Accelerating personalization and building loyalty is critical in today’s increasingly competitive financial services market. The answer isn’t just more and better tech. To become truly customer-centric, financial services companies need to implement organizational transformation just as much as digital transformation.
Since the pandemic, financial services customer behaviors have changed dramatically. Financial services companies attempted to better understand the journeys their customers take, but they often came up short despite spending millions and millions of dollars. To meet customers’ expectations today and tomorrow, Adobe’s eBook, “Shift Personalization into Overdrive,” dives into how financial services companies can build a resilient tech stack for faster and better personalization at scale.
According to a Deloitte survey of 3,000 U.S. banking consumers, 28% of Gen Z consumers and 20% of millennials are at least “somewhat likely” to switch their primary bank.
While a growing number of banks have prioritized advanced technologies like AI, machine learning, and data streaming, many banks are still not making progress. So, what’s standing in the way? We’ve observed that the primary obstacle to delivering a more personalized customer experience is often the organization itself: how it’s structured, how it operates, and the culture that drives it forward.
“But we’ve always done it that way.”
In our work with clients, we’ve found that it starts with silos. Most financial services firms are structured around their lines of business, channels, and capabilities – around their own internal needs rather than their customers’ experiences. While they do not set out to create a disconnected experience, they fall into the trap of “We’ve always done it that way.” While many financial services firms recognize this impediment, efforts to improve often fall short, and what results is more of the same.
So, what should financial services firms do instead?
We’ve identified four actions financial firms should prioritize:
Every financial services organization is different. If delivering a more personalized customer experience is one of your top goals, start by looking at both your organization and your technology.
EBOOK
Why Data and Tech Aren’t the Only CX Blockers
Ryan Alderman is a principal in the Financial Services practice of Deloitte and focuses on helping organizations leverage digital technologies to drive growth. With more than 25 years of experience, his expertise includes translating business strategy to digital strategy, customer experience strategy, product innovation, digital platform implementation, marketing and media strategy, organizational design, and change management.
