Despite the necessity of driving individualised experiences, the banking industry is struggling to keep up with retailers, media and tech companies in delivering these highly tailored interactions and product offerings to their customers. And considering that millennials and Gen Z will comprise a significant faction of future bankers, it is pivotal that banks appeal to them with emotion, branding and lasting connections.
The issues with using segmentation for personalisation
While some banks may provide personal customer experiences, the vast majority cannot meet the high expectations of their customers. The problem is that many banks position their customer journey and marketing efforts around common life moments or experiences.
