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Industry Research : One Out of Three UK Banks Do Not Prioritise Single Customer View Ahead of New Consumer Duty Requirements


A new study commissioned by global analytics software platform provider FICO, reveals work still needs to be done for advanced personalization in UK banks. The Forrester Consulting study "Unlocking Hyper-Personalization at Hyper-Scale" includes results of a survey among 52 financial services providers worldwide and points to gaps in banks’ ability to manage customer relationships in a consistent way.


- 65 percent of respondents prioritize single view of customer through accurate, accessible data

- 81 percent are expanding automation of customer services

- 69 percent of UK respondents process KPIs with real-time, customizable data visualization across decision ecosystem, only 49 percent do so globally

- 83 percent are or are planning to enhance customer engagement through real-time decisioning
Yet only 50 percent have governance capabilities for their change-management ecosystems

"Personalization is not new for banking, but what we call hyper-personalization is," said Matt Cox, Managing Director, EMEA, FICO. "From behavior-triggered offers to real-time reminders and support, banking customers are increasingly expecting personalized interactions and information throughout their journey. With Consumer Duty requirements increasing in July, the demand from the regulators places even more onus on financial services providers to bring all their information on a customer to every decision.

"While 65 percent of respondents in our survey said their organization strives for a single view of its customer through accurate and accessible data, that leaves one third of banks unable to deal with their customers in a holistic, compliant manner. This not only stifles their reach and impact but puts them at risk of losing brand reputation or falling out of line with the new legislation."

Personalization Strategies Lack Critical Data and Insights Capabilities

Organizations are currently focused on customer needs.

- 71 percent of leaders said their bank has expanded communication channel options for customers

- 81 percent have expanded customer-service automation.

The majority also report their organization has begun deploying foundational tools to support personalization strategies, including identity and access management (IAM), security tools, and lifecycle and deployment tools.

Personalization Practices Are Maturing

As banks advance their personalization practices, strategic shifts to implement essential data and insights capabilities are underway.

- 81 percent of respondents said that by 2024 their bank will incorporate more third-party data and services

- 83 percent are or are planning to enhance customer engagement through real-time decisioning

81 percent have or are planning simulation and testing of personalization strategies on real customer data.

To keep up with client expectations, banks are accelerating their deployment of personalization tools and services. Moving past the table stakes and foundational tool kits that guided their first implementation efforts, banks are intentionally addressing capability gaps to enable delivery of personalization at scale.

Turning Insight into Action

Once a bank successfully creates a singular view of customer data and gathers segmentation insights, it must take those insights from the realm of data scientists and translate them into actions.

- 71 percent of respondents said their bank leverages user interactions to build web and mobile experiences for customers with low-code employee tools

- 69 percent have a decision capability to make consistent and intelligent decisions across the enterprise with control over decision logic

After deployment of insights-based actions, banks must successfully respond to the outcomes of those actions based on their results in the market.

- Only 50 percent of respondents have governance capabilities in their organization to enable their change-management ecosystems to get a high degree of transparency and explainability

- Just 56 percent have the ability to test and validate various decision changes in development and production environments through testing and validation capabilities

"Many banks are taking a narrow approach to personalization," concluded Cox. "Digitally empowered customers are now seeking and expecting better, more relevant experiences, but product-oriented strategies handicap most banks.

"As banks strategically advance towards hyper-personalization at hyper-scale, adopting a single platform that enables the expansion of data, insights, actions, and outcomes capabilities for personalization will help firms drive more profitable customer relationships, better manage risk and fraud, optimize operations, and drive differentiation. It will also improve performance across performance indicators and counteract top challenges by lowering costs, increasing customer satisfaction scores (CSATs), and strengthening customer retention."


Posted by Veronica Silva Cusi, news correspondent

About Fico:
Company LogoFICO is a software company based in San Jose, California and founded by Bill Fair and Earl Isaac in 1956. Its FICO score, a measure of consumer credit risk, has become a fixture of consumer lending in the United States.
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Today's Tip of the Day - Team Days

Read today's tip or listen to it on podcast.

Published: Wednesday, May 17, 2023

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2023 Buyers Guide SaaS Solutions


CrankWheel Screen Sharing
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- Screen sharing
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(read more)


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