Banking Personalisation Strategies for Growth | Global Banking & Finance Review | GBAF

Banking Personalisation Strategies for Growth | Global Banking & Finance Review | GBAF

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Home > Banking > The now and next for banking personalisation

The now and next for banking personalisation

Published by Jessica Weisman-Pitts

Posted on October 11, 2024

5 min read

Last updated: January 29, 2026

A financial advisor discussing personalized banking strategies - Global Banking & Finance Review — An image depicting a financial advisor engaged in a discussion about personalized banking strategies, emphasizing the importance of customer focus in the evolving financial services landscape.

Matt Phillips, Head of Banking, UK and Ireland, Diebold Nixdorf

Matt Phillips, Head of Banking, UK and Ireland, Diebold Nixdorf

Balance is an extremely relevant word in the financial services industry right now. On one hand the push to drive efficiencies and carve out costs from operating models has been dominant on strategic agendas for many organisations. In parallel, the need to be more customer-focused than ever is vital to staying relevant and competitive. With these often-opposing priorities at the forefront of current decision making, what role is personalisation playing on both sides of the equation, and how can personalising services for the future help drive a growth agenda for financial services?

An inflection point for personalisation

In many cases the industry is at a point of inflection – and indeed reflection – when it comes to personalisation. Many financial institutions have been developing and offering increasingly personalised services, which has been shown to increase revenue and drive customer loyalty. Indeed, a recent study showed that 86% of financial institutions viewed personalisation as a clear strategic priority, with further investments in this area planned by 92% of the same group.

Despite this commitment, in some cases the personalisation agenda has been somewhat diluted and steered off track by other priorities; resulting in basic levels of customer satisfaction being missed. With efficiency drives taking priority for many, there is often a lack of depth to truly understanding pain points and the experiences consumers are looking for in today’s current climate.

Going back to basics can often help resolve this as a starting point. Of course, longer term a truly emotional connection needs to go beyond the basics. As well as offering personalised solutions, financial institutions must be socially responsible, provide value-added services and support, and ultimately align with an individual’s values to create an emotional connection for the future.

The physical versus digital debate

There has been much discussion over recent years about where consumer services should be offered, and what the scope of consumer touchpoints should look like. As part of this, considering the role physical services play in the topic of personalisation is critical. For example, is it more important that the staff in your local branch recognise you and can tailor your in-branch service, or that you only get relevant product offerings through your banking app? Most consumers want a blend of the two, highlighting the importance of creating connected experiences.

Balancing people and technology to get the optimised combination of services creates the foundation for achieving overall customer satisfaction and driving revenue opportunities. Going too far down the automation route has in some cases, led to the elimination of personal value. Getting back to creating a value-added exchange of experiences can leapfrog organisations ahead in the competitive landscape.

Inclusive human experiences that create a blend of both physical and digital banking services will enable financial institutions to be bold and take the required steps forward for growth. In addition, baking innovation and the latest technology into the consumer offering will facilitate a ‘routine innovation’ approach and ensure that services are relevant, timely and fit for the current economic climate.

Making data part of the journey

We all know the power of creating data-led customer journeys and the role it plays in effective personalisation of services – but how advanced is the financial services sector in actually implementing such journeys? With an unpredictable economic and political climate, in some cases the focus on capitalising on data, and the insights it brings, have taken a back seat.

However, this is not the case for all organisations with some taking strides ahead in their use of data. Many financial institutions are effectively embracing data to attract new customers as well as maintain loyalty within their existing customer base. By creating a true understanding of consumers through the intelligence of data, there are more opportunities to create a relationship of trust. Consumers want to feel recognised and understood and this deeper level of connection is only achieved by adding additional value on top of basic transactional services offered.

To move forward, the industry needs to embrace data as a non-negotiable and fundamental element of building consumer journeys in the overall customer approach. On top of the wealth of data financial institutions hold on their customers, there may also be a need to invest in external data and take a more proactive approach to utilising social and economic data to create that next level of meaningful and truly personalised customer experiences.

Taking the lead on education

The role of personalisation can also extend beyond simply offering more tailored and relevant services and journeys. Creating and maintaining continued trust and confidence in services goes back to creating that emotional connection.

Financial institutions play a vital role in our economy and how we manage our money. With the economy likely to be more unpredictable in the future, does the industry have a responsibility to play more of an educational role rather than a transactional provider of banking services? Some organisations are spearheading the push for consumer education, and this is likely to pay dividends in an increasingly competitive environment. Not only can offering consumers tailored education and support with financial services help them embrace and utilise your individual services more effectively, it can also provide a platform for advancing financial inclusion as a whole – truly allowing consumer choice and empowerment for those in every society.

In summary, the future of personalisation requires a dual approach. Firstly, financial institutions should take now as the opportunity to go back to basics and reassess whether they have a true understanding of their customer’s needs in today’s current environment. Once this solid foundation has been built, embedding a commitment to personalisation across the consumer journey ecosystem will drive value creation, boost revenue opportunities and customer engagement – ultimately creating more collaborative and two-way customer relationships for the future.