With banks no longer a go-to for consumers, personalized products may be a must
- The increased use of digital solutions among consumers has sparked a greater demand for more personalized banking products.
- 62% of consumers said they’re not happy with their banks’ level of product personalization.
Like grocery stores and pharmacies, banks have enjoyed a reputation of being staple institutions in consumers’ lives. But this trend may be fading. Consumers are demanding more personalized products from their banks. And with the plethora of new digital banking solutions out there, they may eventually decide to take their business elsewhere.
In terms of personalization, banks just don’t seem to be performing up to standard. 82% customers want banks to personally understand them, and only 38% said their banks are effective in doing so, according to last month’s survey by consumer data platform Redpoint Global.
Consumers don’t just want personalized products from banks. We’re seeing this trend across industries, says John Nash, Redpoint’s chief marketing and strategy officer.
“It’s pretty common across industries that consumers are looking for consistent omni-channel experiences that are highly personalized,” said Nash. “And they’re clearly not getting that from the banks.”
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