Your financial goals are bigger and more sophisticated than a clunky, unremarkable app that doesn’t do much more than check your account balance and clog up your mobile with services you don’t need. Fortunately, a growing trend that adapts to consumers like you is hyper-personalisation.
Since people of all ages prefer transacting through digital channels, financial institutions are catching up with the customer-focused tech game and involving personalisation in their digital offers. Personalised services on fintech platforms satisfy customers by giving them access to information and support that is relevant to their unique needs.
Fintech platforms can provide personalised financial services for customers, catering specifically to underserved segments of the market where quality service and communications have been lacking. Thanks to how accessible these technologies are, they provide more options for consumers and reduce costs by cutting out the expensive and time-consuming middle man as the technology grows.
With personalisation, you don’t need to settle for a stodgy app or grasp at straws when options are limited. You can gain better choices to manage your money, help you find the best rates for remittances or other related services and suggest ways to enhance your savings.
What is hyper-personalisation in finance?
You are not going to see hyper-personalisation working, it’s built as part of the background programming of advanced financial technologies to help gather information with your permission about your financial habits and match these with a wide range of potential services and providers.
The aim is to find you a perfect and beneficial fit through the data you provide without you having to do any extensive trawling through providers and products, sales or hard marketing campaigns to get the results you need to make your money work better.
Personalisation is hiding in plain sight. It makes things easier for you every day. What’s helpful about this is that personalisation helps offer solutions before you even realise you have a problem. It keeps your finances in check so you have more control over your spending and saving.
There are three main types of personalisation, and you may have experienced some or all of these already:
- Machine learning
Prescriptive personalisation anticipates your wants and needs based on historical data. Companies use this to create rules and custom workflows that manage your experience on their platform.
Real-time personalisation creates a customised personal experience for you as you’re using the service by analysing current and historical data. As you navigate the platform you provide information on what you find relevant so it can adjust to suit, based on your current and past behaviour.
Machine learning personalisation uses intelligent algorithms to find patterns within your user behaviour to guide your service provider about what’s relevant to you. This AI-driven automation gives companies a better idea of how to reach out to you, based on your behaviour and the algorithm’s recommendations.
When a fintech platform applies personalisation, you can count on your user experience to be smoother and simpler, with useful suggestions and helpful advice for you to explore.
Financial institutions use any information you give them to develop valuable insights and offers that are relevant to you and your goals.
3 ways hyper-personalisation makes money simpler
Your finances are easier to manage when your digital finance tools are straightforward and rewarding. Here are some ways personalisation quietly gets to work to improve your service and available options:
1. Reward offers make sense
It’s frustrating to open your inbox and have to wade through page after page of promotional messages.
Even tagging and filters on your inbox can’t keep up with the volume of marketing emails you get. Batch emails are cheap for companies to send which makes it appealing for them to bombard you with everything from discounts on flights to product freebies. Typically they aren’t relevant to what you are trying to achieve right now and you’d probably rather delete or unsubscribe than read the offers.
Batch email messages are designed for general customers, in the hope of a small handful following through, so they don’t take account of the user’s behaviour.
With personalisation, you’re provided with offers that you can make use of, instead of spam clogging your inbox. This feature ensures the company will avoid sending promotional codes for products you’ve never bought or are unrelated to any past purchase.
Personalisation considers your financial goals to create more appropriate responses from your service provider. This way you can review relevant options, compare, and select the one that aligns most with what you want to achieve with your money.
If they are getting it wrong, you’re able to send your service provider corrections so they can alter their recommendations based on your feedback.
2. You have all the information you need
What stops you from making a decision? Chances are you paused before moving forward with a transaction because you had more questions about it. The terms and conditions were probably in very fine print and the inquiries hotline and FAQs didn’t provide you with much enlightenment.
With hyper-personalisation, in exchange for customised recommendations, you get details on cost, conditions, restrictions and bonuses that align with your goals. You receive the information you need because you provided details about what you wanted to achieve.
It’s easier for you to understand the unique value proposition based on the hyper-personalised custom-made rationale for the product than it is to look just at attributes.
When you’re using automated hyper-personalisation services, you’re provided with suggestions and advice that help you acquire the product or service you’re aiming for.
Since you have more information, you’re able to make sound decisions or determine if you need additional guidance. When you enlist a human customer service representative, it’s a more meaningful chat because you have data to refer to when you request a clarification.
3. Growing your savings is seamless
It’s a lot of work to be constantly budgeting and realigning your financial goals and plans. It’s tiring to be thinking of how much you need to put aside, what you can do to increase your wealth and how you can get more out of it.
Worse still it’s a hassle to set aside time to manually input it in a spreadsheet or plug it into a budgeting app that doesn’t sync to your accounts.
Investments and savings are straightforward when you take advantage of the fintech that’s already on your smartphone. Technology is getting better and better at simplifying things and supporting customer needs. With personalisation, your banking app can identify opportunities to make the most of your savings, where you can find cheaper alternatives and explore rewarding investments.
You’re able to monitor your investments with the right tools when you make the most of hyper-personalised financial services.
All in all, hyper-personalisation works behind the scenes to improve your experience on a fintech platform. The way this looks when you log in is:
- Reward offers that make sense to your goals
- Upfront terms of contract offer details
- Ease of growing your savings and managing your income
When you take advantage of these features, you can make more informed decisions about your finances and work towards your goals quickly and easily.
Whether you’re looking to clear your inbox, actively save for a big purchase or start investing, hyper-personalisation cuts out the clutter and shares what makes sense for you and what you’re aiming for.
If convenience and accessibility are higher priorities for you when it comes to financial management, a hyper-personalised experience is the solution you’re looking for.
No matter what you plan to do with your money our team at Nauggets can go on the journey with you. We are experts in the financial services industry, especially in fintech and gold, which you can easily acquire by getting a Nauggets account. With just a swipe or two on your mobile phone, you can own and put money in gold, as simple as that.
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