For a long time, consumers expected personalization of their digital experiences, however, the pandemic has added a new layer of urgency to these expectations.

Introduction

The rise of technology and digital services has led to increasing customer demands for simplicity and speed. Banks and financial services institutions are continuously searching for new ways to retain and attract customers while aiming to respond to heightened consumer demand for personalized services. For this reason, customer-centric offerings continue to dominate the financial technology (FinTech) landscape.

Personalization takes advantage of real-time data and cutting-edge technologies to deliver product or service information to customers. In an extremely competitive financial services sector, there is more pressure than ever for FinTech companies to provide customers with a better experience.

A truly personalized financial experience is powered by data that can be harvested and meaningfully translated to create an individual experience. Open banking is also giving organizations a way to gain customer consent in order to access and interpret their financial data.

The socio-economic effects of the COVID-19 pandemic have revealed new changes in consumer spending. It has long been the case that consumers expected mass personalization of their digital experiences, however, the disruption to the global economic landscape caused by coronavirus has added a new layer of urgency to these expectations. Organizations must be able to adapt and innovate quickly to meet the demands of an evolving FinTech sector.

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