Embracing Personalization – Lessons From Top Financial Brands

Jul 27, 2016 | Personalized Marketing

The importance of leveraging consumer insight and data for financial brands is more important than ever. New tools and technologies make advanced analytics available for all sized organizations, while digital channels and the desire for personalized offers make the investment in data analytics mandatory for success.


According to Brandwatch and GWAVA, there are 2.3 billion active social media users, 500 million tweets a day and 4.3 Facebook likes every day. The ability to extract actionable information from these masses of unstructured data is a challenge – today, at least. As Finanical Brands suggest Customers are not asking for the traditional financial/banking products. What customers are asking for now are solutions that help them with their objective of saving for specific purchases (a new car, family vacations, etc.) or planning their personal finances to be able to meet future expenses (tuition fees, home projects, etc.). (Financial Brands)

digital banking report - Knexus Blog

“The Power of Personalization in Banking” report confirmed that there was general consistency across all institution types and asset ranges when financial institutions were asked about the importance of knowing their customers’ and members’ personal financial situation. Only 12% – 20% of organizations surveyed didn’t think it was either ‘very’ or ‘extremely’ important to know their customers. The challenge of aligning the brand’s’ knowledge about the current financial situation of consumers with what consumers believe should be known about them is real. Unfortunately, consumers made it very clear that they don’t believe their primary financial institution really knows the important components of their financial life.

We picked several great examples of banks already building audience segments to improve the level of personalization.


The investment company is working in real-time in order to better support the needs of its customers. By examining both structured and unstructured data, bank is tracking a person’s interactions across different screens and devices. This includes A/B testing where conversion and click-through rates are measured according to different webpage layouts and adjustments, as well as personalization elements such as displays tailored to the users’ demographics, location and browsing behaviour.

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Stephen Ingledew, MD, Marketing, Standard Life, UK said: “Today we are truly working towards a segment of one and as a result, our customer communications must be personalized at a depth unimaginable just a few years ago.” Ingledew highlights the customer demand for an increased depth of personalized knowledge when it comes to financial services. (The Drum)

standered life 2 - knexus blog

Standard Life is insights into customer snapshots that help to identify what exactly a person’s financial needs are and what their long-term aspirations may be. In addition to the real-time nature of the support, Standard Life will be able to provide this personalization across mobile devices, online, and live from the contact centre. The idea of personalizing services for customers serves the purpose of not only helping to increase customer loyalty, but also hopefully helping to increase the amount of business they do with their chosen service provider.


Business is seeing a strong return on investment through its use of personalization tools. For example, Standard Life recently conducted a conversion rate optimisation campaign that included changing webpage layouts and delivering more personalized messages. According to Paris, this resulted in a 217% uplift in click-through rates and a 22% improvement in people engaging with the brand’s ISA saving product message. (Marketing Week)


Achieving personalization at scale is the biggest and most important challenge for us to get right. You’re no longer marketing AT people. You’re influencing them in an environment where they’ve already had a chance to form a view. We are seeing that repeat positive experience can build loyalty. The customer experience is the marketing and the experience is what drives performance,” noted Kristin Lemkau of JP Morgan Chase.

chase - knexus


The front page of the mobile app which displays different images depending on the region and customer profile became the most popular bank app in the U.S. Personalization helped to achieve impressive 33% increase in app downloads. (The Drum) 


As customers log into the site, they will only be offered relevant discounts, loyalty schemes and products relevant to them. Virgin Money is adopting a personalization strategy to increase brand loyalty and customer understanding through customer interaction. Virgin Money launched various communities on the site to encourage customers to discuss money.

virgin money - Knexus blog

“It’s a sensitive subject to many people, especially right now. We believe giving our customers somewhere to gather information and share experiences will be a valuable tool to them and will aid us in understanding their changing needs,” explains Jeremy Walters, Head of Systems Development at Virgin Money. (Digiday)


Virgin Money focused on boosting their customer reach as well as increasing their two-way communication with existing customers. Personalized content was central to Virgin new marketing approach. Keeping in mind that one size does not fit all when it comes to personal finance, Virgin Money used personalised content delivery to provide timely and tailored information. As customers log into the site, they will only be offered discounts, loyalty schemes and products which are relevant to them. There will also be a renewed focus on non-sales content.

Personalization done well can deliver better engagement, five to eight times the ROI on marketing spend and an incremental increase in sales performance. However, there are also tricky issues to navigate in order to achieve success with personalization.

At Knexus we’ve built a solution called Experience Personalization. It provides fully personalized experiences delivered into chosen digital touch points, ensuring high relevance, timely content that matches customer needs and exceeds expectations, resulting in maximized engagement ROI.

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