The Future of Hyper-personalization

Introducing LumYn, the GenAI-enabled Growth Intelligence Platform

The world has moved from a one-size-fits-all strategy to hyper-personalization for delivering a best-in-class experience. Today, global banks strive for superior customer experience to foster loyalty, trust, and a strong relationship. On surveying over 101,000 people, a 2022 US Retail Banking Satisfaction study revealed that a staggering 78% of customers prefer financial institutions with personalized support. Yet only 44% of banks deliver on this expectation.

Technology has played a crucial role in the banking industry. However, banks still have a long way to go when offering truly personalized solutions to each customer, every time, everywhere. Until now, financial institutions relentlessly tried the outdated ‘spray and pray’ techniques with their customers, hoping they would work. These targetless marketing campaigns were destined for higher abandonment rates, negative reviews, and customers jumping ship. 

“Generative AI could have a significant impact
on the banking industry, adding additional
$200 billion to $340 billion value annually, or
generating 2.8% to 4.7% productivity to the
industry’s revenue.” – McKinsey Global
Institute, 2023

Historically, banks sought guidance from software partners to solve their biggest tech challenges, such as leveraging machine learning to turn customer data into insights to drive a competitive edge. Now, they hold the key to understanding customer lifestyle and intent-driven behavior to offer solutions, ensuring higher loyalty and customer lifetime value.

With hyper-personalization, banks unlock the secret to offering the right solution to every unique customer. However, some of the prevalent banking challenges remain to be solved to attain hyper-personalization.

1.      How to extract business customer insights without specialized expertise?

2.      How to reduce time-to-market using AI to gain a competitive advantage?

3.      How to use AI & GenAI to make strategic decisions?

4.      How to ensure a reliable and secure ecosystem that’s aligned with regulations and best AI practices?

A 2023 report by McKinsey Global Institute
stated that “using GenAI tools could also
enhance customer satisfaction, improve
decision-making and employee experience,
and decrease risks through better monitoring
fraud and risk.”  

Customers today demand more than basic financial management. They desire a bank that understands their unique financial goals and proactively anticipates their needs. This shift in customer expectations presents a significant opportunity but also a pressing challenge of bridging the gap between the data banks possess and the personalized experiences their customers expect.

Explore the New Era of Hyper-personalization!

Step into a new realm of possibilities with LumYn, the world’s first GenAI-enabled growth intelligence platform for banks. Built on top of Newgen’s low-code data science platform, LumYn empowers organizations to understand their customers at the N=1 level and revolutionize their experiences through hyper-personalization.

The platform transcends basic demographics to create a hyper-personalized customer view (N=1), which includes:

· Preferences & Intent: Understand customer aspirations, financial goals, and customer requirements proactively for superior engagement 

· Customer Value: Understand each customer’s lifetime value and strategically wow the most valuable customer

· Behavior: Utilize customer engagement data and discover behavioral insights 

With LumYn, banks gain a powerful interface to experiment, uncover insights, and identify revenue opportunities. The added layer of GenAI facilitates financial institutions to engage with their customers’ data using plain language and leverage behavioral insights (preferences, intent, value, and risk) and model outputs to expedite and enhance the decision-making process.

LumYn’s top-notch conversational AI capabilities empower banks to talk to their customers’ data in plain language, uncover valuable insights, and build growth strategies. The built-in customizable AI models make the development process faster and simpler and enable instant iteration and fine-tuning.

The banks can harness AI’s predictive power and optimize performance by integrating LumYn’s rich library of pre-built AI models with model outputs into the decision-making process. The trusted, reliable, and secure AI provides complete data transparency for a comprehensive approach and visibility in the modeling process. 

The future of hyper-personalization is here. Unlock the power of one with LumYn.