Envestnet presents:
Discover how top fintechs are revolutionizing the industry with hyper-personalized products and services. Join our VB Spotlight to learn how AI and analytics are changing the game and delivering unparalleled customer experiences.
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According to Bala Chandrasekharan, VP of product management at Chime, revenue is directly linked to customer satisfaction. The more customers love your products, the more likely they are to recommend them to others. That’s why personalization is crucial. At a recent VB Spotlight event, Chandrasekharan, along with David Goodgame, COO at Tricolor Auto Group, and Eric Jamison, head of product — banking & technology at Envestnet, discussed how personalization-at-scale is giving fintechs a competitive edge like never before.
The Power of Personalization
For Tricolor Auto Group, personalization means understanding the deep-down desires behind a customer’s request. They focus on “jobs to be done” and tailor their marketing efforts, inventory selection, and customer service to meet those needs. This approach requires good data, which is where Envestnet comes in. As a B2B2C service provider, Envestnet helps lenders fully understand loan applicants beyond their credit reports. By analyzing cash flow information, they can personalize loan applications and help providers make informed decisions.
AI and Machine Learning: Game Changers
AI and machine learning are revolutionizing the industry by enabling fintechs to offer personalized experiences that were once impossible. Tricolor Auto Group uses an AI risk model to offer low rates to customers with no credit data. By collecting a large amount of data from various sources, they can identify reliable scoring systems and reduce risk. Chime uses AI and ML to differentiate between irresponsible behavior and unlucky circumstances, providing a delightful member experience that leads to loyal customers and referrals. Envestnet uses data to identify patterns and offer targeted solutions that help consumers achieve better financial outcomes.
Don’t miss out on learning more about driving nuanced hyper-personalization at scale, overcoming data and privacy challenges, and more. Register now to watch our VB Spotlight on-demand!
Agenda:
- How FinTechs are using personalization at scale to gain a competitive advantage
- Various AI-enabled technologies to securely collect, enrich, and analyze financial data
- How advanced analytics and transactional data can deliver valuable customer insights
- Ways to identify customer acquisition, cross-selling, and upselling opportunities
- How to create personalized experiences that are relevant and emotionally “sticky”
Presenters:
- David Goodgame, COO, Tricolor
- Bala Chandrasekharan, VP of Product Management, Chime
- Eric Jamison, Head of D&A Product — Tech & Bank Product & Design, Envestnet
- Mark Kolakowski, Freelance Writer & Editor; Lecturer; Former Financial Services Professional (moderator)
Financial technology (Fintech) institutions are increasingly seeking to elevate customer engagement and increase revenue growth. In particular, organizations are looking to automate customer experiences and preferences to tap into the latest technological advances, such as artificial intelligence (AI), and apply these capabilities to personalization at scale.
To understand why AI-powered personalization is essential for success in the modern Fintech sector, it’s worth examining customer engagement and revenue streams. Customers expect maximum convenience, towards a tailored experience that’s tailored to their individual needs. Failing to meet these expectations will result in diminished customer loyalty, poor retention rates, and reduced revenue streams.
In contrast, the use of AI-guided personalization can help organizations deliver exceptional experiences and thereby reach long-term financial objectives. By leveraging advances in AI, Fintech organizations can increase engagement and subsequently facilitate revenue growth. AI-powered automation, such as targeted marketing, is quickly becoming the gold standard in customer experience.
AI-powered personalization is a powerful tool for delivering personalized experiences to Fintech clients across multiple channels and at scale. By utilizing AI technology, organizations can create personalized interactions that extend to targeted promotions and product offerings. AI technology can be used to handle data-heavy tasks such as customer segmentation to deliver the most optimized offers to each customer. Additionally, AI-powered personalization also provides genuine insight into client propensity and provides the opportunity for future forecasting to drive relevant decision-making.
Finally, high-level customer profiling can also be used to better understand customer preferences and improve engagement. AI-driven personalization yields real-time insights into customer behavior and provides actionable intelligence that organizations can leverage to drive customer satisfaction and elucidate purchasers’ wants and needs.
In summary, AI-powered personalization is the key to success for Fintech operations. By leveraging advances in AI technology, organizations can drive customer engagement, improve retention rates, and increase revenue streams. To maximize results, Fintech operations should focus on consolidating powerful insights to deliver the most beneficial and personalized experiences through automated solutions. Doing so will yield positive results for customers, leading to improved engagement, higher retention rates, and ultimately, tangible contributions to revenue growth.
