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Dinesh Karanam
29 May 2024

In the ever-evolving financial landscape, personalization is no longer a luxury but a necessity for organizations seeking to retain and attract customers. Delivering the right message, tailored to individual needs and preferences, and at the optimal time and channel, is the crux of this journey. It’s about transcending generic offerings and forging genuine connections with clients. As per the 2023 report on the State of Personalization Maturity in Financial Services from Dynamic Yield by Mastercard, 86% of FIs stated that personalization is a clear, visible priority for the firm and its digital strategy, with 92% planning to invest further in the practice.

While the destination is clear—enhanced customer satisfaction, loyalty, and business growth—the path towards achieving this is intricate. It demands a sophisticated incorporation of innovative technology, intense data analytics, and an intelligent understanding of customer behavior and preferences. Banks embarking on this journey must equip themselves with the right tools and knowledge to navigate this complex terrain.

Setting the course: charting the path with personalization in financial services

Personalization is the guiding light for banks towards a future where customer-centricity is paramount, and this journey can help across multiple avenues:

  • Enhanced Customer Experience: Personalization helps craft experiences that resonate with the client’s financial goals, challenges, and aspirations.
  • Unlocking Revenue Opportunities:  Clients who prefer the personal touch are more likely to engage with additional offerings, presenting lucrative cross-selling and up-selling opportunities.
  • Competitive Differentiation: In a crowded market, personalization can help be a differentiating factor, drawing in clients who seek a truly tailored experience.
  • Enhanced Operational Efficiency: Effective personalization helps to streamline processes, eliminate inefficiencies, and allocate resources with precision.
  • Risk Mitigation: Tailoring products and services to align with an individual’s risk profile allows banks to fine-tune their risk assessment and mitigation strategies.

Implementation of these personalization initiatives rely heavily on innovative technology and advanced analytical skills, and Business Process Management (BPM) platforms are a great way to start your journey towards precision personalization. These platforms provide the necessary framework to seamlessly integrate personalization into every facet of customer interaction.

Embarking on the journey: BPM platforms as your GPS for personalized experiences

As banks prepare for this transformative journey, BPM platforms serve as the indispensable toolkit that help chart the way towards personalized client experiences through many key features:

  • Advanced Analytics: These tools analyze customer data and interactions to identify patterns and preferences, informing more personalized service delivery.
  • Customer Journey Mapping: BPM platforms allow businesses to create detailed customer journey maps, identifying key touchpoints for personalization.
  • Rule-Based Decisioning: Businesses can automate personalized responses or actions through rules, based on specific customer behaviors or attributes.
  • Integration Capabilities: The ability to integrate with CRM systems & other digital platforms helps ensure that data is effectively utilized for personalization.

It is evident that BPM platforms emerge as the trusted GPS as we navigate the intricate terrain of personalized experiences. Banks can use BPM platforms in many ways throughout their personalization journey:

  • Automation of Personalized Workflows: BPM platforms empower banks to create tailored workflows that respond to specific customer triggers, ensuring timely and relevant interactions.
  • Consistency Across Channels: Whether a client prefers online banking or branch visits, BPM platforms ensure a consistent and personalized experience at every touchpoint.
  • Data Integration and Analysis: By aggregating data from various sources, BPM platforms provide a comprehensive view of the client, enabling tailored solutions and targeted communication.
  • Dynamic Process Adaptation: As client needs evolve, BPM platforms allow for real-time adaptation of processes, ensuring that personalization remains dynamic and responsive.

A remarkable example of BPM platform implementation is Wells Fargo which employed the Pega Customer Decision Hub, enhancing personalization through real-time modeling and adaptive machine learning for tailored interactions. This helped boost customer engagement rates by 3-10x and increasing conversion rates across channels.

Reaching the destination: the transformational impact of BPM-driven personalized customer experiences

The impact of effectively implemented BPM-enabled personalization is overwhelming. Businesses can expect to see:

  • Increased Customer Engagement: Clients are more likely to engage with banks that demonstrate a genuine understanding of their needs and goals.
  • Enhanced Customer Satisfaction and Loyalty: Personalized experiences create a sense of loyalty and trust, leading to long-term client relationships.
  • Higher Conversion Rates: Personalization can lead to more effective marketing and sales strategies, resulting in higher conversion rates and increased revenues.
  • Operational Efficiency: Automation streamlines processes, reduces manual effort, and frees up valuable resources for strategic initiatives.
  • Competitive Differentiation: In a crowded market, personalization can be the key differentiator that sets a bank apart.

This journey of precision personalization is not without its challenges. Although BPM platforms are the right way forward, choosing the right platform can be the differentiating factor in how clients resonate with the banks and drive positive engagement.  Capgemini takes pride in partnering with industry leaders that can help banks achieve precision personalization and ultimately, achieve lasting success in the ever-evolving financial landscape.

Join the Capgemini experience at PegaWorld iNspire 2024. Visit our booth #22 and explore a world where intelligent connections unlock personalized journeys. 

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. ​