Jim Marous’ Keynote Session “From the banking app to the user app” gave us a lot to think about. During this 3-minute video, the Director of Digital Banking Report reflects on how to address the customization challenge of the user experience.
JM: It's interesting because we talk about this, the ability to take, as you mentioned, a solution and maybe not bring it up to speed all at once, but realize that these iterative processes make it so you can improve it over time. And what happens, what we receive, is there are several organizations that may keep analyzing different providers.
The thing I tell them is that it is better to make a decision that may not be perfect today than to wait maybe 12 to 18 months to make what you think might be a perfect decision that within days will be imperfect again. The importance of actually "Just doing it" as Nike would say, as opposed to waiting, is so important today.
You mentioned your mobile technology, and so when you talk about personalization and customization, does an organization have the ability, with your solution, to actually customize a mobile experience so that my experience on the phone may not be the same as yours? Based on maybe where I go on the app, how I engage, what the services I may need are... Can you do this for your clients?
AE: Yea, we can! And that's what we are trying to advise our customers to do, right? Move from the Bank's application midset to the User's application, and let's do what is unique for the user.
Some time ago, banks asked us -it was very usual- "I want to have a totally different interface, I want to have square menus..." interfaces that were totally different and that's what would make the user feel unique, right? Well, that's not it.
I don't want to learn a new interface. I don't want to learn how to transfer money. I mean, how many ways can you transfer money from/to an account? That's not the way to personalize or make a user feel different.
What you need to do is understand their needs, understand which products they use and which they don't, relevant content as you mentioned, relevant offers, if they said no to something please don't show it to them again, and we are basing, of course, these recommendations and personalized experiences, in machine learning.
AI is the only way you can give personalization at scale.