Banks are exploiting artificial intelligence to target individuals with products and third-party rewards based on their specific needs and tastes, as part of a broader effort to strengthen customer relationships by homing in on the “segment of one”. Analysing customer data to set basic loan sizes and terms has become standard practice at most retail banks: they can dissect a user’s profile and recurring transactions to predict when they might want to take out an overdraft or insurance policy, for example. As well as the cross-selling opportunities that analysing user data presents, banks also hope that personalised rewards via external partners will appeal to existing customers and help to attract new ones. Read More...
Banks are exploiting artificial intelligence to target individuals with products and third-party rewards based on their specific needs and tastes, as part of a broader effort to strengthen customer relationships by homing in on the “segment of one”. Analysing customer data to set basic loan sizes and terms has become standard practice at most retail banks: they can dissect a user’s profile and recurring transactions to predict when they might want to take out an overdraft or insurance policy, for example. As well as the cross-selling opportunities that analysing user data presents, banks also hope that personalised rewards via external partners will appeal to existing customers and help to attract new ones.
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