Pub. 11 2021 Issue 3

20 Digital Personalization: 33% Say It’s Not Worth the Risk. By Neal Reynolds, President, T HE PRESSURE ON BANKS TO REALLY STEP UP THEIR DIGITAL experience game is, as we all know, greater than ever. Branch banking, according to pundits, is probably going away. “Probably” because, honestly, no one really knows, right? It sure looks like it, however. That being the case, where does that leave banks? With a huge incentive to ramp up their digital experience through personalization. Also, according to pundits, most banks are offering only the basics in this channel. And why is that? There is no doubt that personalization is a big deal in customer engagement. Having that deep understanding of each customer’s unique needs, driven by data and analytics and aided by machine learning, is every marketer’s dream. That understanding of exactly what a customer is thinking, feeling and needing forms the very bedrock of any solid, strategic marketing effort. According to the Boston Consulting Group (BCG), “a majority of people who are either open to or actively mulling changing banks would consider banking with a tech company – such as Amazon, Facebook, or Google – if they could. This is not surprising because such companies have spurred a desire for more customized interactions and fostered a willingness to trade data for a better experience.” BCG goes on to say: “Several consumer brands have shown the way forward. Netflix uses personalization techniques to make movie and series recommendations. Yet