Efficient data handling and processing is an opportunity to offer users customized, flexible products
challenge for bank
to the needs of each customer,
proper data analysis in order to identify the demands and provide hyper-personalized answers.
Thanks to digital channels and their
, it has never been easier to
customers. But in the same
hyper-connected context of multiple financial players such as banks, fintechs and bigtechs,
customer loyalty is becoming more difficult.
As a result
personalization of experiences is critical to maintaining satisfaction levels. The good news is that
now have a wealth of data
upon which to base
their user research.
Consequently, one of the main challenges that the financial industry will have to address in the coming years will be to identify, filter and segment information efficiently.
The hyper-personalization of financial products suggests that bank
their customers with
. And th
hy not have the customer build products at his or her convenience
Under this premise
, the bank
can give the user
to choose from—
for example, which benefits to add to his or her credit card
nstead of deciding between pre-established service
for each product.
a credit card with digital
that allows customers to customize the
benefits, insurance and assistance. In addition, it introduced six card designs
support different social projects according to the user's preference.
flexible payment due dates, interest-free months
mortgages with double installments are some
of the options
n banks' web sites nowadays.
But the strategy would be even more effective if,
proper data management, the bank
was able to
uggest products and add-on
the customer’s needs and creat
a better digital experience.
Limiting credit evaluation or calculating interest rates based solely on credit bureau ratings is a strategy that ignores the complexities of the Latin American market, where
51% of adults have bank accounts,
use them to
make payments directly, according to
data published in August 2021.
And in the US, the numbers also show that at least a quarter of the population is underbanked while 10% are unbanked, limiting their opportunities to access student loans, mortgages or capital to start a business,
In this context
emerges as an opportunity for institutions to adapt
to the market and expand
ing by taking into account
other sources of financial information
For example, Mibanco, the microfinance institution
to access the driving history of driver
it into a database
User evaluations, driver punctuality and even the frequency
with which they
use the app play an important role in the assessment.
allows the bank to
and therefore better meet
such as credit
E-wallets, which are
in the region, also play a key role here. They record users'
can potentially be
to offer everything from
These e-wallets are a gateway
a greater share of
the Latin American population to the financial system, especially considering
the region’s high
smartphone penetration rates.
An emerging trend such as open banking
customized and flexible products.
allows it, the bank can access the
ir history of
to cross-check information and offer better
In Mexico, the BBVA group has
with the employment platform Zolvers
thousands of domestic workers can open savings accounts on this popular site.
Brazil leads the way
n the region in the implementation of open banking, followed by Mexico.
Some other countries, such as
Chile and Colombia
are close to approving their
These open banking projects expand the amount of data available to banks as they serve their customers and
improve their ability to customize services.
Open banking and financial institution
quest to offer better products
next step: efficient data processing for hyper-personalization, where the bank
to its customers and not the other way around.
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