In our recent article, The Role of Personalized Data for Financial Institutions, we discuss why personalization in lending is important and how implementing the steps to do so can benefit your institution.

Personalization in any industry is all about recognizing who the target market is and where they are in their customer journey. To create that personalization, companies must deliver the right products or services to the consumer based on their individual experiences. In this way, consumers receive the right solutions for their problems, exactly when they need them.

In the McKinsey & Company Next in Personalization 2021 Report*, they found that 76% of consumers say personalization plays a role in the purchasing decisions they make. So, by implementing digital capabilities across multiple channels, financial institutions can differentiate themselves by providing customized experiences throughout the customer journey. 

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* https://www.mckinsey.com/capabilities/growth-marketing-and-sales/our-insights/the-value-of-getting-personalization-right-or-wrong-is-multiplying