Friday, March 24, 2023
  • Login
EthozEdge
No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
Cryptocurrency Marketcap
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0
No Result
View All Result
EthozEdge
No Result
View All Result
Home DeFi

Segment-of-One Personalization Part 1: The End Goal

by ethozedge
April 28, 2022
in DeFi
Reading Time: 5 mins read
A A
0
Share on FacebookShare on Twitter


 

The merits of well-executed personalization are legion. Financial institutions (FI) can potentially generate up to $300 million in revenue, for every $100 billion in assets under management by interacting with customers in hyper-personalized ways.  The reality is that many providers have struggled to deliver the tailormade experiences those customers expect. In banking, for instance, nearly 90% of firms fall short. So much so that two-thirds of their clientele feel that most retailers deliver a much better personalized experience.

FIs are currently lagging in their ability to offer true omnichannel experiences, leading customers to deflect to competitors with more personalized experiences, according to the World Retail Banking Report 2022 published by Capgemini and Efma. The typical consumer has come to expect personalized experiences in their digital lives, right from online shopping recommendations to curated music playlists to TV show suggestions based on their watch history.

Banks and insurers have an opportunity to do better, leveraging advances in technology. By gingerly gleaning information the customer offers, organizations can anticipate needs, make personalized recommendations, and prevail during the moments that matter.

Let’s consider a customer hard pressed to make an investment in property, due to a poor credit score. She receives a tailored mortgage offer from her bank. In this instance, being a long-running customer, the bank had formed a good understanding of her financial situation and aspiration. Furthermore, knowing that she had saved appropriately to put down a reasonable deposit, the bank proposed a personalized offer with a list of rates and payments to expect. She agreed, content that she was additionally presented an opportunity to improve her credit score and financial standing.

Personalization is about delivering such valuable services or products to customers based on personal experiences and historical data. It helps to build trust and drive results and revenue. In many ways, personalization is the magic potion that lets organizations deliver solutions to their customers before they even perceive they have a problem.

This isn’t a novel trend, but rather a throwback to business models that drew consumers to FIs before the advent of mass marketing. Decades ago, consumers would visit banks or insurers wherein they would know personnel on a first-name basis. The situation today is very different, with much more fragmentation.

To meet the growing demand for personalized experiences, carriers leverage segmentation based on characteristics such as demographics and age to design the most appealing offers. With the abundance of available data and sophisticated technology, insurers can drill down to the segment-of-one. Hyper-personalization has far-reaching benefits, helping to drive more lead generation, improve revenue, and boost loyalty. There are 3 prevalent means to achieve personalization:

  1. Personalized bundles: Bundling helps carriers create unique customized offerings to garner customer loyalty. Allstate offers a range of bundles, the most popular include home and auto, renters and auto, renters and motorcycle insurance. Customers benefit from multiple types of protection while enjoying multi-policy discounts.
  2. Personalized communication: Nearly 9 in 10 customers who switched their insurer or bank were unsatisfied with the way they were contacted. Health insurer Aetna has partnered with Apple to use health history and smartwatch data to provide personalized health recommendations and set customized fitness goals.
  3. Personalized quotes: In addition to tailored recommendations, insurers can leverage customer analytics to customize plans and dynamically adjust quotes. Progressive Insurance’s Snapshot program personalizes insurance rates based on actual driving and offers a customized premium.

Personalization is a win-win proposition. Tailored real-time digital customer experiences are a potent differentiator in today‘s context. It adds value to customers as well as FIs. With the right technology foundation, FIs can supplant outmoded attitudes with modern digital strategies to reap untapped benefits and watch their investments accrete over time.

Part-2 unravels select successes and strategies.

Cover Image

You get 3 free articles on Daily Fintech. After that you will need to become a member for just US$143 a year (= $0.39 per day) and get all our fresh content and our archives and participate in our forum.

Like this:

Like Loading…

Related



Source link

Tags: bitcoin newscrypto analysiscrypto newsEthoz EdgeGoalLatest bitcoin newslatest crypto newsPartPersonalizationSegmentofOne
Share76Tweet47

Related Posts

5 Tales from the Crypto: Will Stablecoins Keep Digital Asset Dreams Alive?

by ethozedge
March 22, 2023
0

As the going gets tough for crypto, will the underlying blockchain technology get going? That was one of the top...

Value Locked in Defi Rises Above $50 Billion Mark, Ethereum Dominates TVL by Blockchain – Defi Bitcoin News

by ethozedge
March 22, 2023
0

The total value locked (TVL) in decentralized finance (defi) has risen above the $50 billion mark after falling below the...

J.P. Morgan Acquires Aumni, Investment Analytics Provider

by ethozedge
March 22, 2023
0

J.P. Morgan is acquiring investment analytics tool Aumni. While terms of the deal are undisclosed, CNBC reports that J.P. Morgan...

Biden Administration’s Economic Report Deems Crypto Assets ‘Mostly Speculative Investment Vehicles’ – Bitcoin News

by ethozedge
March 22, 2023
0

On Monday, U.S. president Joe Biden published the administration’s economic report and addressed the subject of cryptocurrencies. The section titled...

eToro Lands $250 Million at $3.5 Billion Valuation

by ethozedge
March 21, 2023
0

eToro landed $250 million in funding at a $3.5 billion valuation The investment boosts the company’s total funding to $573...

Load More
  • Trending
  • Comments
  • Latest

🔴 Bank of America Bets on Crypto

April 11, 2022

Pomelo Launches Family Credit Cards to Combine Credit and International Money Transfer

August 16, 2022

How to Add Polygon (MATIC) to Your MetaMask Wallet

May 28, 2022

The Sandbox Price Prediction 2022-2030: HODL or DUMP?

May 25, 2022

Successful Beta Service launch of SOMESING, ‘My Hand-Carry Studio Karaoke App’

0

At least 54 apes were stolen in BAYC Instagram hack

0

Binance Introduces New Crypto Card for Ukrainian Refugees

0

55,000 Meta Cricket League NFTs sell out in nine minutes

0

Coinbase’s Brian Armstrong criticizes US crypto regulation, SEC behavior in Twitter Space

March 23, 2023

Australian Crypto Exchange Considering Setting Up Hong Kong

March 23, 2023

Florida school principal fired for showing students Michelangelo’s ‘pornographic’ David sculpture

March 23, 2023

Solana (SOL) and Avorak AI (AVRK)

March 23, 2023
Facebook Twitter LinkedIn Tumblr RSS
EthozEdge

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at EthozEdge

CATEGORIES

  • Altcoin News
  • Avalanche Network
  • Binance Smart Chain
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Regulation News
  • DeFi
  • Ethereum
  • EVM News
  • Fantom Opera Chain
  • Harmony Chain
  • Huobi Eco Chain
  • Metaverse
  • NFT
  • Polygon Chain
  • Scam News
  • Web 3.0
  • XDai Chain

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • ETHO News
  • EVM News
    • Avalanche Network
    • Ethereum
    • Fantom Opera Chain
    • Harmony Chain
    • Huobi Eco Chain
    • Polygon Chain
  • Crypto News
    • Altcoin News
    • Bitcoin
    • Blockchain
    • Crypto Exchanges
    • Crypto Mining
    • Crypto Regulation News
    • DeFi
    • NFT
    • Metaverse
    • Scam News
    • Web 3.0

Copyright © 2022 - EthozEdge.
EthozEdge The Crypto is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$28,467.003.71%
  • ethereumEthereum(ETH)$1,825.174.51%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.01-0.30%
  • binancecoinBNB(BNB)$330.992.28%
  • usd-coinUSD Coin(USDC)$1.00-0.07%
  • rippleXRP(XRP)$0.4484295.52%
  • cardanoCardano(ADA)$0.3739823.10%
  • dogecoinDogecoin(DOGE)$0.0779734.61%
  • staked-etherLido Staked Ether(STETH)$1,813.264.01%
  • matic-networkPolygon(MATIC)$1.142.33%
  • solanaSolana(SOL)$22.313.37%
  • binance-usdBinance USD(BUSD)$1.00-0.01%
  • polkadotPolkadot(DOT)$6.354.23%
  • litecoinLitecoin(LTC)$94.067.05%
  • shiba-inuShiba Inu(SHIB)$0.0000112.45%
  • tronTRON(TRX)$0.0656218.97%
  • avalanche-2Avalanche(AVAX)$17.644.69%
  • daiDai(DAI)$1.00-0.28%
  • uniswapUniswap(UNI)$6.282.60%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,511.003.68%
  • chainlinkChainlink(LINK)$7.666.16%
  • cosmosCosmos Hub(ATOM)$11.743.02%
  • ToncoinToncoin(TON)$2.19-8.26%
  • leo-tokenLEO Token(LEO)$3.400.72%
  • ethereum-classicEthereum Classic(ETC)$20.923.74%
  • moneroMonero(XMR)$157.295.01%
  • okbOKB(OKB)$45.18-1.01%
  • bitcoin-cashBitcoin Cash(BCH)$129.151.95%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • stellarStellar(XLM)$0.0930801.94%
  • filecoinFilecoin(FIL)$5.974.96%
  • AptosAptos(APT)$13.310.65%
  • true-usdTrueUSD(TUSD)$1.010.06%
  • lido-daoLido DAO(LDO)$2.33-2.13%
  • hedera-hashgraphHedera(HBAR)$0.0629023.37%
  • quant-networkQuant(QNT)$127.641.78%
  • nearNEAR Protocol(NEAR)$2.064.91%
  • crypto-com-chainCronos(CRO)$0.0703432.00%
  • vechainVeChain(VET)$0.0237504.86%
  • ArbitrumArbitrum(ARB)$1.34-73.32%
  • blockstackStacks(STX)$1.180.62%
  • algorandAlgorand(ALGO)$0.2214552.71%
  • internet-computerInternet Computer(ICP)$5.232.17%
  • apecoinApeCoin(APE)$4.194.26%
  • fantomFantom(FTM)$0.4997105.63%
  • the-graphThe Graph(GRT)$0.1535616.37%
  • eosEOS(EOS)$1.175.92%
  • the-sandboxThe Sandbox(SAND)$0.664.06%
  • decentralandDecentraland(MANA)$0.625.46%
  • aaveAave(AAVE)$77.612.57%
  • immutable-xImmutableX(IMX)$1.222.94%
  • elrond-erd-2MultiversX(EGLD)$43.793.77%
  • tezosTezos(XTZ)$1.174.71%
  • flowFlow(FLOW)$1.033.35%
  • theta-tokenTheta Network(THETA)$1.065.13%
  • fraxFrax(FRAX)$1.00-0.21%
  • axie-infinityAxie Infinity(AXS)$8.754.17%
  • neoNEO(NEO)$12.638.01%
  • kucoin-sharesKuCoin(KCS)$9.090.94%
  • havvenSynthetix Network(SNX)$2.720.69%
  • conflux-tokenConflux(CFX)$0.3813420.63%
  • optimismOptimism(OP)$2.50-1.90%
  • rocket-poolRocket Pool(RPL)$40.344.31%
  • mina-protocolMina Protocol(MINA)$0.889.01%
  • BitDAOBitDAO(BIT)$0.530.60%
  • gatechain-tokenGate(GT)$5.403.39%
  • paxos-standardPax Dollar(USDP)$1.00-0.14%
  • curve-dao-tokenCurve DAO(CRV)$0.972.74%
  • terra-lunaTerra Luna Classic(LUNC)$0.0001271.05%
  • bitcoin-cash-svBitcoin SV(BSV)$37.915.62%
  • usddUSDD(USDD)$1.000.06%
  • klay-tokenKlaytn(KLAY)$0.2343733.71%
  • dashDash(DASH)$63.937.79%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.973.15%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.791.31%
  • chilizChiliz(CHZ)$0.1232443.20%
  • gmxGMX(GMX)$75.59-3.10%
  • sapphireSapphire(SAPP)$0.7035.32%
  • ecasheCash(XEC)$0.0000324.65%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • makerMaker(MKR)$682.661.39%
  • frax-shareFrax Share(FXS)$8.222.18%
  • iotaIOTA(MIOTA)$0.2183093.98%
  • bittorrentBitTorrent(BTT)$0.0000012.29%
  • singularitynetSingularityNET(AGIX)$0.4939640.59%
  • huobi-tokenHuobi(HT)$3.650.12%
  • compound-ethercETH(CETH)$36.614.38%
  • Bitget TokenBitget Token(BGB)$0.3950331.45%
  • EdgecoinEdgecoin(EDGT)$1.01-0.20%
  • xdce-crowd-saleXDC Network(XDC)$0.038224-2.21%
  • Tokenize XchangeTokenize Xchange(TKX)$6.513.31%
  • pax-goldPAX Gold(PAXG)$1,999.390.68%
  • trust-wallet-tokenTrust Wallet(TWT)$1.211.16%
  • tether-goldTether Gold(XAUT)$2,002.941.65%
  • render-tokenRender(RNDR)$1.34-3.66%
  • mask-networkMask Network(MASK)$6.1820.86%
  • zilliqaZilliqa(ZIL)$0.0287914.94%
  • radixRadix(XRD)$0.04579115.21%
  • binaryxBinaryX(BNX)$165.94-5.94%
  • loopringLoopring(LRC)$0.37045210.39%
  • compound-usd-coincUSDC(CUSDC)$0.0229040.13%
  • osmosisOsmosis(OSMO)$0.821.95%
  • Halo CoinHalo Coin(HALO)$0.057352-0.04%
  • 1inch1inch(1INCH)$0.522.69%
  • thorchainTHORChain(RUNE)$1.455.46%
  • arweaveArweave(AR)$8.600.98%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,951.934.35%
  • oec-tokenOKC Token(OKT)$23.264.16%
  • zcashZcash(ZEC)$38.259.69%
  • convex-financeConvex Finance(CVX)$5.452.38%
  • fetch-aiFetch.ai(FET)$0.3900211.73%
  • enjincoinEnjin Coin(ENJ)$0.4052624.41%
  • casper-networkCasper Network(CSPR)$0.0373572.44%
  • dydxdYdX(DYDX)$2.644.84%
  • nexoNEXO(NEXO)$0.726.15%
  • kavaKava(KAVA)$0.890.04%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.34%
  • btse-tokenBTSE Token(BTSE)$2.410.75%
  • DeFiChainDeFiChain(DFI)$0.572.53%
  • EthereumPoWEthereumPoW(ETHW)$3.606.76%
  • FlareFlare(FLR)$0.0319620.77%
  • basic-attention-tokenBasic Attention(BAT)$0.2548535.95%
  • FLOKIFLOKI(FLOKI)$0.0000383.93%
  • cdaicDAI(CDAI)$0.0222510.01%
  • ethereum-name-serviceEthereum Name Service(ENS)$14.022.59%
  • nemNEM(XEM)$0.0401753.86%
  • DogechainDogechain(DC)$0.001787-24.98%
  • WEMIXWEMIX(WEMIX)$1.452.40%
  • MagicMagic(MAGIC)$1.67-6.66%
  • Nexus MutualNexus Mutual(NXM)$52.144.11%
  • woo-networkWOO Network(WOO)$0.2075885.07%
  • qtumQtum(QTUM)$3.277.55%
  • injective-protocolInjective(INJ)$4.273.28%
  • holotokenHolo(HOT)$0.0019186.19%
  • Aleph ZeroAleph Zero(AZERO)$1.540.85%
  • baby-doge-coinBaby Doge Coin(BABYDOGE)$0.0000001.11%
  • theta-fuelTheta Fuel(TFUEL)$0.0550704.59%
  • decredDecred(DCR)$22.0213.44%
  • terra-luna-2Terra(LUNA)$1.37-0.84%
  • galaGALA(GALA)$0.0427244.71%
  • ravencoinRavencoin(RVN)$0.0269663.66%
  • kusamaKusama(KSM)$35.235.78%
  • celoCelo(CELO)$0.633.76%
  • compound-governance-tokenCompound(COMP)$44.303.35%
  • oasis-networkOasis Network(ROSE)$0.0599204.84%
  • bitcoin-goldBitcoin Gold(BTG)$16.993.62%
  • KaspaKaspa(KAS)$0.0169895.56%
  • bloxBlox(CDT)$0.43487815.31%
  • Gains FarmGains Farm(GFARM2)$8,150.470.28%
  • gnosisGnosis(GNO)$112.753.85%
  • ankrAnkr Network(ANKR)$0.0352666.52%
  • olympusOlympus(OHM)$10.350.91%
  • Access ProtocolAccess Protocol(ACS)$0.0097052.58%
  • AstarAstar(ASTR)$0.0657302.09%
  • yearn-financeyearn.finance(YFI)$8,740.013.19%
  • linkLINK(LN)$42.344.10%
  • balancerBalancer(BAL)$7.097.67%
  • audiusAudius(AUDIO)$0.2856392.42%
  • BeldexBeldex(BDX)$0.054572-1.48%
  • safemoonSafeMoon [OLD](SAFEMOON)$0.0000002.40%
  • harmonyHarmony(ONE)$0.0221108.37%
  • nucypherNuCypher(NU)$0.2082830.95%
  • liquity-usdLiquity USD(LUSD)$1.02-0.10%
  • chiaChia(XCH)$38.551.00%
  • Bone ShibaSwapBone ShibaSwap(BONE)$1.140.97%
  • stepnSTEPN(GMT)$0.4147105.61%
  • SSV NetworkSSV Network(SSV)$36.45-0.11%
  • IdeaChainIdeaChain(ICH)$4.730.00%
  • ftx-tokenFTX(FTT)$1.89-21.52%
  • huobi-btcHuobi BTC(HBTC)$28,256.002.45%
  • Gains NetworkGains Network(GNS)$8.337.09%
  • omisegoOMG Network(OMG)$1.804.66%
  • convex-crvConvex CRV(CVXCRV)$0.864.02%
  • Crypto Gladiator LeagueCrypto Gladiator League(CGL)$0.16194440.57%
  • AstraferAstrafer(ASTRAFER)$1.602.28%
  • BlurBlur(BLUR)$0.591.04%
  • golemGolem(GLM)$0.2454512.24%
  • iotexIoTeX(IOTX)$0.0256794.81%
  • moonbeamMoonbeam(GLMR)$0.3948673.39%
  • justJUST(JST)$0.0266715.23%
  • DAO MakerDAO Maker(DAO)$1.575.98%
  • jasmycoinJasmyCoin(JASMY)$0.0049224.31%
  • Manchester City Fan TokenManchester City Fan Token(CITY)$11.87-1.78%
  • world-mobile-tokenWorld Mobile Token(WMT)$0.2920233.33%
  • escoin-tokenEscoin(ELG)$2.870.73%
  • kadenaKadena(KDA)$1.021.65%
  • Frax EtherFrax Ether(FRXETH)$1,823.404.35%
  • amp-tokenAmp(AMP)$0.0040494.68%
  • Meerkat SharesMeerkat Shares(MSHARE)$11,715.17-5.03%
  • wavesWaves(WAVES)$2.260.66%
  • ecomiECOMI(OMI)$0.000829-2.19%
  • tether-eurtEuro Tether(EURT)$1.09-0.27%
  • Staked LunaStaked Luna(STLUNA)$88.35-0.49%
  • nervos-networkNervos Network(CKB)$0.00650010.15%
  • band-protocolBand Protocol(BAND)$1.745.34%
  • siacoinSiacoin(SC)$0.0041413.90%
  • iconICON(ICX)$0.2213145.34%
  • terrausdTerraClassicUSD(USTC)$0.0214490.53%