Hyper-personalized financial products? Now it is possible due to data enrichment

The use of mobile banking is experiencing significant growth, reaching rates of 95% among Generation Z and 91% among Millennials. Currently, with digital platforms as the main point of contact between entities and customers, user experience has become the touchstone that defines this bond in the short, medium and long term.

Understand and use data to build relationships with your customers

Transactional data enrichment is transforming the way financial institutions interact with users. With these penetration rates, digital platforms have become the main channel for carrying out their usual banking transactions: making transfers, managing direct debits or making online payments. Therefore, the key to success is to improve their experience based on a deep knowledge of their habits and needs.

To achieve this, it is important to measure emotions and attitudes towards digital applications and platforms, obtaining a complete picture of the user's feeling towards the entity. A positive experience translates into a better conversion rate, higher sales, and strengthened loyalty. Customers are looking for greater control over their finances, easy access to information and the ability to seamlessly navigate accounts and financial products.

The role of AI in the financial sector is increasingly relevant

Simultaneously, Artificial Intelligence (AI) has emerged as a crucial component in the evolution of the sector. The current explosion of AI is due to Big Data, allowing entities to manage large volumes of information and process it in real time. This technology, through algorithms and machine learning, seeks to replicate human reasoning. The data generated provides valuable insights, such as insurance expiration dates, recurring expenses, and risky behaviors. 

Furthermore, generative AI opens the door to the era of “autonomous finance”. An approach that seeks to provide customers with unprecedented control over their resources, optimizing their finances to help them achieve their goals.

Technology allows them to automate savings, investment or debt management, resulting in a considerable improvement in their financial health. On the other hand, hyper-personalization, human-centered attention and the use of AI engines trained in Spanish can make a difference in a highly competitive market. In the case of ChatGPT, responses to questions asked in Spanish reflect translation errors, which demonstrates the need to address multiple cultural and linguistic biases.

Predictive moments: a catalyst for financial innovation

We have already seen that new horizons for innovation and development are opening up thanks to the colossal amount of data generated by everyday banking transactions. When these are studied using predictive analysis solutions, it is possible to reveal patterns and trends that allow institutions to make data-driven decisions.

The adoption of new technologies by banks and insurers is generating impressive results. For example, in improving the reputation of the financial sector. Sometimes, entities are perceived as lacking emotional connection and a source of messages aimed at the masses. Personalization is conspicuous by its absence… How can we remedy it?

Offering users real care and advice based on their financial habits. You just have to look at other sectors, such as cosmetics, which uses data to offer optimized content, based on the customer's purchase history and tastes. Entities should try to offer relevant advice that shows the user that they really care about him or her.

Paying attention to the present and future needs of your users

Understanding people's daily lives, aspirations and intentions is proving to be very profitable for the financial industry. And it is about seeking mutual benefit and basing the relationship with the consumer on trust. How does technology help us at this point? Facilitating connection, now that interaction with people in the branch is not an option for the vast majority.

Take advantage of the fact that they do want personal attention and transform your offices into advice centers or information points. Thanks to the data you obtain with artificial intelligence, it is possible to offer a unique personal touch, authentic conversations and hyper-personalized products, as they did in the neighborhood branch back in the day.

These new experiences can be designed as an integral part of a broader strategy. AI not only offers you new opportunities, it also redefines the way customers experience and engage with financial services in the digital age. The technology-driven financial revolution is here to stay, and user experience is leading that transformation.