Tailor your banking offers to suit customers’ specific needs
Banks have a dual challenge today – a demanding customer and a whole new set of competitors. User experiences in e-commerce and other industries with digital offerings are so seamlessly designed that today’s customer sees that as the norm. This sort of experience expectation is increasingly felt across the consumer ecosystem including their traditional banks. The problem is compounded by the fact that customers’ relationships with their banks today is are a relationship of friction; they are either intimidated or unimpressed – neither bodes well for the banking industry or the bank. At the same time, the new-age challengers and neobanks are precisely meeting the evolving experience expectations with their innovative offerings enabled by cloud and digital technologies like AI, ML, AR/VR, RPA, chatbots and self-service. The only way forward for banks is to understand the power of personalization in banking. They will need to leverage data and agile technologies to anticipate and respond to individual customer needs, design offerings to target segments of one and build deep relationships.
Conventional offers and loyalty programs are a small part of customers expectation to stay with their banks. Personalized customer engagement and an end-to-end experience are 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, loyalty, growing wallet share, driving 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 customers expect choices 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 key lies in personalization and the creating customized experiences.
Powered by SunTec Xelerate, our solutions empower banks to dynamically tailor their offerings based on the customer journey and overall relationship, to solve each customer’s unique needs. With these solutions, banks will be able to go beyond their own market offerings and tap into the broader ecosystem to serve, satisfy and grow their customer base.
Adopt a scalable approach towards hyper-personalization, with innovative offers, pricing models and loyalty programs
Design and launch hyper-personalized offers, dynamically. Bundle products and extend benefits based on customer profile and behavior to deliver the most contextual offers
Provide a wider choice for customers by offering partner products and services as standalone or bundled offerings
Utilize our API banking capabilities to introduce self-serve and empower customers with control and transparency
Easy integration and interoperability mean accelerated time to market and reduced costs of creating and launching new offerings
Use easy-to-use, drag-and-drop capabilities to rapidly create hyper-personalized offerings and reduce time to market, product complexity and costs significantly
Empower product, pricing and partner managers to break out of siloed systems and processes, and easily design and launch bundles and offers
Develop a single view of customers to create personalized, contextual offerings based on customer journey insights, to influence customer behavior and drive growth
Avoid expensive and risky rip-and-replace projects and augment existing core capabilities by extracting and consolidating necessary data in a centralized, agile, cloud-based middle-layer solution
Know your customers better and deliver hyper-personalized offerings with SunTec.