How Personalization Bolsters Customer Engagement
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How Personalization Bolsters Customer Engagement

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It isn’t surprising to know that today, customers expect an experience that’s tailored to their needs and wants. This, unfortunately, is a lot of work for businesses. Plenty of time, effort, and money must be put into understanding what the customers expect and meeting said expectations.

That said, this type of investment is incredibly worth it as it helps to maximise customer engagement that can lead to stronger relationships, quality leads, and more.

Today, we’re going to share how personalisation bolsters customer engagement by sharing how different industries implement personalisation to engage with their audiences:

1. The Banking World

Many people assume that banks do nothing more than hold money, offer loans, and perform other financial services, leaving it at that. However, many banks put effort into engaging with their customers through personalisation.

A great example of this is banks using fintech (financial technology) to attract the newer generation that’s more tech-oriented. For example, banks can offer mobile apps that allow users to access all their banking needs. Knowing that the majority of all bank users nowadays like managing their finances from a single spot, that mobile application can keep them engaged with the bank itself.

Other personalisation efforts also include offering deals that the customers will most likely use, such as discounts and promos that users can redeem.

2. The Retail Industry

When one thinks of retailers, one will more than likely think about Amazon. Although not as big as Walmart, Amazon’s global reach simply makes it far more well-known. That said, one of Amazon’s great successes is its ability to personalise its offerings and experience to the user’s wants and needs.

For example, any user that logs into their Amazon account will automatically be sent to their personalised homepage. This homepage is based on the user’s history of searches and purchases, offering new products similar to what the customer showed interest in.

When customers buy something, Amazon can also recommend other commonly bought products with the main purchase item. All of these efforts improve customer engagement, and for Amazon, this also means more sales!

3. The Financial Institutions

Customer loyalty is pivotal to the institution’s success, so it is surprising to know that financial institutions are some of the worst examples of “personalised experiences.” It was found that many institutions did not correctly adopt the idea of offering a personalised experience. However, some institutions realise that most customers make their decision based on just how well the institution can satisfy their personal needs.

Companies like The Commonwealth Bank of Australia have been following the trends to predict the financial products and services they will need to offer. They are also doing this to understand how to personalise their product offerings and offer consultations relevant to their current financial situation.

Conclusion

Personalisation is incredibly vital to a company’s success. As such, many industries of today strive to offer better-personalised products and services to increase customer engagement and grow their business.

Creating personalised solutions is not easy, and it takes quite a bit of time and planning to implement various personalisation tactics, especially when it comes to software that can offer that experience. As such, we recommend reaching out to custom software developers to create the custom software you need and provide a personalised experience to your users!

Informatics are expert custom software developers offering specialised solutions to meet the ever-changing IT needs of any company. If you are looking for banking solutions to help your company provide personalised experiences to your clients and customers, work with us today!

 

Written by Daniele Paoletti