The Internet of Me is the first of five digital trends explored in the Accenture Technology Vision 2015 for Banking. Personalized experiences are a must-have for the Everyday Bank and digital can be an invaluable enabler when it comes to delivering them.
First let’s consider the future. In 25 years, 16% of world population will be older than 65 years, millennial will be fully digital, women will represent 34% of high net worth individuals, and a huge new middle class will have emerged in APAC. All of them will have different needs and customer experiences. The vertically integrated “one size fits all” bank will be replaced by a much more segmented bank with multi-customer experience, multi-image and branding embedded into the digital ecosystems…in the extreme the “everyone bank.”
Personalization technologies will allow banks to tailor products and services to individual preferences based on contextual data. A good example is Moven’s personal financial management app. On a smartphone or smartwatch, this app combines spending/saving psychology, behavioral science, location data, day-to-day gamification and other services (such as debit card and payments) to offer customers financial feedback in real time. Not only is Moven delivering a tailored experience, it is helping customers to control their spending and save money. One bank is also already using facial recognition to give branch staff vital information to deliver personalized service—even tailoring digital signage.
No matter the path banks choose to personalization, it is clear that digital can improve their game. But to seize these opportunities, banks must improve their capabilities to:
- Capture data contained in internal exchanges with customers.
- Incorporate the enormous amount of data from outside banks’ firewalls.
- Demonstrate that they are protecting confidential information and assets.
- Use analytics to micro-segment customers and offer personalized products and services in real-time.
Delivering personalization everywhere—from the retail branch to online to mobile—will reap immense rewards. Read more about the “Internet of Me” and other digital trends affecting Everyday Banks in Accenture Technology Vision 2015 for Banking.
