging regulations, safeguarding customer conduct outcomes while remaining adaptable.

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Reimagining Travelex with Improved Customer Understanding

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Your Tech Stack for Customer Engagement 

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These solutions hinge on a robust technology stack:

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• Mobile-First Approach: Pivot mobile app development to drive adoption and engagement and vertically integrate the technical capabilities below and be the gateway of all channels.
• Intelligent Interactions: Leverage AI for intelligent chatbots and virtual assistants, enhancing customer interactions and pushing the right insight to the right channels. 
• Recommender Models: Implement personalised recommendations for products, services, and financial insight harnessing capabilities such as deep learning, collaborative or content based filtering. 
• Curated Customer Data Assets: Develop data products that leverage customer data responsibly and ethically to power intelligent personalisation.
• Scalable Architecture & Platform: Build a scalable architecture and platform to support the growth of the engagement platform.

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Conclusion: Moving Beyond the Bottom Line

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Banks must embrace the engagement era to unlock a multitude of benefits through deeper relationships with customers and a more agile way of operating. 

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This can be done by applying the following principles: 

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• For deeper customer engagement, banks should offer the right personalised product experiences that address the needs of their customers at the right channel and optimal time.
• Respond much faster to evolving customer expectations, needs and the regulatory landscape, integrate channels and services to enable this.
• Adopting and leveraging AI can also help optimise operations, streamlining service journeys and reducing overall service costs. Beneficial in the short-term, and freeing up resources for more impactful priorities.

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Reimagining how banks engage with customers, tailoring their experience at a more personalised level, not only solves issues of cost but improves customer retention and long-term growth.

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