Finance with a personalized touch

Abstract:

Banks are moving to deliver their products and services through low-cost channels that automate the process and remove the expensive human element. With this strategy, the key differentiation becomes cost. The alternative strategy is to recapture the personalized service to the customer. The key is to understand each customer along with his or her needs and goals. Helping customers satifsy their goals effectively helps to develop customer loyalty. Knowing the customer can help the business to target its products and services to the best effect of both the customer and the business. Two types of personalization on the Internet are emerging. One offers users the ability to become GUI editors by allowing them to construct personalized pages. The other targets marketing of products and services based on information held about an individual. Neither really meets the needs of the customer. The key is organizing and building customer data stores and attaching those stores close to the customer interaction to effect the interaction and really personalize the experience. These multiple logical data stores necessary to fulfill the total requirements of the customer experience are defined in an information model. The model compasses traditional customer details, family situation, financial history, transaction history, and behavior. Customer behavior is a critical element, and must be captured across every channel touched by a customer, organized, and stored.