More relevance, more connection: Why personalisation in banking is no longer a nice-to-have
Personalisation is a must. According to the latest Customer Experience (CX) Score Study by msg, personalisation is the key to customer loyalty in retail banking. In this article, you will learn what bank customers expect and how personalisation can be successfully implemented in banking.
Standardised offers are a thing of the past.
If you want to retain customers in retail banking today, you need to understand what really motivates them – at the right moment, via the right channel and with the right added value. The latest Customer Experience (CX) Score study by msg clearly shows this:
Personalisation is the key to a future-proof customer experience.
What customers really expect today
The study of over 1,000 bank customers in Germany makes it clear:
- 56% of bank customers surveyed welcome personalised advice and proactive suggestions. They do not want a product selection, but individual solutions to problems.
- More than 40% of respondents would like a personalised profile that takes into account their life situation and goals, such as family planning, retirement planning or real estate aspirations.
- Young target groups in particular (aged 18 to 35) associate personalisation with innovation and see real added value in this, especially when making long-term financial decisions.
Conclusion: Customers’ new expectations are clear. They want to be recognized and understood.
Why many banks are lagging behind
Despite modern technology in the front end, many banks are struggling to really implement personalisation:
- CRM systems work in isolation or only offer limited segmentation logic.
- Customer interactions are barely evaluated.
- Product recommendations are often based on internal targets rather than customer needs.
The result: low relevance, low conversion rates and little digital engagement.
How personalisation in banking works - in four steps
1. Make intelligent use of customer data
Life phases, interests and transaction behavior: Modern CRM strategies are based on networked data models and clearly defined use cases.
2. Hybrid advice
AI-based recommendations are used for simple matters and supplemented by personal advice for more complex financial issues.
3. Integrate personalisable profiles
Customers can actively specify the issues that concern them. The bank provides them with suitable solutions – automatically, comprehensibly and in good time.
4. Orchestrate customer journeys
From onboarding to follow-up financing: relevant content along the digital customer journey is the key to a consistent customer experience.
Conclusion: Personalisation is not a feature, it is a value proposition.
We understand you and act accordingly.
This expectation has long been a reality. Banks that want to sustainably increase their CX score must see personalisation as a strategic lever – not just a technical component.
Conclusion
Banks that invest now in comprehensive, technologically optimized financial services and personalised advice will gain an important competitive advantage and also strengthen the long-term relationship with their customers.
Next step: CX quick check and CRM assessment
How relevant are your digital services for your target groups? What potential does your CRM platform offer for real personalisation? Let us talk to you. We'll show you how you can create measurable customer benefits with manageable effort.
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