Technology Record - Issue 22: Autumn 2021

136 www. t e c h n o l o g y r e c o r d . c om W hen browsing through their Netflix account, consumers are taken through a premium guided search experience where each keystroke prompts the platform to simultaneously search for movies and shows while personalising the results to their pro- files. Similarly, while online shopping, users get real-time product recommendations based on their browsing and buying history, followed by hassle-free ordering and same day delivery. Success in today’s world is being shaped by organisations that are putting customers at the centre of everything they do. This has resulted in customer expectations being higher than ever before. Customers now know what a great user experience looks like, and they expect it from everyone they do business with, includ- ing their banks. While banks used to compete on account fea- tures and interest rates, their present success hinges on the level of data-driven, personalised advisory services they can offer their clients. They are expected to drive highly tailored, cross-channel interactions with their customers and provide them with an intuitive and intelli- gent user experience. With a lack of tools and investment to trans- late rich data into deeper knowledge and actionable insights, many banks have struggled to keep pace. In a recent Barlow Research sur- vey of small business owners, more than 90 per cent felt that their banks should know the spe- cifics of their bank relationship. However, only 39 per cent felt that their bank was superior at delivering this experience. There is a large expectation gap between how well customers want banks to know their business and how well they actually do. The tide of digital disruption is here to stay now more than ever. At the centre of this digital disruption is the contextual customer experi- ence. Globally, banks are now forced to rethink their strategies to deliver holistic, impactful and value-driven outcomes by being a part of their customers’ everyday lives. We believe that banks can provide highly personalised banking to dif- ferent customer segments through automation, accumulation and attestation. Let’s take a look at different customer personas, their banking needs and how a bank can address these. The needs are classified as: ‘automate’, where banking for these customers is made easy through process automation and zero branch visits; ‘accumulate’, where banks provide custom- ers with a personalised list of the best available options based on their needs; and ‘attest’, where customer choices are seamlessly assured by val- idating actions and monitoring their spending. Linc is a student currently studying at the University of Texas in the USA and loves cycling. He has recently opened an account and has taken out an education loan. To get a head start on paying his loan, he recently began working part time, and in his spare time he cycles with a local club. His bank has adjusted its services to suit him in many ways. He has opted out of being directly New-age banking Banks that use customer data to deliver personalised financial services and experiences are gaining a competitive advantage in the market RA J E SH S AX ENA : I NT E L L E C T DE S I GN AR ENA V I EWPO I NT “Success in today’s world is being shaped by organisations that are putting customers at the centre of everything they do”