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Orchestrating Personalized FINANCIAL SERVICES with a Powerful BPM Platform

Dinesh Karanam
05 June 2024

In the previous blog, we learnt about BPM platforms as a powerful solution for personalization, and how they play a critical role in enabling banks to overcome the traditional barriers of customer engagement. For banks to truly leverage the capabilities of BPM platforms, they must ensure they nail down a few essential factors.

Let’s delve into a comprehensive recipe for cooking up the right personalized financial services for customers, using the tools and features that BPM platforms have to offer.

Gathering the ingredients: building a 360° customer view

Generating a comprehensive client profile unveils more than just transactions; it exposes behaviors, preferences, and needs, allowing for personalized engagements aligned with each client’s financial path. This 360° customer view is attainable through these features offered by BPM platforms:

  • Contextual Data Integration: Combines data from CRM systems, social media, and other channels to create a unique customer database for better decision-making.
  • Customer Profile Unification: Merges data from various interactions into a cohesive, dynamic customer profile, automatically updating with new information.
  • Event Stream Processing: Analyzes customer interaction data in real-time, enabling immediate, personalized responses to customer actions.

Preparing the dish: turning insights into actionable decisions

Real-time data-driven decisions for every customer interaction ensures decisions are personalized and based on up-to-date insights, significantly enhancing customer experiences. BPM platforms can help obtain this ability for precise decisions in real-time through the following features:

  • Adaptive Decisioning: Dynamically adjusts decision strategies based on evolving customer behaviors, optimizing recommendations to align with individual customer profiles.
  • Predictive Analytics: Forecasts future customer actions based on historical data using ML algorithms, to enable proactive personalization strategies for relevant and timely customer interactions.
  • Real-Time Analysis: Integrates real-time data and insights into decision-making processes via a framework of continuously updating decisioning systems with new inputs, ensuring personalization is immediate and reflective of the latest customer data.

Blending the flavors: the delight of omnichannel interactions

Personalization entails delivering a uniform experience across various platforms, ensuring a seamless narrative regardless of the customer’s mode of engagement. This omni-channel consistency is achievable through these features of BPM platforms:

  • Channel-Agnostic Decisioning: Ensures uniform customer engagement strategies across all channels which delivers seamless personalized customer experience across various touchpoints, without requiring channel-specific adjustments.
  • Centralized Offer Management: Integrates offer strategies and messaging across all channels for a seamless brand experience, which stays aligned with the latest marketing strategies and dynamically updates in real time, so customers receive a unified interaction experience regardless of the engagement channel.

Adjusting the seasoning: anticipating customer tastes

Personalization strategies must be dynamic, continuously adapting and learning from each customer interaction, which ensures recommendations stay aligned with the ever-changing needs of customers. BPM platforms enable this proactive personalization through the subsequent features:

  • Next-Best-Action Strategies: Uses advanced analytics to offer tailored recommendations by analyzing past customer behavior to predict future needs and actions. This enables real-time adjustments to strategy, enhancing personalized customer engagement.
  • Self-Optimizing Models: Employs ML to continually refine predictions and recommendations as new data is received, ensuring that personalization strategies stay aligned with evolving customer behaviors.

The chef’s touch: optimizing for efficiency and impact

It is crucial for banks to optimize operational performance by streamlining decision-making, reducing costs, and aligning human expertise with automated processes. This resource allocation mastery is feasible through the following features of BPM platforms:

  • Automated Decision-Making: Employs AI-driven decision engines that automate complex operational decisions to streamline workflows and reduce need of manual intervention.
  • Resource Optimization: Identifies opportunities for resource optimization by predicting high impact areas using advanced analytics, enabling focus efforts in areas with the greatest benefit.
  • Operational Cost Reduction: Reduces costs by automating routine tasks and optimizing decision-making processes, enabling reallocation of resources to more strategic areas.

Savor the results: BPM platforms as the recipe for personalization success

BPM platforms serve as the cornerstone for delivering tailored experiences within the financial services sector. These platforms excel in achieving a deeper level of personalization by mapping customer journeys, leveraging real-time data, automating processes, and prioritizing privacy and trust. This allows banks to exceed customer expectations by tailoring interactions to individual needs and preferences. However, firms need to ensure they choose the right platform to take advantage of these features to their full potential.

As we look to the future, BPM platforms will continue to play a growing role in shaping personalization strategies for businesses, not only as a competitive advantage but as a commitment to understanding and effectively serving customers.


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Please contact our experts

Dinesh Karanam

Senior Director, Business Processes and Augmented Services Leader for North America, Financial Services
Dinesh leads business and technology transformations for global organizations, using his 25 years of expertise in diverse industries to drive strategic innovation and impactful changes. He enhances operational efficiency and spearheads global teams to deliver significant business achievements, including profit growth and digital advancements. ​

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