The Psychology of Personalization in Banking

The Psychology of Personalization in Banking

Article from: The Financial Brand

Today's technologies, analytic capabilities and the changing media environment offer endless opportunities to create the personalized experiences that consumers crave. But, to create a strong individualized experience, financial institutions must first understand why people want personalization.

The ability to personalize communication and experiences is a relatively recent phenomena that responds to the desire of consumers to have individual experiences as opposed to an experience which is known to be shared by others. People are exposed to personalization in everything they encounter, including marketing messages, products, digital content, and even cars, making expectations even higher.

Consumers are attracted to personalized experiences because they make them feel special and unique. Personalization gives the impression that people matter on an individual level to the banks and credit unions that serve them. This is despite the fact that most personalization is an automated process, made possible by the collection of massive data sets and increasingly sophisticated analytics.

  

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