It goes without saying that the personalisation of FinTech service plays a crucial role in digital banking as not only does it provide consumers with a well-rounded service but also ensures reliability. In this week’s blog post, we look into the impact the role personalisation has had within digital banking and discover whether it is resulting in more people choosing to use FinTech services.
More appealing to younger audiences?
The fact that younger generations like Gen Z are more prone to being more chronically online, it is no doubt that FinTech services are already a more natural option for them. With the vast amount of options personalised tools have to offer within digital banking whether it is advice or a 24/7 AI (Artificial Intelligence) helpdesk, this ensures younger people to be supported throughout their financial journey and would also help them be supported throughout their financial decisions when banking.
In contrast to this, although tailored online services in digital banking do a lot to ensure that the customers’ needs are met, this can be slightly less appealing for older generations. Whilst the addition of text to speech buttons and enlarged text settings are of an advantage to older audiences, face to face service is still appreciated and this can be seen in their reluctance to use FinTech services.
Crucial for Customer acquisition
Personalisation within digital banking definitely boosts customer acquisition and retention as it aims to make sure each customer’s experience is unique. The use of AI (Artificial Intelligence) advancements in order to ensure this mainly tend to focus on using the information customers input to further tailor the digital banking platform to their financial needs. From doing this, this guarantees that consumers have a range of options on how to approach their finances as well as any helpful articles and guidelines to support them along the way.
Encouraging financial inclusivity
Through the personalisation of digital banking tools it is evident that the tools put in place aim to have a positive impact on people from all walks of life regardless of their financial situation. This is encouraging as through the use of online services customers are slightly less likely to face any stigma or discrimination when applying for loans, as well as general financial queries. Avoidance of this is possible through further detail of personalisation provided by the platform as long as it’s not a general stereotypical bias. Personalised customer service tools in this case make each customer feel seen and hopeful that their needs are being met.
What the future holds
From looking at the massive role personalisation plays within digital banking and the wider FinTech sector, it is fair to say that it has made FinTech services more marketable and increased the popularity of them. Despite the fact that FinTech services are still doing their best to appeal to older generations through their personalisation of customer service tools, the future seems extremely promising that digital banking aims to put the customers’ needs at the forefront of their platforms.