Hyper-Personalization A Key Enabler in the Digital Evolution of Banks

1. Hyper-Personalization: A Key Enabler in the Digital Evolution of Banks

2. Hyper-Personalization: A Key Enabler in the Digital Evolution of Banks • Why Hyper-personalization? • In recent times, customers are looking for a customized solution for their specific requirements and utilizing the digital features of banking as per their needs. Moreover, banks have realized the economic advantage of personalization which can bring in considerable cost reduction by providing diverse cutting-edge products with AI, ML, and big data capabilities. Banks are now trying to cater to customer personalization while meeting the larger organization goal. • Real-time data combines with AI processing to control how you deliver content, suggest next steps, and respond to events, thereby controlling every touchpoint in your process map based on customer data. While it cannot be used to design strategies or replace multivariate testing, it can be used to control how you deliver digital experiences to users. • Data Collection • It is very important to arrive at a solution unless we have the data to make the prediction. Hence, it is critical in achieving hyper-personalization to data collection, organizing, and utilizing as much data as possible about our consumers. The data gives you insight into behavior patterns and helps you create an ideal customer profile. It also empowers you to create hyper-personalized messages, products, and services to draw in and retain your ideal audience. The precision of hyper-personalization is determined by how well we know our customers. So, it is very important that organizations collect the data using the latest technologies and make use of Robotic Process Automation in utilizing important consumer data.

3. Hyper-Personalization: A Key Enabler in the Digital Evolution of Banks Digital banks today need to keep up with the ever-changing technology landscape and the 24/7 demands of customers. Banks must provide complete functionality in the highly fragmented mobile and browser technology fragmentation, as well as end-to-end validation of both front and back-end systems and ensure a consistent multi-channel delivery experience with the best usability and compatibility. Cigniti, with its experience of being the core banking digital transformation and testing partner for pioneering mobile-only banks in the US and UK, has vindicated its capabilities in areas such as omni-channel banking, retail banking, corporate banking, centralized banking, mortgages, cards, and payment gateways. Cigniti has in-depth experience in testing across diverse industry standard products such as T24, Finacle, Flexcube, Bancs24, and Vision Plus, and compliance with regulations such as BASEL, BCBS 239, SEPA, AML, FATCA, etc. Schedule a discussion with our Banking domain experts to learn more about how hyper-personalization is becoming a key enabler in the digital evolution of banks. Read the full blog to know more: https://www.cigniti.com/blog/hyper-personalization-digital-banks/