Personalized banking is all about the customer journey

Customer relationships are highly valuable assets for banks and credit unions, and that makes them potentially lucrative targets for fintechs and other competitors.

Cheryl Chiodi from ABBYY and industry consultant Jim Griffin share ideas on creating personalized banking experiences to strengthen customer relationships and stand up to outside threats.

A few takeaways from the conversation:

• Start by focusing on the customer’s journey, which requires changing the perspective from what’s good for the bank to what creates more value for the customer.
• Banks and credit unions often have underutilized resources that could be leveraged to help implement a customer-first strategy.
• Financial institutions should try to deepen the trust built up during the pandemic by helping customers ensure their longer term financial well-being.

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Terry Badger is the managing editor at BAI.