Personalization in financial services has become a crucial factor when attracting and retaining customers.
However, according to a study, financial services firms are lagging behind other industries in delivering effective personalization, with only 14% of banking customers viewing their banks as "extremely effective" at providing relevant experiences and offers.
This comparison with other sectors is reshaping consumer expectations, making it essential for banks to adopt more sophisticated personalization strategies to remain competitive.
One area of marketing where banks and credit unions of all sizes can do a lot better is in their use of data