TSYS and FICO released a new report titled “Engaging Customers: Why Should Financial Institutions Move Toward a ‘Bring Your Own Persona’ Approach.”
The report explains that with the growing consumer adoption of mobile devices, social media and improved user interfaces, financial institutions can differentiate themselves by understanding their customers’ preference for digital communication and their degree of trust in sharing financial information through digital channels.
More than 2 billion people are using social media worldwide. The always-connected digital consumer is demanding more self-selection and more personalised management tools, and those financial institutions that can segment their customers based on their level of digital engagement will gain a higher level of customer interest and interaction.
Most financial institutions are leveraging “Know Your Customer” (KYC), traditionally a risk-management tactic and regulatory compliance obligation, as an approach that allows customers to elect their preferred channel of communication. The report suggests, however, that this approach is no longer adequate. A “Bring Your Own Persona” approach, according to the report, allows new segments to be identified and categorised by their level of digital engagement and trust in sharing information.
The report looks at the findings from the 2015 TSYS U.K. Consumer Payments Engagement Survey, which identified key consumer preferences around engaging with financial institutions. The report concludes by providing four prescriptions for financial institutions that intend to use a “Bring Your Own Persona” approach to engage customers.
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