Banks are enabling personalization with Elastic — your industry can, too
Think about the moments when something is presented to you that is just what you’re looking for. Those moments, when it feels like a company you trust knows you, are all too rare in commerce. And of course, presented incorrectly, they can even feel invasive. But done well, they solidify your relationship as a customer, and reinforce that you’re getting the service you deserve.
But let’s flip that around — how can you help your organization deliver that kind of personalized experience to your customers?
As a professional in the industry, you probably have a pretty good idea of how personalization works, and why companies find so much value in personalizing offers for customers. But the massive amounts of data needed to really bring personalization to life is something not every organization has at their fingertips. And even if they have the data, they might not have the ability to access or process it. Unless, of course, they’re already on Elastic.
In the banking and payments sector, digital customer experiences have been a critical investment area for over a decade. However, given the industry's complexity and highly regulated nature, the primary focus has been on making sure online channels meet basic security, compliance, and customer requirements.
However, personalization is the next frontier. Institutions are looking for new ways of presenting customers with journeys that speak to their unique financial needs — offering the right content or service at the right time with the right interaction.
In order to do this, unlocking data is vital. And more than most industries, financial providers are sitting on a wealth of customer data points to drive personalization. For example, banking and payment customers share valuable information with financial institutions when they open accounts — followed by fluctuations in account balances and asset values, and in their daily transactions. And customers are accessing their financial data across a bevy of digital touchpoints throughout their banking journey, from payment apps, to third party websites, to tax and financial planning software. Banks have the ability to have the clearest picture in history of who their customers are and what financial products and services they need — if only they used this data.
If the data exists, why is personalization so hard?
According to Deloitte, only 30% of customers believe that their banks are personalizing their service offerings. One challenge for banks is integrating and using the necessary real-time structured and unstructured data from internal and external sources. To accomplish this, providers need to set up an integrated data infrastructure that enables data to be seamlessly processed, ingested, and updated frequently. With better access to data, banking and payment providers can use tactics like data analytics, behavioral science, and ethnographic research to better target their customers.
How Elastic helps personalization
Elastic enables banks and payment companies to unify siloed data structures — correlating decades’ worth of data, even when there’s no single repository or unified structure. Elastic centrally stores data for lightning-fast search, fine‑tuned relevancy, and powerful analytics that scales with ease, allowing technical and non-technical functions to better serve customers based on individual needs. Here are a few examples of how Elastic can support your personalization strategy:
Customer 360 systems of engagement
Elastic helps create custom application experiences for employees. Our solutions can be used to pull together data referencing customer information, transactions, journeys, preferences, and more. Data can be visualized in Elastic or applied to your custom UI. Elastic empowers service, sales teams, and marketers with the right insights to facilitate more intimate customer journeys. Product development teams can further customize solutions and business managers can execute on go-to-market strategy.
For example, learn how RBC leveraged Elastic to match its customer profiles with key product information in real-time.
Tailored website and application search experiences
Personalized search experiences go beyond answering customer questions — they address customers’ intent and lead to business expansion opportunities. Powerful in-app search leverages customer information to present tailored resources that educate customers about product offerings like loan rates, estate planning services, and credit card rewards.
Superior relevance also allows customers to seek information in their own language. Elastic Enterprise Search makes new search experiences simple to set up and gives financial services teams configurable features like global relevance tuning, query time refinement, and natural language processing to deliver hyper relevant results to customers. This way, no matter how customers go about their search, they find answers personalized to them.
Additionally, Elastic offers robust analytics and visualizations based on users’ search activity, powering a number of insights. For example, the data may help identify gaps in customer support content, which can be used to produce new how-tos and help materials, driving down support costs and increasing customer satisfaction.
Machine Learning helps detect and predict. That’s worth millions
Elastic offers an exceptional engine and collaboration tool for fraud teams, as clients like PSCU and Softbank have demonstrated. By spotting transaction anomalies, they've been able to proactively save their clients millions of dollars. The same engine can also be shared with clients to help them plan financially.
Elastic machine learning enhances insights to augment client contact. With Elastic, financial services providers can offer ML-powered personalized search suggestions, results, and virtual assistance based on a customer's profile. Predictive analytics can help financial services institutions anticipate when customers need support or are ready for a new product offering. And with robust analytics and visualization capabilities, teams can measure, monitor, and analyze activity on websites and knowledge bases to address issues quickly and stay abreast of customer trends. Institutions can use insights from their customers' actions to understand their needs – not an aggregate level, but individually. Safely. Securely.
By using Elastic in developing personalization strategies, financial institutions can unify data to tailor services and solutions for customers. Personalization can lead to innovative new products and increased revenue opportunities. But more importantly, personalization done right, using Elastic, helps them go that extra step with their customers: earning their trust.