{"id":1149,"date":"2019-04-19T20:06:30","date_gmt":"2019-04-19T20:06:30","guid":{"rendered":"https:\/\/nmsconsulting.com\/?p=1149"},"modified":"2022-03-04T05:25:11","modified_gmt":"2022-03-04T05:25:11","slug":"personalizing-banking","status":"publish","type":"post","link":"https:\/\/nmsconsulting.com\/1149\/personalizing-banking-the-next-frontier-for-the-industry\/","title":{"rendered":"Personalizing Banking: The Next Frontier"},"content":{"rendered":"\n
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By <\/span>Arthur Mansourian<\/a> <\/span>
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With consumers still reeling from the Wells Fargo account fraud scandal, it is evident that banking practices need to be adjusted, and management teams have taken notice.  <\/span>Banks are starting to realize that cash is no longer king \u2013 it is data that sits on the throne.  <\/span>Tech companies like Google, Amazon, and Facebook have been leveraging their immense amount of data to target customers on a personal level, and turn their data into millions of dollars.  <\/span>In terms of consumer service, banking still has a long way to go to catch up to the customized experiences and interactions provided by tech companies.  <\/span>Banks are finally understanding the importance of customization, and realizing the golden information they have in their customers\u2019 data.  <\/span>Banks need to focus on going beyond the blanket offer made to all customers and truly understand their audience before marketing to them. <\/span><\/p> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n

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Consumers have become used to having a very customized experience, whether it is their computer, phone, car, or other smart device.  <\/span>If bank executives properly leverage their data and provide useful customer interaction, the growth in revenue should outweigh the cost and time to implement such programs. We see this paradigm in banking as the real personalization in retail banking.<\/span><\/p>\n

One key aspect that the banking industry needs to address is the overly aggressively selling tactics seen at many banks.  <\/span>To truly gain the customer\u2019s interest and trust, banks must leverage their data and inhouse analytics to anticipate each customer\u2019s needs, identify target segments, and forge strong bonds that will lead to more business from the customer and their family and friends.  <\/span>Banks need to make the customer the top priority, and this may require the stripping away of bureaucracy, change in the management team or other employees, and building out new infrastructure platforms.   <\/span>Banks must make it clear to their personalized banking teams that overtly selling is not the main goal, and instead they need to focus on providing outstanding service, detailed and clear information, and sensible advice as often as a customer wants. <\/span><\/p>\n

Implementing this kind of personalization at a large corporate level will require several factors that serve as interactions that change a customer\u2019s behavior.  <\/span>These factors include analyzing each customer through machine learning and data collection to form a personalized approach to each customer.  <\/span>Of course, implementing such a strategy is not easy as it does require an entire revamp of the technological ecosystem of the company, strong cross-channel offerings, and cross-enterprise collaboration.  <\/span>Major issues that banks face are that their databases are fragmented, they use old marketing strategies that do not provide individualized service, and their complex bureaucratic systems make it hard to streamline new processes.<\/span><\/p>


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About the Author<\/span> <\/span>
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\n \n \"Arthur <\/a>\n \n <\/div>\n \n \n
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\n \n Arthur Mansourian <\/a>\n <\/h2>\n <\/div>\n \n <\/div>\n <\/div>\n
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Arthur Mansourian<\/span><\/a><\/span>\u00a0has a 12-year track record as both a management consultant and investment banker, advising clients on valuation, capital markets, structured financing, mergers, acquisitions and divestitures and general corporate strategy.\u00a0<\/span><\/span><\/p>

Mr. Mansourian served as Vice President while at NMS Capital Advisors, when the company achieved cumulative sales growth of over 5,100% with annual compounded sales growth in excess of 120% from 2012 to 2017.<\/span><\/span><\/p> <\/div>\n<\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n","protected":false},"excerpt":{"rendered":"

Tech companies like Google, Amazon, and Facebook have been leveraging their immense amount of data to target customers on a personal level, and turn their data into millions of dollars.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-1149","post","type-post","status-publish","format-standard","hentry","category-insights","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nPersonalizing Banking: The Next Frontier | NMS Consulting<\/title>\n<meta name=\"description\" content=\"Banks are finally understanding the importance of customization, and realizing the golden information they have in their customers\u2019 data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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