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Personalization MUST mean relevance in mobile banking apps

Published: Friday, 21st September 2018 by Matthew Tod, Head of Analytics, D4t4 Solutions plc

Mobile banking apps have so far been mainly functional tools that make day-to-day banking easier to do for the majority of people and less costly for the bank. However, the customer experience has so far been overwhelmingly standardized not personalized, and this is about to change as banking apps mature.

It has taken quite some time to reach this tipping point, but the challenges of delivering a secure robust banking app that customers and the business have confidence in is not to be underestimated.

However, part of the reason for a slow move to personalization has been the time taken to work out what a personalized experience might actually look like and how to deliver it within the confines of a small app and the high frequency / short session engagement model that apps create.

Today mobile banking apps do carry offers that are tailored to the individual, but are not necessarily relevant to the individual. The image below is typical of this genre:

Image showing a mobile banking app

It now looks like the answer has been discovered judging by the trends we are seeing. The solution appears to be to focus on relevance rather than pushing multiple offers at an individual. The use of behavioral data, collected from multiple channels, coupled with existing purchase probability models enables the selection of the most relevant promotion or piece of content for inclusion in the app experience.

By focusing on relevance app builders are hoping to maintain the slick functional customer experience and then add relevant commercial offers to bring the app more into the customer purchase journey.

The future state will take into account the needs of the customer. I recently wrote a blog with Vince Jeffs of Pegasysytems, where we described my recent experience of looking for a child bank account, and despite the signals I left there was no response. Below is the kind of response we were both expecting to see within my mobile app – a relevant, timely and helpful solution.

Image showing a mobile banking app

A relevant response like this, based on my interactions with the website, delivered in a timely fashion to my app would have been useful to me and would have increased the chances of me opening a new account.

There will be more experimentation and trials before this becomes mainstream but the tipping point has been reached, the technology exists and the knowhow to deliver relevant experiences is available. So, it won’t be long until your bank starts to deliver relevant personalization on your phone.

Click here to find out how Celebrus enables banks to deliver relevant personalization by capturing highly granular behavioral data from mobile banking apps.

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