Customer Management Trends: Hyper-Personalization, Trust, & More

FICO World 2023 was a hugely successful event, with more than 500 leading companies gathering at The Diplomat in Hollywood, FL to discuss top market trends, best practices, and innovative ideas in digital transformation.

In case you didn’t get a chance to attend this year, here’s a recap of the top customer management experience themes and presentations.

Major Trends & Themes for Customer Experience/Management

Customer expectations have changed dramatically during the last few years, and skyrocketing demand for streamlined digital experiences has led to the rapid adoption of technologies.

Achieving digital transformation at scale is now table stakes for any organization that wants to succeed in this hyper-competitive landscape, particularly financial institutions. This means re-thinking legacy systems and breaking down silos that separate data and lines of business, in order to provide truly connected customer experiences. An applied intelligence platform enables companies to achieve this through better customer experience management, without having to rip-and-replace existing infrastructure.

Hyper-personalization has become an increasingly hot topic and is now part of almost every conversation regarding customer experience. That’s because consumers care about more than just price – they also want humanized, personalized experiences and they expect companies to provide this kind of hyper-personalization across all customer journeys.

Economic uncertainty and global political unrest have put customer loyalty and trust at the forefront of many conversations, particularly around customer service and customer engagement. The consumer-company relationship is on very different footing than it was a few years ago, and it requires a new way of thinking from businesses when it comes to customer experience management.

Fresh off a pandemic and facing a potential recession, the idea of digital empathy is also emerging. As technology continues to expand, so will the demand for emotional intelligence and emotional connection. Companies will need to reevaluate their digital transformation strategies as demand rises for a world that’s driven by data and guided by empathy.

Top Breakout Sessions Featuring Customer Management/Experience

At FICO World ’23, we had over a dozen breakout sessions in the Customer Management track that discussed ways to deliver optimal experiences for nurturing and growing customer relationships.

Here’s a rundown of the most popular Customer Management presentations:

Forrester: Catering to an audience of one – Delivering hyper-personalization across all customer journeys

Every institution is on a critical mission to ensure they deliver personalized and valuable customer experiences that set them apart. Alyson Clarke, Principal Analyst at Forrester, presented the latest research and insights based on 350+ banking professionals at the forefront of the banking industry. She discussed the top challenges banks are facing and key steps to achieving hyper-personalization at scale – such as developing a singular view of each client through accurate, accessible customer data and gathering insights at the individual level by applying analytics and machine learning. The full Forrester presentation can be found at the FICO Resource Center.

Top 5 trends redefining the customer experience – Must do’s for banks to survive & thrive

After engaging with numerous consumers, businesses, industry leaders, and market analysts, FICO experts have identified 5 major trends that are profoundly redefining the way we interact and transact with each other. Presented by Matt Norton (FICO) and Amir Sikander (FICO), this session revealed why many firms need to reevaluate their customer experience management and digital transformation strategies now by learning how to work smarter to succeed in this shifting landscape. For more insights, read the 2023 Trends Report and download the FICO World presentation at the FICO Resource Center.

The 4 keys to delivering hyper-personalized customer experiences fueled by Next Best Action strategies

Banks are locked in a competitive race to deliver faster, smarter, more personalized customer experiences. You can set your organization apart and improve customer satisfaction with the right key strategies. FICO experts, Tim Young and Sven Putseys, took the audience on a journey that uncovered the crucial elements that fuel the magic behind agile customer experience management — from dynamic marketing campaigns to always-on personalization that consistently exceeds your customers' expectations. They discussed the competitive advantages of next best action and event-based customer experience management strategies, where hyper-personalization meets hyper-scale to transform your enterprise into a self-improving organism. The full presentation can be found at the FICO Resource Center.

Successful decisioning during a downturn: Balancing caution, customer needs, & growth

Severe economic headwinds, rampant inflation, and rising global unrest are impacting your customers and your portfolio. As we face a downturn, are you confident you can make the necessary adjustments to cushion your customers throughout this cycle – while also managing risk, protecting your portfolio, and growing your market share? Speakers Majid Bazrafshan (FICO) and Felipe Castro (BCP) discussed how a decision intelligence platform offers the composability, interoperability, and high-fidelity you need to produce optimal business outcomes through better customer experience management. Their presentation showed how FICO® Platform capabilities give banks the agility to implement optimized decision strategies with massive speed-to-value, even in a volatile economy.

The power of simulation: How data science gives business a crystal ball to see the future

Why rely on guesswork when you can have certainty? Presenters Horia Tipi (FICO) and Libin Varghese (FICO) demonstrated how FICO® Platform's simulation capability allows you to seize the future by evaluating the global impact of proposed changes quickly and cost-effectively. They discussed ways to validate and simulate data, models, decisions, and contact strategies — with scalability and traceability so you know what your customer experience outcomes look like. Attendees learned how to confidently take advantage of market opportunities when they arise, with complete awareness of their impact on the business. The full presentation can be found at the FICO Resource Center.

Banco Bradesco: Achieving digital transformation at scale

The key to successful customer experience management is achieving digital transformation through a collaborative organizational culture. Natalia Izique (Banco Bradesco) discussed how their bank is driving optimal outcomes at scale with Brain (Bradesco Business Intelligence), a digital transformation program in partnership with FICO. She explained how they built and manage Brain, and the ways it helps them provide a more intelligent and connected customer journey. She also showed us how its agile structure and operational model allows Bradesco to escalate and replicate the model to other business areas — fostering innovation, collaboration, and superior customer experiences. The full Bradesco presentation can be found at the FICO Resource Center.

To see more customer experience/management presentations that were featured at FICO World 2023, please visit our Resource Center.

This was an illuminating and inspiring event for all who attended – and a lot of fun too! And it will be even better next year! We hope to see you at FICO World 2024: April 15-19 in San Diego, California!

Learn More About How FICO Can Help You Advance Your Customer Management

• FICO World 23: Unleashing the Power of FICO Platform
• Top 5 Trends Redefining Banking Today
• How to Unlock the Power of Hyper-Personalization
• Critical Steps to Improving Hyper-Personalization at Scale