See Customers Clearer with Hyper-Personalization at Scale
Are you seeing the people behind the data? Providing superb customer experience means achieving hyper-personalization at hyperscale
As the digital landscape becomes more competitive, companies must find ways to differentiate themselves and make meaningful connections with customers. Emotional connections and trust are important drivers.
Connection gives our lives meaning and purpose. In fact, Forrester’s 2023 US Banking Customer Experience Index Rankings report found that emotional connection is a bigger driver of customer satisfaction and loyalty than ease or effectiveness.
Today’s companies are competing on much more than pricing and terms. Delivering exceptional customer experience is now vital to earning customers’ loyalty and trust.
You need to invest in technology that drives meaningful experiences and enables you to see the individual behind the customer data. Thanks to innovations in artificial intelligence, machine learning, and analytics, it’s now possible for each customer interaction to be contextual and personal.
As technology continues to expand, so will the demand for emotional intelligence – the organizations that can be more human and empathetic will thrive.
Hyper-Personalization Fuels Better Customer Experiences (& Profitability)
A study by Deloitte found that 90% of customers find personalized advertising appealing, and 80% say they’re more likely to do business with a company that offers personalized customer experiences.
Companies that are embracing AI technology, predictive analytics, and centralized decisioning are leading their industries because they’re anticipating customer needs and improving customers’ lives on a hyper-personalized level.
Hyper-personalization supercharges the concept of personalization by providing a more individualized experience at every touchpoint across the customer lifecycle. It treats the customer lifecycle as a connected journey instead of separate stages, which is vital when it comes to delivering holistic, hyper-personalized customer experiences.
With hyper-personalization, you’re building customer loyalty and trust by delivering meaningful interactions with each person when and where it matters. This is about nurturing customer relationships and delivering customer value, not just selling products.
Hyper-Personalization at Hyperscale: How Do You Empathize with 100,000+ People?
Hyper-personalized customer experiences go far beyond segmentation (which is what companies do today) by catering to an audience of one. This involves sending highly contextualized communications to specific customers at the right time and through the right channels. You’re using context to infer customers’ needs and accompany them through a more optimal and profitable journey.
Not only are you creating unique, hyper-personalized experiences for each individual, you’re doing it millions of times over. This is possible because you understand every customer from a unique perspective and you can see clearly what their data tells you about their situation. Furthermore, you’re able to generate insights into their specific customer journey and use that to create a learning loop to help your enterprise make increasingly better decisions.
How is this all accomplished? Remember that a customer is more than a moment – a customer is for life. Likewise, hyper-personalization is more than a one-off tactic – it cannot be treated as an add-on; it must be embedded in your organization’s architecture. Creating personal connections at scale requires a deep understanding of each customer that’s enabled by prescriptive analytics, optimization, and a composable platform.
FICO Platform empowers business users to define, adjust, monitor, and make changes to strategies and rules without requiring IT assistance. It fosters collaboration and synergy because everyone in the organization can work on the same platform with the same customer data/views. Additionally, its composable capabilities enable you to create a continuous enterprise learning loop.
Platform Technology Fuels Hyper-Personalized Customer Experiences at Scale
Bridge data silos – Implement a centralized decisioning platform across your business to put your data to work
Bring teams together – Increase collaboration between business and IT departments to speed innovation and time-to-market
Deliver hyper-personalized experiences – Offer standout customer engagement that’s personal, immersive, and contextualized
FICO Platform uses applied intelligence to power customer communications and connections. Essentially, applied intelligence is the collaboration of advanced analytics, decision modeling, AI, and human wisdom. It connects people + processes + technology across your enterprise and activates your data with real-time insights so you can make real-time decisions.
Source: Forrester Tech Tide: Digital Intelligence Technologies
A recent Forrester report states that “While most banks have personalization efforts underway, to be successful and personalize at scale, they must: 1) build stable foundations for their marketing, risk and fraud, and IT operations, and 2) collaborate internally between IT operations, business owners, and data scientists. These efforts require the right data and analytics platform to scale personalization capabilities.”
See Clearer with FICO Platform
Top analysts agree that delivering hyper-personalized customer experiences requires powerful, complex engines that drive meaningful connections and accelerate customer decisions. A platform technology approach is key to success because it enables greater customer engagement and reduces operating costs. It also helps businesses combat market uncertainty with greater agility through simulation, testing, and validation.
The breadth of use cases that can be solved using FICO Platform is substantial and encompasses all phases of the customer lifecycle journey – from marketing and originations to credit line management, customer retention, pre-delinquency, and collections. FICO’s technology works with your organization’s existing architecture to centralize customer data, gather insights via analytics and machine learning, and turn those insights into actions that result in optimal outcomes:
FICO Platform features an array of capabilities that work in concert to fuel hyper-personalized customer experiences at scale, including:
Decisions
Make more precise, consistent, and intelligent decisions across your enterprise with expert control over your decision logic.
Optimization
Unleash the power of mathematical optimization – use high-performance solvers to model business problems and calculate the best possible decision to maximize your desired outcomes.
Simulation
Evaluate and select the appropriate strategies based on the desired outcome. Enforce overall management of the entire ecosystem so you can move quickly and with confidence.
Contextual Processing
Adaptively use data to inform, predict, and act. Improve the performance of your decisioning applications while seamlessly and cost-effectively handling real-time and batch scenarios.
Communication
Deploy virtual agents to engage in customer conversations via two-way, omnichannel interactions anywhere across the customer journey.
The Bottom Line: It’s Time to Make Hyper-Personalization a Priority
What is the key advantage that you have over the competition? The data and history you share with your customers. You need to view each customer interaction as a competitive learning opportunity where you can extract and provide more value.
With platform technology, you can transform customer data into customer strategies that propel your business forward.
Discover how FICO Platform helps companies deeply understand their customers and provide hyper-personalized customer experiences at scale.
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<p>FICO’s latest research on <a href="http://www.fico.com/en/blogs/risk-compliance/us-credit-quality-rising-the-beat-goes-on/" target="_blank">national FICO® Score distribution</a> shows that US credit quality continues to trend upwards, with an increasing number of consumers scoring in the highest scores ranges. Given that, we decided it was time to refresh our study on “<a href="http://www.fico.com/en/blogs/risk-compliance/infographic-what-does-a-high-credit-scorer-look-like/" target="_blank">FICO® Score high achievers</a>,” where we examine the credit behavioural profiles of consumers with higher credit scores.</p> <p>As expected, our latest study showed that older people generally have higher scores, as has been the case in our <a href="http://www.fico.com/en/blogs/risk-compliance/age-before-beauty-credit-worthiness-before-youth/" target="_blank">past research</a>. 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