We all love personalized products and to be treated special. After all, who would want to be generalized.
The birthday/anniversary month of special offers, or the time when we didn’t have to struggle for holding a minimum balance because we were lucky to have a student account, we love to see features that mirrors our identify.
Hence as a digital bank, I would love to see a feature that characterizes me differently and offers a product solution based on my digital footprint. On an average if you are able to track my consumption journey/footprint online, can you customize products based on my behavior/built consumer cohorts?
- The house wife’s debit card versus the impulsive traveler
- The boring businessman versus social party enthusiast etc etc ( just an example)
Though current credit cards do offer similar products based on spending choices, i still feel consumer characterization is missing. ( need not be exactly on above lines).
Would love to hear your thoughts and understand if you would like to see a distinctive part of you in your digital bank and essential model a digital banking/user identity.
Provide offers based on my purchase history? From products that I actually use/could use. For example, why do I get Byju’s offers? I don’t have kids!
And why have I never recieved a one plus one offer from Beer Cafe?
@Parineeta_Banerjee Yes, mass personalization is the key and way forward.
The personalized products can be centered around - Investments, Transactions/commerce spends, and traditional banking requirements.
We have covered a few of those aspects in other thread(s) sharing link here Link 1
Personalisation is been overly used : but very tough to crack.
Companies that have done so with fairly good amount of success are amazon, Spotify, Netflix.
While I am in totally in for the idea of personalisation, let’s go to the objective of personalisation. The objective is only one and one thing for the above companies : like Spotify wants you to listen more and depending on your first song selected they will keep showing you recommendation which are personalized to you so that you listen more.
Question to other folks :
- For a bank what would the bank should try to focus on. What’s that one objective?
Yeah but mass personalization is in fact a derivative of characterization. The underlying is characterization.
What I wanted to highlight is if we are looking at futuristic banking themes, Just like Aadhaar , I would like to have a digital banking identity which impacts my decision also all other consumer segments. With all the data science experts and host of AL/ML applications, I would want to see how closely can one model a consumer and characterize them under some common principles.