Conventional offers and loyalty programs are a small part of what customers expect to stay with their banks. Personalized customer engagement and an end-to-end experience is needed, mapped to each customer’s unique journey and context. Treating each customer problem as unique and designing solutions to address these needs with speed, across touch points and using available data to do so, can transform customer engagement and experience. The rewards are many – improving customer acquisition, retention, and loyalty, growing wallet share, driving of incremental revenue, positively affecting top-line growth and of course, giving banks a better chance at being relevant.

Personalization is critical because customer behavior and expectations are changing dramatically; today’s customer expects both choice and wants to be treated uniquely. Personalization will help banks win customer trust and loyalty. If banks are to stay relevant and compete with their new age competition, the wise choice is to accept that the key to survival and success lies in personalization and the creating of customized experiences.