Problem solving is the key to personalised banking

Solving customers’ problems online can offer a more personalised experience with banking providers, according to a new blog from Nucoro.

A recent survey from KPMG on the opinions of 275,000 consumers, banks with exceeding personalisation capabilities were largely placed as the best in class. Personalisation is becoming a major aspect of the digital world, a report from Accenture claimed 83% of consumers were happy to share their personal data if it meant they could access more personalised experiences. There are numerous other research reports claiming similar positivity’s towards personalisation.

Personalisation goes beyond just greeting a customer or giving generic investment advice based on age. True personalisation is more about tailoring many aspects of their experience to reflect their priorities and lifestyle. Nucoro, which designs savings and investment technology solutions, believes “It’s about the way that you build relationships with your customers and become embedded in their lives in the digital age.”

The WealthTech went on to explain that financial empowerment is a core aspect of establishing a personalised experience. The customer wants to feel secure and supported when making decisions and ensure the bank is helping them to understand their specific circumstances and adapt offers consequently.

“They don’t want to shoehorn themselves into ‘off the shelf’ products that have been designed for demographic segments. They want to be in control and they want to make informed decisions.”

One of the most important aspects of personalised experience is knowing what your customers need at any particular moment and helping to solve their problems, Nucoro said. It claims that banks must anticipate their customer’s problems before they are aware of them themselves. “It means working with your customer and shifting your internal focus from products to solutions.

“Many leading banks are moving away from a strict demographic-based product focus to trying to understand the ‘life events’ and ‘life stages’ of their customers. Each life stage or event brings with it different financial needs that should be catered for by the bank as they occur. The banks that will be successful in the future will be those that can accurately predict life events and then offer solutions that show they have a deep understanding of the individual customer,” the blog post claims.

Nucoro concluded, “To excel in delivering a meaningful personalised customer experience banks need the ability to translate the wealth of data they hold into personalised digital solutions and real time offers. And they need to equip their teams with the tools they need to shift from a product-centric to a solution-based model.”

To read the full blog click here.

Nucoro was named in this year’s WealthTech100, a list of the most innovative WealthTech companies wealth and asset management players need to know about in 2020.

Speaking to FinTech Global, Nucoro COO Nikolai Hack explained how there is little room in the market for standalone investment management services. The real digital investing opportunity is by empowering banks, insurance companies and other established players to provide these services  themselves and leverage their existing client-base.

Copyright © 2020 FinTech Global

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