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13 March 2024 Blog Banking Platform Customer Communication Management Document Management Automation SaaS Private Sector

Revolutionising Banking with Hyper-Personalisation: The Role of Lasernet in Customised Customer Communication

In the rapidly advancing digital age, online banking platforms now lag behind — leaving customers craving a more personalised, data-driven experience.

In 2023, 9 in 10 banking customers said they prioritised good customer service and accessible apps when choosing a provider, yet only 23% of consumers rated their bank's personalised services highly.

These figures show that banks must do more to tailor their online platforms to their unique needs of users. This is where AI-powered hyper-personalisation technologies can transform online banking experiences.

With its ability to analyse customer data from a range of sources, and anticipate a user's in-the-moment needs, banks can utilise real-time customer data to personalise marketing messages, provide offers that match their customers' spending habits, and much more.

This article will explore the potential for banks to up their game in their hyper-personalisation efforts, and outline how solutions like Lasernet can help banks capitalise on the data they already have to deliver exceptional personalised banking services.

What is hyper-personalisation in banking?

Hyper-personalisation refers to the practice of deploying advanced technologies (such as AI, real-time data, predictive analytics, and machine learning algorithms) to tailor online customers' experiences on an individual level automatically.

The difference between personalisation and hyper-personalisation is the level of customisation these powerful AI-driven tools can deliver in real-time. Personalisation uses historical customer data to tailor the experience, while hyper-personalisation leverages an expanded pool of data to make predictions and provide more contextually relevant customer experiences in real-time.

In the banking industry, an example of a hyper-personalised service may include the delivery of a customer bank statement that not only highlights recent transactions, but also suggests savings goals based on the consumer's spending patterns. Or, the inclusion of a personalised discount from the customer's favourite supermarket.

Formpipe – the conduit between banking data and the customer

Advanced document generation tools like Lasernet empower banks to create dynamic and highly personalised communications based on consumer preferences.

Lasernet integrates seamlessly with core banking platforms, enabling banks to deliver content in multiple languages, document formats and communication channels. In essence, the more customer data you collect and analyse, the more creative you can be in your Lasernet deployment, delivering highly personalised banking services across multiple channels instantaneously.

As an example, Lasernet can be used to offer better or customised interest rates based on customer spending habits to the customer without the bank having to do so manually. The solution can receive that specific customer data from the core banking platform and facilitate the processing, design, generation, and delivery into such data-driven communications that the customer receives.

Ultimately, Lasernet enables banks to clearly and effectively deliver relevant information while maintaining brand consistency, thereby improving the overall customer experience.

Increased customer satisfaction, loyalty and retention

By offering a streamlined and automated process to deliver hyper-personalised data direct to the customer through their chosen communication channels, you will be delivering an optimised customer experience, thus increasing loyalty and retention. Salesforce found that 70% of consumers are loyal to banks that offer more in the way of personalised services. Furthermore, 72% of Customer Experience Leaders agree, recognising the demand for tailored services.

Enhanced ability to cross-sell and up-sell products effectively

A recent McKinsey report found that banks implementing hyper-personalisation can increase their overall revenue by 5-15%, while reducing customer acquisition costs by 50%. These figures highlight how hyper-personalisation initiatives provide banks a greater ability to cross-sell and up-sell to their customers.

An example of this in practice is offering tailored investment and savings advice through customer communications generated and distributed through Lasernet. If data shows unspent funds in a customer's account, Lasernet can insert tailored data-driven messages into monthly statements or other communications, suggesting options for investing or saving that money in different accounts, thereby enhancing the value the bank provides and indirectly up-selling different products.

Data-driven decision-making leads to better financial products

Beyond the delivery of personalised services – either via banking apps or email marketing campaigns – the analytic tools driving personalisation solutions can help product development teams gain powerful insights into preferred product features and price points that appeal to the maximum number of customers.

For instance, a survey by Wipro found that 8.5% of financial institutions believe hyper-personalisation tools help them develop more appealing value propositions. Meanwhile, 5.6% believe that the technologies help enhance customer onboarding processes, and 8.2% of respondents have seen the benefits in streamlining back-office operations.

Data is everything

The power of Lasernet relies on the power of a banks hyper-personalised data. Treat the solution as the connector between that data and the customer. With Lasernet’s expansive integration into the core banking platform, banks can feed through hyper-personalised data right into a document or communication designs variable field making communications more dynamic and open to customers.

The future of banking with hyper-personalisation and Lasernet

As advanced AI in banking technologies continue gaining traction, banks should be moving away from a one-size-fits-all service model and exploring hyper-personalisation to give customers what they crave – exceptional banking experiences tailored specifically to them.

Imagine loan offers tailored to each borrower's life goals, or marketing offers that resonate deeply with customers' spending habits – generated and delivered instantly. Lasernet already has the tools to bring these ideas to fruition; all the solution needs is access to hyper-personalisation data.

So, watch this space. Formpipe is here to bolster your hyper-personalisation efforts so you can unlock enduring customer loyalty, boost revenues, and transform data from your core banking system into multi-channel messages that address every consumer individually.

Ready to step into the future of banking, one customer experience at a time? We're with you every step of the way.

Get in touch today and explore how Lasernet can help you reimagine your banking services.

Tom Hurrion
Head of Business Solutions