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Marketing Should Lead Your Bank’s Personalization Efforts

Prioritizing Personalization

Other departments in your bank are personalizing each customer’s experience. Marketing must speak to them.

We’re accustomed to thinking of retail banks as slow-moving behemoths sitting on creaking tech stacks among other fast-paced, consumer-facing industries whose members look to pioneer experiences on a daily basis.

Far from sitting back and watching as the likes of Amazon and Netflix change the shape of customer engagement, UX and product managers at banks have realized the need to deliver fully customized, unique experiences. We can see this personalization across journeys: 73% of US national banks tracked by the Curinos Digital Banking Analyzer offer users the ability to rename their accounts, in-app. 38% of all providers allow users to personalize or change the design of their app, 47% of credit unions let users customize their desktop landing page, 71% of super regionals allow users to change the way their accounts are displayed on the channel and across the board advanced financial health tools are encouraging users to set and manage their own budgets and savings targets based on their unique requirements.

When experiences are optimized and personalized by Amplero, even thin relationship customers improve engagement by nearly 50% vs receiving non optimized experiences. New to bank customer retention also improves when delivering customer experiences via Amplero; clients have enjoyed a 5% improvement in six-month retention across all customers. For digitally acquired customers, early month on book retention typically lags branch-acquired customers by 30% or more. Retention for this group when receiving experiences optimized and personalized by Amplero is nearly in line with branch-originated.

This article is part of the Marketing Intelligence series from the analysts at Amplero and Marketing Analyzer. To read the full article and receive our fortnightly commentary email Michael.mccaw@curinos.com. 

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