Personalisation should be the CX of modern finance
Commentators from Appnovation and Zopa help us determine what the contemporary financial customer experience should be and why personalisation is key
What Does Personalization in Financial Services Mean? | Ashton College
Are you looking to improve your own financial services business?
Are you curious about what personalization is and how it affects financial services?
Check out our blog for a thorough breakdown of how you can stay ahead of the curve through personalization in the financial services industry.
READ BLOG: https://www.ashtoncollege.ca/what-does-personalization-in-financial-services-mean/
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Personalization versus Customization
Users expect that the content they see will be relevant to their individual needs. Personalization and customization are techniques that can help you ensure that users see what matters to them.
Don’t Just Personalize the Customer’s Experience – Individualize it
Watch more customer service tips on ShepTV! (http://www.ShepTV.com)
Recently I wrote my annual Forbes article featuring customer service and CX predictions and trends for 2023. No. 4 on the list was Personalization Gets More Personal. The best marketers have realized that personalization is a way to get closer to the customer – or at least make it appear to be so. In our customer experience research (sponsored by Amazon), 74% of customers we surveyed said a personalized experience is important.
Let’s start by looking at what the “experts” refer to as personalization. The simple way to explain it is that customers are segmented into several groups, known as personas, which could be defined by age, gender, geography, interests, and more. We’ll use two Nike shoe customers as an example. One customer buys golf shoes, and the other buys running shoes. The Nike customer who buys golf shoes won’t get promotional messages and information about running shoes, and vice-versa. These two customers represent two different personas, one interested in golf and the other interested in running. Nike knows this and caters to them accordingly.
When a customer receives messages, updates, advertising and promotion targeted to their persona, that’s a form of personalization. Watching what customers buy, their buying patterns, and other data help create that personalized experience.
Today’s personalization strategy is becoming even more personal. The next level is to individualize the experience. That means that even if two customers are interested in golf shoes, Nike might learn that one is a serious golfer, playing two or three times each week, and the other just plays for fun and golfs two or three times a year. Imagine the customer’s reaction when you share information that indicates you truly know who they are, at least as far as golf goes.
In the customer support world, it’s important to know your customers. Providing customer service agents with information about what the customers buy, how often, when they last called for help, and more can allow the agent to individualize the conversation to that specific customer.
This also applies to sales. The salesperson who truly knows and understands the customer will win over someone just trying to sell a product.
Individualization is all about the company knowing something unique about the customer or catering to their specific needs and wants. The regular customer at a restaurant who always wants a table near the window gets it without even asking. The server knows this same customer will want a cup of coffee as soon as possible and brings it without having to be asked.
How can you individualize your customers’ experiences with you? Find ways to create “unique-to-the-customer” experiences, and you’ll find they want to come back for more.
CX Update #11: New phase of personalization, the benefits of chatGPT and many more!
Welcome to my CX Update #11! I’m talking about the new phase of personalization we’re in — and guess what: AI has a lot to do with it. And speaking of AI: here are my 5 ways to use ChatGPT to improve your customer experience. Enjoy!
Steven Van Belleghem is a customer experience enthusiast! He loves to share this passion with a broad audience via keynote speeches, books and social media content.
Over the past years Steven has given more than 1.500 presentations at events in over 45 countries. His core expertise is the future of customer centricity and customer experience. The combination between customer-centric thinking, the latest technologies and the human touch is the guiding principle in Steven’s stories.
Steven is an entrepreneur. He is the co-founder of inspiration agency Nexxworks and social media agency Snackbytes. As an investor he is also involved in the fast-growing digital agency IO Digital and AI scale-up Hello Customer. Finally, Steven is also on the board of directors of Plan International.
In addition to his entrepreneurial activities Steven is a part-time marketing professor at the Vlerick Business School and a guest lecturer at London Business School. His opinion is often shared in media like Forbes, Warc, The Guardian,… Steven has authored five international bestsellers and has sold more than 150,000 books. His work has been translated into seven languages and he is the recipient of a variety of awards (most innovative marketing book, best marketing book, best international business book).