Hyper-Personalization Of Services Using Machine Learning

The Problem

Competition is rising in the banking space, with digital-only banks and other digital providers offering innovative financial products and services with multiple benefits to customers. These companies offer personalized experiences to customers and often appeal to younger customers. How can traditional banks and other financial service providers offer competitive products?

Solution

AI models on Kranium can be used, not just to improve customer experiences but also save money for banks. A report from Business Insider Intelligence reveals that front-office uses of AI could save the banking industry an estimated $199 billion by 2023.

Machine learning models on Kranium can analyse data to develop a deep understanding of customer needs and help banks develop personalization strategies to tailor customer experiences across all channels.

For example, a customer with a young family would be more interested in taking out a mortgage or car loan. On the other hand, a customer who is soon to retire may be more interested in retirement and wealth management plans.