The role of technology in banking hypercustomisation

12 Oct 2021

Banking is a sector that contains enormous amounts of information about its customers, both individuals and companies, and about further data about the environment. Over the years, this information has been very useful for calculating risks, creating new financial products or leading the banks’ strategies. But there is an increasingly popular use which may be beneficial for companies and users: service hypercustomisation.

We are not talking about the customer’s choice among different financial products any more; we are talking about the creation of services which fit their needs, about showing customers the information they need on their app or website according to their interests, and about helping them and being their consultant 24/7.

Benefits of banking hypercustomisation

Thanks to technology and digitalisation, which allow for handling enormous amounts of information, banking is already familiar with the intensive use of data. On some of their apps, entities even allow for incorporating accounts from different banks so users know their particular and real financial statements (which provides these entities with further information). In addition, they allow for controlling when they will receive invoices and sending alerts about their financial situation or saving or investment recommendations.

This hypercustomisation will lead to a smart bank which will turn customers into the centre of its strategy, thus showing them that it is willing to know them, spend time with them, and distinguish them from the rest. In this way, we will provide a more effective service that is adapted to their needs, with the ultimate objective of fostering loyalty and attracting new customers. Nevertheless, there is a key factor which will determine the capacity to make all this real: technology.

Key technologies for banking hypercustomisation

Without a shadow of a doubt, the first step towards banking hypercustomisation would be digitalisationof processes from beginning to end so data and contacts with customers are perfectly registered. Even if any of them is conducted through a non-digital channel, the person involved will have access to the appropriate tools in order to register any data or experience.

Customer Identity & Access Management platforms and Social Login solutions will also be useful for getting extra information about customers’ social networks, thus being capable of improving the offers prepared for them.

In addition, we will need to use tools capable of handling large amounts of information, as is the case of Big Data or Machine Learning, which will allow for turning the great volume of data into useful information, making decisions and carrying out actions in an automatic way so that every user receives that personalised manner by the entity.

Nowadays, we only have to look around to find great examples of customisation in the banking sector and in the rest of markets which form our economy. Hypercustomisation is an unstoppable trend, which is why we are working on the development of solutions which meet customer needs in terms of management and use of their data.

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