In a previous blog, I touched up on how enterprises can approach Hyper-Personalization.
Let's dig deeper into this topic, and continue with our Retail Bank as an example.
Traditionally, we'd have cards team, loans team, deposits team etc. that would wish to market to existing customers. Easiest way to go about this objective:
- Fetch a strong cup of coffee
- Fetch your friendly data analyst colleague to help cut a target segment
- Get the marketing operations team to build an engagement plan
- Execute the plan
- Kick back and wait for leads to start pouring in
But hey! what if all, or most teams end up targeting the same group of customers? Whose promotions should get priority? Which neutral party makes that call?
More so, in all of this commotion, did we forget what the customer may want?
This is where I suggest we flip this process upside down and let the customer (data) decide what's most relevant for them, at that given time.
Every individual goes through a non linear journey when it comes to money matters. Some may deal with one or more life moments at the same time. The absolute first thing then, for us as a Bank to do; is to listen to the cues customers leave behind and decipher their life moment and corresponding needs.
This doesn't mean we plant creepy sensors on them when they visit our branch, or ship them spy robot disguised as cookies (inspiration from Despicable Me).
Rather use Behavior and Intent data, in combination with Product Portfolio, Transaction & Usage Patterns, Call Center / RM interactions etc. and let this beautiful data surface insights on what opportunities could be most relevant for any given customer.
Such an approach though requires a fundamental shift in approach, processes and demands necessary technology capabilities; as we built a fully functional automation that takes cues from customer data and prioritizes relevant opportunity(s).
In a subsequent blog, we'll break down the technology and process aspects of achieving such an automation.
#automation #personalization #customerJourney #journeyManagement #hyperpersonalization #data #analytics #FSI #banking
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