Learning Objectives:

  • Define personalisation and hyper-personalisation in banking.

  • Understand the technologies enabling personalisation.

  • Explain the benefits and challenges of personalisation.

5.1 The Concept of Personalisation

Personalisation is the process of tailoring products, services, and communications to individual customer characteristics, behaviours, and needs . In a digital banking context, personalisation is a key driver of customer satisfaction and loyalty . According to MX, 48% of customers would happily give banks more data in exchange for more personalised service .

5.2 Technologies Enabling Personalisation

Modern personalisation is enabled by several technologies:

  • Composable Digital Experience Platforms (DXPs): A new generation of customer management systems that let banks deliver personalised customer messages and experiences across every channel . DXPs include a Content Management System (CMS), Customer Relationship Manager (CRM), Customer Data Profile (CDP), a personalisation engine, AI-powered enterprise search, predictive analytics tools, and digital accessibility software .

  • Customer Data Profiles (CDPs): Centralised databases that unify customer data from all touchpoints .

  • AI-Powered Personalisation Engines: Using AI and machine learning to generate real-time product recommendations .

  • Predictive Analytics: Using data to anticipate customer needs and behaviours .

5.3 Hyper-Personalisation in Practice

Hyper-personalisation is the use of real-time data and AI to deliver experiences that are uniquely tailored to an individual’s current context . Akbank’s AI-powered digital assistant uses advanced analytics and large language models to deliver proactive, context-aware guidance, increasing product conversion rates from 2% to 18% .

Examples of hyper-personalisation include:

  • Personalised Product Recommendations: Offering different offers to different customer segments based on their profile and behavior .

  • Contextual Banking Insights: Providing cash flow analysis, spending patterns, and savings advice .

  • Proactive Alerts: Notifying customers about potential issues or opportunities before they arise.

  • Personalised App Experiences: Customising the app interface to individual preferences .

5.4 Personalisation and Accessibility

Customisation and accessibility are closely linked. For those with accessibility needs, customisation can be the difference between financial independence and having to rely on others . According to the World Health Organization, 15% to 16% of the world’s population live with some form of disability . Key accessibility features include:

  • Custom App Icon Design: Personalising the app icon .

  • Card Design Customisation: Choosing a card design from templates .

  • Language Selection: Choosing the app language .

  • Font Size Adjustment: Changing the interface font size .

  • Colour Scheme Customisation: Changing the interface colour scheme .

  • High Contrast Mode: For visually impaired users .

  • Screen Reader Compatibility: For visually impaired users .

 

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