We recently made headlines by powering a solution that delivered the first personalized mobile banking experience to customers in the MEA region. This is significant because it was initiated at the height of the COVID-19 pandemic, out of a recognition that the time was now to advance digital transformation plans to meet consumers’ digital banking needs. It is also a testament to how consumers are the ultimate winners when banks and fintech companies work together in a partnership ecosystem.
So, what does the MEA region’s first personalized mobile banking experience mean to customers? First and foremost, it means that their data is finally being used to serve them in banking much like it is already leveraged for better experiences by big tech companies like Google and Netflix. With AI and machine learning, we are able to contextualize a customer’s data (while preserving their privacy) so that it delivers banking and retail recommendations they can actually use. By anticipating the individual needs of a customer, the mobile banking app is transformed into a destination for relevant information, service and advice, on a daily basis or several times a day.
Customers have access to a personalized dashboard via the mobile app that also allows them to opt-in to share their location and receive tailored, relevant offers and experiences in real-time from nearby merchants. Customers can also set personal saving goals as well as monitor and track their progress through gamified experiences. The platform engages customers with timely nudges and visual reminders to assist them in achieving their savings goals, thus encouraging and enabling their financial well-being.
Working within a fintech partnership ecosystem, banks are able to deliver end-to-end personalized banking, giving them the ability to know their customers and orchestrate a set of tailored experiences that deliver value and build trust and loyalty. Personalization in banking is a win-win for banks and their customers and represents the future of banking.
Amir Yazdanpanah – Managing Director MEA, Flybits