By tailoring offers and opportunities to people based on their history, preferences, context, and intent, banks can strengthen customer relationships and satisfaction while winning increased business.
The CIO for JPMorgan Chase’s consumer and community banking business, Gill Haus, is laser-focused on using technology to enhance personalization, and he laid out his vision in a recent interview with MIT Technology Review’s Business Lab.
“We know that you just booked a trip: We can make other recommendations while you’re making that booking. If we see a flight is delayed, we can act immediately,” Haus said. “If we identify that you have a big inflow of money, we can help you, in real time, tell you where you could be spending that money more effectively, what you should be saving.”
This kind of real-time, proactive targeting requires cross-ecosystem data sharing, multiple customer touchpoints, and supplemental features. For example, JPMorgan is investing heavily in its travel-related services (and similarly, Citi just announced a partnership with Booking.com to help customers plan trips).
“We could tie it all together to a truly personalized experience where you’re a customer of one,” Haus said, “And that’s a really incredible future, I think.”
Listen to the whole podcast episode here.