Banks must make use of their data to help protect customers’ financial well-being in uncertain times

Ed Porter

Financial Services Lead


It’s pretty clear now that we’re entering a period of financial uncertainty, that unprecedented changes to our everyday lives are having a significant impact for people around the world.
Financial well-being is something that will be a concern for many – and banks are moving quickly to act on government announcements like three-month mortgage holidays in the UK, while introducing other support for customers like increasing credit card borrowing limits.
The reality is that most people will be affected by this in some way. It’s never been more important for banks to get close to their customers to help them navigate this period of uncertainty.

The importance of one-to-one engagement
While broad – and fast – engagement has an important role to play, banks must recognise that everyone’s circumstances will be different.
Right now it’s crucial that they engage customers with relevant and timely information and offers to help them better manage their finances. Personalisation – and engaging customers on a one-to-one basis – can play a crucial role in making that happen.
Get it right, and providers can create better experiences for each individual customer and provide better support in the weeks and months ahead.

Data makes it possible
To make personalisation and one-to-one engagement possible, providers must make use of their first party data to build a detailed understanding of every single customer.
They need to understand at a granular level how the financial well-being of each individual might be affected – now and in the future. And how their wants and needs might evolve as a result. Ideally, they should also combine both live and historical customer data – enabling them to engage customers more effectively in-the-moment.
Banks then need to match this rich customer data with their business capabilities to best support customers against a rapidly shifting landscape.
This will enable personalisation at its most valuable. Contextual. Relevant. Targeted. And all delivered in real-time.
Banks need to match individual live and historical customer data with their business capabilities to best support customers against a rapidly shifting landscape.

Consumers are willing to share more data for personalisation
The good news is that customers are increasingly willing to share their data to make this happen.
In their 2019 Global Financial Services Consumer Study, Accenture found that more and more consumers are looking for personalisation. They want integrated services that address their core needs as an individual. And – critically – they’re willing to share data with their providers in order to get it.
So the demand is there. The data is available. But the reality is that many providers are still not realising the full potential of personalisation.

How banks can deliver on personalisation
For banks to start delivering on personalisation – and drive more relevant and valuable engagement for their customers when they need it most – they must collaborate across the business with a clear strategy.
Here are three key considerations for providers looking to take the next step.

  1. Get your customer data in order: break down data silos and bring together your first party data to give you clarity on every customer.


  1. Align your customer data with your business priorities: consider how your customer insights can work alongside your business priorities to inform offers and engagement


  1. Bring in the right technology: bring in the technology to deliver personalisation at a level of maturity that’s practical for your business.

Banks – like all industries – face a huge challenge ahead.
But the opportunity is there to come out the other side with increased trust, and stronger and more profitable long-term customer relationships. Personalisation – and the smart use of customer data – might go a long way to making that all possible.

Ed Porter is Head of Financial Services at Boxever, a market-leading personalisation platform that uses data and AI to make every customer interaction smarter.
Boxever is recognised by Gartner as a leading player in personalisation and ranked by Forbes alongside Google, Apple and Amazon as one of the most powerful examples of AI in use today.
Contact Ed at [email protected]

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