AI-Based Personalized Banking

AI-Based Personalized Banking

How can we expect global banks like CITI, HDFC, ICICI, Deutsche Bank to offer personalized banking services and have a one-to-one conversation at the customer level? With banks growing more and more branches, surely it’s challenging to give the end-user the most value-driven personalized experience and offering to best meet their banking needs. This is where the ever-changing and maturing technology comes to equip banks with an arsenal of capabilities to handle scale and great customer service at the same time.

Key Challenges

Banks, Constantly facing the need for Changing Business Models?
The cost associated with compliance management is just one of many banking industry challenges forcing banks to constantly adapt themselves. However, the increasing cost of capital combined with sustained low-interest rates, decreasing return on equity, and decreased proprietary trading are all putting constant pressure on banks to evolve and modify their business models in a new competitive way to sustain profitability thereby streamlining and modifying their way of doing their operations and business.
Are you always coping up to deliver upon the Rising Expectations?
In the Temennos study, 30% of bank leaders cited decreasing customer loyalty as their concern. Today’s consumer is smarter, savvier, and more informed than ever before hence it is clear that the way to win the hearts of the customer and to retain them is by ensuring personalized and timely services. With each new generation of banking customers comes a more innate understanding of technology and, as a result, an increased expectation of digitized experiences.
Are your customers' concerned about Security aspects in Mobile Banking
Recent findings from FindABetterBank indicate that 60% of consumers under age 34 consider mobile banking as their primary way to facilitate their banking needs. As mobile is becoming the go-to way technology in the financial and banking sector. This technology must scale and adapt to helps customers save more time and experience facilities to get more personalized information about details like offers, accounts, transactions, and transfer services. However, customer distrust on mobile banking security. This is a big problem in front of mobile banking.
Are you troubled with Changing Time and Increasing Competition?
Retail banking is more competitive than ever. Banks, Funding Houses, Microfinance Institutions, Public and Community banks, FinTechs, and national banks are all maturing and increasing their presence for the same pool of customers. Now that pretty much every aspect of banking can be done online, a banks’ target audience and competitive market are no longer defined by its geography but instead by banking regulation, technology, and advertising budgets. Retail banks need to adapt to this movement or be left behind.

Benefits With Personalized Banking

Improving Customer Experience.
In 2020, purchasers are empowered like never before, and delivering great customer experiences can help businesses drive loyalty and revenue in the long run. Downplaying the importance of customer experience and customer service in difficult times is no longer an option for businesses. This requires understanding different types of customers - what is most important to them and how they make choices.
Higher Revenues for banks
Personalized services and recommendations help customers make faster decisions hence more business to the organizations. Similarly, all banking and financial institutions believe that if they could successfully offer customers an individualized experience, they would earn more than 15%( approximately) additional revenues.
Make Customer feel special and unique
“Remember that a person’s name is, to that person, the sweetest and most important sound in any language.” According to Carnegie, using a person’s name when appropriate could better influence that person’s way of thinking. Consumers are attracted to personalized experiences because they make them feel special and unique. Personalization gives the impression that people matter on an individual level to the banks that serve them.
More relevant offering for higher ROI on Marketing & Promotions
Consumers also react favorably when they are aware that a message is meant for them. Relevancy matters. If something relates to what we care about, we allow it to enter our brain for consideration. Even though these personalizations are an automated process, made possible by the collection of massive data sets and increasingly sophisticated analytics, consumers appreciate and acknowledge relevant and personalized messaging.

Synctactic AI-based Personalized Banking:

Synctactic AI works closely with banking and financial institutions to equip them with their AI-based personalized banking tools with data engineering and ready to plug in data models. Synctactic AI delivers in-depth insights that enable banks to turn their insights into action. Synctactic AI leverages all the existing transactional, compliance, and demographics data to build data intelligence so that banks and financial institutions can best deliver relevant content, offers, and personalized experiences.

Customer Behavior-based Personalized Banking

Synctactic AI-based personalized banking tools enables financial institutions to offer personalized experiences, services, and build loyalty by offering suggestions based on various behaviors. Synctactic AI leverages all the existing, internal, and external data along with efficient earning and investing models data sources to help banks understand customer behavior and deliver the best-personalized experience to ultimately encourage them to consume and feel more and more satisfied with their bank offerings.

Data-Driven based Personalized banking experience:

The digital transformation initiative is essential to stay competitive. It can lead to customer interactions and a fruitful interaction is only possible if it factors all the essence of great personalized experiences like timeliness, hyper-personalization, relevance of the content, data driven responses along with scalability and security. This is where Synctactic AI data engineering and AI-powered personalized banking tools help financial institutions to leverage the power of existing data, tools to best leverage AI capabilities and meet high expectations around personalized banking.

Predicting Future Scenarios for Proactive & Timely AI based Personalized Banking

Synctactic AI based personalised banking tools enables financial and banking institutions to predict future scenarios by analyzing past behaviors. Synctactic AI helps banks predict future outcomes and trends. This helps banks to make hyper personalized customer recommendations.

More compliance Friendly

Synctactic AI cloud-based systems bring the much-needed contextualization to deal with various geographic-specific laws of the land to best mitigate governance, risk, and compliance solutions. These types of tools allow banking institutions to connect simultaneously, and consistently guide customers based on everyone’s input. Such a data and governance driven approach helps financial institutions stay organized and clear of compliance headaches.

To immediately leverage this power of AI on your existing financial and banking systems please connect with one of the data scientist members of the Syntactic.AI team.

Talk to our team!