Author

Ozge Celik

Published

20 November 2024

Estimated Read time

4Mins

Ozge Celik, Head of Product at Turkey’s largest FinTech Papara, on how personalisation is making everyday financial transactions more manageable and embedded into our lifestyles

With unlimited choice from a global marketplace, customer expectations are continuing to reach new heights. Undeniably, we are seeing financial services – being led by the FinTech sector – undergoing a seismic shift towards personalisation and catering to this new form of demand. Users are no longer content with generic services. Furthermore, they want tailored, hyper personalised experiences that reflect their individual needs and preferences. This is particularly true for their banking experiences. Yet, many traditional banking institutions are struggling to keep up with these demands due to their legacy systems and traditional cookie-cutter approach. Whereas the FinTech industry, with its agile frameworks and state-of-the-art technologies, is demonstrating its capability to rapidly position solutions that cater to this demand.

The growing trend for personalisation

Personalisation in consumer services is not a novel concept, but its application within the financial sector is a relatively recent development. Despite its infancy, its impact on the industry is profound. Banking has always been a cornerstone of our daily lives, from withdrawing cash to transferring funds. As such, it is unsurprising that users increasingly view their financial services as an extension of their personal identity.

Over the past decade, we have seen the introduction of customisable physical bank cards, personalised digital tools on mobile banking apps and instant messaging services. Banks and fintechs are striving to meet users’ needs, reshaping the loyalty landscape that has traditionally favoured established banks. These institutions, with their often rigid and cumbersome systems, are being compelled to re-evaluate their user engagement strategies and the solutions they offer.

Leading the customisation charge

Startups and FinTechs are riding the crest of this wave of customisation. Traditional financial institutions frequently overestimate the costs associated with data collection and the development of meaningful personalised tools. FinTechs, on the other hand, harness their technological capabilities to sift through vast amounts of data, identifying individual preferences and behaviours. This insight enables them to better create personalised products and services that resonate with consumers on a deeper level. Offering such tailored experiences is not merely a competitive advantage; it is quickly becoming essential to attract and retain users.

The rise of the super app

The emergence of the super app epitomises this new paradigm. The inconvenience of managing multiple mobile banking apps is becoming a thing of the past as consumers increasingly favour a unified platform that addresses all their financial needs. This demand extends beyond financial services. The success of super apps like Alipay and WeChat Pay, which integrate services from ride-hailing to grocery shopping, illustrates how this model has become ingrained in everyday life. While the same level of adoption may not be universal due to various market factors, FinTechs are taking note and developing intuitive apps that combine financial and non-financial functions to deliver a seamless and efficient user experience.

FinTech’s personalisation extends to every facet of the financial journey. From customised budgeting tools and investment portfolios, to personalised insurance products and bespoke lending solutions, providers are redefining what it means to have a financial service that truly fits the individual.

The implications for personalisation in traditional banking

To stay relevant, banks must embrace digital transformation and consider partnerships with FinTechs or face the risk of further falling behind. Collaboration between established financial institutions and FinTech disruptors can yield the best of both worlds: the trust and scale of traditional banks combined with the innovation and agility of fintech.

As FinTechs continue to meet and exceed the hyper-personalised needs of consumers, they are establishing a new benchmark in the financial services industry. By making everyday financial transactions more manageable and integrated into our lifestyles, they are not merely responding to consumer demands but are also anticipating them. As this trend progresses, we can expect to witness further disruption, with fintechs at the helm, steering us towards a more personalised and accessible financial future for all.

About Papara

We are not a Bank; we are Papara, we are here for you.

We are a financial technology company that offers a new financial application experience. Keeping the user in mind against the traditional financial solutions, we strive to build the next generation financial super app. Our amazing community always suggest features and gives us constant feedback.

We integrate the most innovative technology to help our users control their money while being completely transparent.

In 2015,we started our services with the permission we received from the Banking Regulation and Supervision Agency to operate as an “Electronic Money Institution”.

Papara is the first non-bank to issue a Mastercard logo prepaid card in Turkey and currently a Mastercard, Visa, and Interbank Card Center member. In our seventh year of operation, we have acquired 21 million users and expanded our team to 1.000 happy people dedicated to creating the best financial experience.

Today, millions of our users choose Papara’s innovative products to make millions of transactions every month.

  • Neobanking

Author

Dan Brightmore

Published

4 October 2022

Estimated Read time

3Mins

Read in brochure format

Our cover story this month reveals how Dr Roman Salasznyk, Senior Vice President at Booz Allen Hamilton, and his team are driving innovation at the IT services specialist to deliver digital solutions supporting federal agencies in their quest to drive mission-critical programs

This month’s cover story charts how IT services specialist Booz Allen Hamilton is delivering digital solutions to support federal agencies in their quest to deliver mission-critical programs.

Welcome to the latest issue of Interface magazine!

Technology is changing lives; from banking to transport and manufacturing to healthcare, the scaling of digital transformation journeys across global industry sectors is enabling and enhancing our lives… Harnessing the power of tech, to manage everything from the evolution of our supply chains to our response to medical emergencies like COVID-19, is changing the game.

Read the latest issue here!

Booz Allen Hamilton: innovation in public health

Our cover story this month reveals how IT services specialist Booz Allen Hamilton is delivering leading edge solutions to support federal agencies in their quest to deliver mission-critical programs.

“We’ve made a concerted effort to invest and provide leading-edge capabilities to support some of our client’s most pressing public health challenges across the federal government space,” says Salasznyk. “Technology must add value, solve a business problem, and deliver measurable improvements in efficiency and effectiveness.” That efficiency is driven by over 29,000 experts around the world driving digital journeys, developing analytics insights, engineering, and cybersecurity solutions while working shoulder-to-shoulder with clients to choose the right tech to realise their vision and transform.

Nuffield Health: digital transformation for a healthier tomorrow

Nuffield Health is the UK’s largest healthcare charity (independent of the NHS) operating 37 hospitals and 114 Fitness & Wellbeing Centres. IT leaders Jacqs Harper and David Ankers describe the organisation’s incredible digital transformation and how its people-first attitude runs deep. Nuffield’s beneficiary-centric approach means “driving experiences” to be optimal and best-in-class is paramount. “What was really compelling when I joined Nuffield was how much of a difference this business can make to the nation in terms of improving its health,” says Ankers. “And equally, how we as a team can make the lives of practitioners so much easier. There’s a huge amount of value IT can add.”

Also in this issue, we hear from Celonis on why process mining can help companies stop wasting money on tech they don’t need, and we present the latest analysis from consultancy giant McKinsey’s Technology Council highlighting the development, future uses and industry effects of advanced technologies across 14 key trends.

Enjoy the issue!

Dan Brightmore, Editor

Author

Dan Brightmore

Published

6 September 2022

Estimated Read time

3Mins

Read in brochure format

Our cover story this month investigates how Fleur Twohig, Executive Vice President, leading Personalisation & Experimentation across Consumer Data & Engagement Platforms, and her team are executing Wells Fargo’s strategy to promote personalised customer engagement across all consumer banking channels

This month’s cover story follows Wells Fargo’s journey to deliver personalised customer engagement across all its consumer banking channels.

Welcome to the latest issue of Interface magazine!

Partnerships of all kinds are a key ingredient for organisations intent on achieving their goals… Whether that’s with customers, internal stakeholders or strategic allies across a crowded marketplace, Interface explores the route to success these relationships can help navigate.

Read the latest issue here!

Wells Fargo: customer-centric banking

Fleur Twohig, Wells Fargo

Our cover story this month investigates the strategy behind Wells Fargo’s ongoing drive to promote personalised customer engagement across all consumer banking channels.

Fleur Twohig, Executive Vice President, leading Personalisation & Experimentation across the bank’s Consumer Data & Engagement Platforms, explains her commitment to creating a holistic approach to engaging customers in personalised one-to-one conversations that support them on their financial journeys.

“We need to be there for everyone across the spectrum – for both the good and the challenging times. Reaching that goal is a key opportunity for Wells Fargo and I have the pleasure of partnering with our cross-functional teams to help determine the strategic path forward…”

IBM: consolidating growth to drive value

We hear from Kate Woolley, General Manager of IBM Ecosystem, who reveals how the tech leader is making it easier for partners and clients to do business with IBM and succeed. “Honing our corporate strategy around open hybrid cloud and artificial intelligence (AI) and connecting partners to the technical training resources they need to co-create and drive more wins, we are transforming the IBM Ecosystem to be a growth engine for the company and its partners.”

Kate Woolley, IBM
Kate Woolley, IBM

America Televisión: bringing audiences together across platforms

Jose Hernandez, Chief Digital Officer at America Televisión, explains how Peru’s leading TV network is aggregating services to bring audiences together for omni-channel opportunities across its platforms. “Time is the currency with which our audiences pay us, so we need to be constantly improving our offering both through content and user experiences.”

Portland Public Schools: levelling the playing field through technology

Derrick Brown and Don Wolf, tech leaders at Portland Public Schools, talk about modernising the classroom, dismantling systemic racism and the power of teamwork.

Also in this issue, we hear from Lenovo on how high-performance computing (HPC) is driving AI research and report again from London Tech Week where an expert panel examined how tech, fuelled by data, is playing a critical role in solving some of the world’s hardest hitting issues, ranging from supply chain disruptions through to cybersecurity fears.

Enjoy the issue!

Dan Brightmore, Editor

Author

Craig Summers

Published

10 October 2019

Estimated Read time

4Mins

By Craig Summers, Managing Director, Manhattan Associates Customer experience can be make or break for retailers. In fact, recent research…

By Craig Summers, Managing Director, Manhattan Associates

Customer experience can be make or break for retailers. In fact, recent research shows that flawed customer experiences could be costing British retailers up to £102 billion in lost sales each year. This shouldn’t be news to retailers; the modern consumer demands a connected, consistent experience that is personalised to them, whether it’s online or instore. The same research found that running out of stock in-store was the biggest contributor to lost revenue, with 79 per cent of consumers saying they would not return to make a purchase if they found their desired item was out of stock. This frustration is only amplified if an out of stock product is marketed to the consumer. 

Personalisation isn’t anything new but if the basics aren’t right, retailers risk not delivering on customer experience. Many retailers still aren’t getting it right – and, explains Craig Summers, Managing Director, Manhattan Associates, inept personalisation is affecting the bottom line.

Misplaced Personalisation

The way in which retailers can engage with customers has changed radically over the past decade, from social media onwards. Add in the compelling appealing of Artificial Intelligence (AI) and the promise of incredibly accurate and timely promotional offers, and personalisation has become a foundation of any retail strategy. Yet while the marketing activity is becoming ever more sophisticated, personalisation cannot be delivered by marketing alone. 

Without integrating marketing activity to the core operation, retailers risk repelling rather than engaging customers. Product offers that are out of stock in the customer’s size. Promotions not on offer at the local store. Incentives to buy an item the customer has already purchased – not a problem for a standard food or household item, incredibly annoying if it’s an expensive mountain bike or cashmere jumper. Customers are becoming increasingly familiar with ostensibly personalised offers that fail to deliver a great experience.

What is the thinking behind a promotion that cannot be purchased by the customer? Why set such high expectations when they cannot be met? Enticing a customer to click through an emailed offer may be the measure of marketing success – but when that customer is unable to make a purchase because the desired item is not available in his or her size, that is at least one lost sale and a bottom line retail failure.

Complete Experience

Are retailers listening to what their customers want from personalisation? Great personalised offers will not deliver any value if they are not linked to the rest of the business. Smart technologies, such as AI, without any doubt have a role to play in delivering personalisation – but they are not the foundation. The foundation is getting the basics right. It is ensuring that when a customer wants to buy a product – online or instore – it is available. It is about providing Store Associates with the ability to track stock anywhere in the supply chain, reserve it for a customer to try on instore or have it sent direct to their destination of choice.  It is about combining stock availability information with customer insight to make intelligent suggestions, both instore and via marketing promotions. 

Bottom line success is, essentially, about the quality of the interaction. And that means considering not just the accuracy of the promotional offer but the complete customer experience. What is achievable today? What can be done well? If a product is being promoted to an individual, is it available in the right size? Is it available locally, or only in flagship outlets? It is these disconnected experiences that are fundamentally undermining customer experience and brand value.

Conclusion

The future of customer personalisation is incredibly exciting. AI promises the ability to predict a customer’s desires before the customer. Fabulous. But only fabulous if that product is available to buy, at a time and place to suit that individual. Right now personalisation is about the retailer; it is about being clever with promotions.  It needs to be about the customer; it needs to be about delivering the quality of experience that drives sales.

Retailers need to go back to basics: use technology to recreate the ‘corner shop model’ of the past, at scale. By creating a truly immersive experience for their customers, retailers can find a way to make personalisation profitable again.