KUALA LUMPUR, Sept 22 (Bernama) — Despite widespread adoption of predictive analytics, only 11 per cent of banks in Asia Pacific (APAC) consider their hyper-personalisation strategies to be highly advanced, according to an industry poll conducted by global analytics software leader FICO.
FICO managing director in Asia Pacific, Dattu Kompella said consumers now expect the same level of personalisation from their banks as they do from Netflix and Amazon.
“With most banks still struggling to meet these expectations, those that succeed will gain a decisive edge in a market where customer experience is the ultimate differentiator,” said Kompella in a statement.
The poll also highlighted key barriers to achieving “segment of one” customer experiences, with 72 per cent of respondents acknowledging their banks’ communication channels remain siloed or only partially integrated, preventing seamless customer engagement.
Meanwhile, with automation adoption remaining uneven, half of the executives said their organisations had automated no more than half of their customer-facing decisions, including credit approvals, fraud alerts, and personalised offers, hindering personalisation efforts.
The findings from the poll also revealed that banks’ use of real-time data and advanced analytics is still in its early stages. Hyper-personalisation can only be achieved by unifying data and decisioning across the customer lifecycle.
While 88 per cent of banks said they are already using predictive analytics, only 43 per cent reported significant or full use of real-time data for customer insights in areas such as fraud detection and service; most remain at minimal or moderate adoption.
The findings, gathered from senior executives and C-suite leaders during the FICO Platform Experience event in Singapore (November 2024), reveal key structural and operational challenges in delivering real-time, individualised customer experiences.
— BERNAMA
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