Polski
New solutions and services emerging in the financial market have the bar set high. However, digital banking has excelled in the dynamic environment of technological innovation and is leapfrogging the following levels of sophistication, such as implementing hyper personalisation. As a result, increasingly intuitive financial systems, platforms and mobile applications are being developed to meet users’ needs in the best possible way.
Hyper personalisation in banking creates new trends and responds to customer needs, including those not visible at first glance ;). It is called the Holy Grail of banking and is now at the forefront of banking product design. Why?
Most areas of banking are moving to the digital world, where the user becomes more anonymous. To maintain a personalized approach to each customer, we want to offer products and services that meet his dynamically changing needs. We strive to communicate by their preferences, creating a comfortable relationship-building space. Hyper personalisation makes the customer feel noticed and taken care of.
What is hyper personalisation?
Hyper personalisation uses advanced data analytics, artificial intelligence and machine learning algorithms to create maximally personalized and tailored products. It aims to deliver content, offers and features uniquely relevant to the user, based on their preferences, behaviors and previous interactions.
In the banking context, hyper personalisation can involve analyzing a customer’s transaction history, spending patterns, and financial goals to offer dedicated product recommendations. It can also include providing bank product offers and partner offers based on real-time insights into customer needs and interests.
Hyper personalisation makes it possible not only to deepen customer engagement but also to increase satisfaction and conversion rates. Therefore, it is used to improve what is most important in banking and any other industry – the relationship with the customer.
“Ingredients” of hyper personalisation in banking:
- Personalized financial advice using data on the client’s financial behavior – spending, savings and financial goals. The result of real-time data analysis is personalized advice on saving, investing, and financial management that is understandable and accessible to everyone.
- Product offers and partner offers created thanks to detailed analysis of customer data, providing products and services that best meet individual needs and consider the customer’s current financial situation.
- Top-notch customer service, including quick response to requests and use of new technologies to create virtual assistants and advisors.
- Greater security and faster customer identification using advanced technologies such as biometrics and behavioral analysis.
- Tailor-made digital user experience, i.e., extensive options for personalizing interfaces and content.
By applying our knowledge of how to implement hyper personalisation to banking products and accurately identifying users’ needs, we can provide them with exceptional experiences and effective management of their products. These are the goals we set for ourselves when carrying out projects in our UX Lab, implementing the following solutions and services with our business partners that their users appreciate.
How do we design hyper personalisation with our clients?
Intuitive dashboard of banking mobile app
For one of our clients, a Polish bank focusing on loan sales, we designed a new dashboard for a mobile application. Like every project at UX Lab, the work began with a short workshop with the client based on the Design Sprint methodology. This methodology allows us to solve design problems quickly and efficiently. Thanks to the knowledge gained and systematized during the workshop, we can identify specific user needs and determine the direction of further design work.
To address defined needs and thus find answers to how to improve the user experience while increasing user engagement, the most common idea was the use of hyper personalisation.
Through its use, the designed dashboard was to become more intuitive and tailored to the user, taking into account his preferences and habits. The hyper personalisation elements we used here include:
- adjusting the way the bank communicates with different groups of customers;
- personalize the appearance of the application;
- modifying the version of the control panel: the classic view – where the most important information about the customer’s products was included, and the smart view – expanded with additional options and non-bank offers;
- selection of interesting topics as a guide to the presented bank products’ offers and partners’ offers;
- personalized gamification;
- personal assistant in the application.
With such a redesigned dashboard, the banking app has become a perfectly tailored product. It contains exactly what the mobile app user needs at any moment and works finely to build loyalty to the bank’s products, thereby increasing customer engagement.
Designing an online banking dashboard to suit all generations?
With another client, a Polish bank with an extensive age range of users, we designed a new dashboard for online banking. Given the need to design it to be intuitive and usable for a very age-diverse group of users, this was quite a challenge.
During the first workshop, starting our cooperation, we precisely defined the goals that our partner wanted to achieve. One of them was to consider in this project the needs of different audiences, both customers fluent in the digital world and those using banking services in a sort of traditional “branch” form.
Again, the idea of using hyper-personalization, allowing one product to be tailored to a broad audience with significantly different expectations, came to the forefront.
The main idea was to design a widget puplit that would allow building it according to the user’s preferences, adjusting the amount of features and content displayed. Our new dashboard also includes:
- personalized offers of banking and non-banking products dedicated individually to each user;
- improved customer service, easier access to support and faster authorization;
- personal calendar functions that allow you to schedule tasks to be completed and record upcoming transactions.
Implementing this project was not easy, but it greatly satisfied us and our partner. Thanks to hyperpersonalisation, we could jointly create one modern product that responds to customers’ very diverse needs in real time.
Secure hyper personalisation vs. use of AI in banking
Hyper personalisation offers tremendous opportunities to use AI-based algorithms. While in other industries, implementing AI models is relatively easy and unproblematic, with hyper personalisation in banking, we have to face strict security rules first.
The entire process of matching a product to a user may soon be done entirely by artificial intelligence algorithms. In-depth and precise analysis of a large set of customer behaviors and data in real-time (impossible for a human to do at the same time) will match the product to the user’s current needs. While this type of process is enthusiastically welcomed in other industries, in banking, it can initially cause a sense of loss of control and concern about insecurity.
However, consciously implemented hyper personalisation in banking can bring significant benefits to both banks – increasing engagement and generating higher revenues – and customers – improving user experience in the financial industry. The key here is to balance the benefits of hyper personalisation with privacy, security, and compliance issues to maintain customer trust and build customer loyalty.
Why is hyper personalisation the next big thing in banking?
Hyper personalisation today uses advanced analytics backed by AI to customize products, services, and personalized experiences according to customer aspirations and needs. It goes beyond the traditional personalization strategies of the recent past. The financial market is evolving, and banks and other financial organizations must leverage new technologies to provide their customers with positive and memorable experiences and top-notch service to stay ahead of their competition.
Exploring new opportunities and innovations with our clients and business partners is always a great pleasure for UXLab. During this exciting journey, we focus on the specific audience of the system, platform, or application we are developing. We leverage our unique experience from the financial industry (and beyond) and implement the next hyper-personalized solution or service.
While hyper personalisation holds great promise for transforming digital banking, we should still put the customer first and strive for balance. This human-centric strategy is about maintaining a seamless and engaging user experience while building a sense of security in dynamic and demanding times.
Sources:
https://mycompanypolska.pl/artykul/7-pradow-w-bankowosci/13657
https://www.rp.pl/gospodarka/art1313091-przyszlosc-bankowosci-lezy-w-personalizacji
FAQ
Hyper personalisation involves maximizing product customization through personalization based on advanced user data analysis.
When designing with hyper personalisation in banking, the solutions we developed included tailoring the method of communication between the customer and the bank, as well as the ability to personalize the very appearance of the product and the functions included according to the user’s expectations and needs. To best match the products we designed, we also reached for the functions of a personal assistant and tailored offers of bank products and partners’ offers.
Hyper personalisation is possible through the use of advanced analytics supported precisely by AI. Artificial intelligence algorithms can obtain data to customize products and services and individualize experiences according to each customer’s aspirations and needs.
