What Does Personalization in Banking Really Mean?

For decades, banks have benefited from a strategy of segmenting product offers. Now, those benefits are shrinking as consumers crave more individualized interactions like those they’ve experienced in the tech and retail industries. Most people willing to change banks say that they’d open accounts with a big tech firm like Amazon or Facebook if possible. But banks can still compete if they use their data and customer interfaces to personalize every aspect of the customer experience, including digital and in-person transactions. Customizing the experience at call centers and branches could be a “game changer.” Done...