Compared to a few years ago, when banking services were mostly done in brick-and-mortar agencies, financial services are undergoing extraordinary changes as technology and innovation, increased competition, regulatory complexity and changing customer expectations put enormous pressure on traditional business models. These trends are influencing consumer behavior in financial services and forcing banks to change their approach to a more personalized, simple and digital way.

Personalization in banking means providing a valuable service or product to a customer based on their personal experience and historical data, and helps build trust and generate additional results and revenue.

In all cases, a personalized digital experience must be supported by advanced digital channels, especially mobile, which allow in a very short time to analyze “events” that increase the likelihood of customer acceptance. Another aspect, perhaps no less important, is increasing digital customer engagement. From this point of view, the level of maturity in the local market varies quite a lot, although the Covid pandemic acted as a catalyst for the acceleration of digitalization. At the same time, there is a proliferation of new platforms developed by companies specializing in digital marketing that enable the implementation of personalized mass marketing campaigns or offer “customer insight” (“customer point of view”) and are increasingly used by organizations.

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The article was signed by Gabriel Vojcila, technology partner of PwC Romania

Article supported by PwC Romania