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To better understand the state of personalization maturity in the financial services industry, Dynamic Yield surveyed personalization stakeholders across global financial institutions.

With more consumers than ever turning to digital banking solutions and sharing that product offers are more valuable when tailored to their individual needs, the vast majority of global financial institutions have paid notice, identifying personalization as a top priority, with plans to invest more in the practice. But have teams been able to manifest belief into action by also prioritizing the right resources and processes to support personalization? This is the burning question for FIs in 2023.

How we evaluate personalization maturity

We surveyed key financial services stakeholders involved in customer experience work across the globe in Marketing, Business Development, and Growth functions at various job levels, including the C-Suite as well as Senior and Middle Management, to learn about their institution’s visionary outlook, team build and structure, resource allocation, process implementation, and overall commitment to personalization.

Responses were then aggregated and analyzed across four levels of maturity: Culture, Resources, Processes, and overall Effectiveness, with deeper analysis around job level allowing us to provide a more accurate picture of the state of personalization maturity for the financial services industry.

Personalization is a clear priority within the overall digital strategy for financial services.

86% of financial institutions stated that personalization is a clear, visible priority for the company and its overall digital strategy, with 92% planning to invest further in the practice based on its perceived value.

Resource and process challenges stand in the way of meaningful implementation.

63% of financial institutions shared that resources to support personalization are either limited or only made available on-demand, and 83% claimed executive mandates interrupt the personalization program, taking precedence over the existing roadmap.

A clear divide between Executives and Middle Managers paints a fuller picture of maturity.

Representing the majority of Executives, 46% shared they have a dedicated program owner and team that supports personalization, compared to 28% of Middle Managers – one discrepancy identified among many across topics related to resources, data practices, roadmap building, and testing guidelines.

Personalization seen as a strategic priority for financial services, but organizational misalignment threatens impact

As consumers rate personalization as “highly important” in today’s financial services landscape, more companies in the industry have identified it as a top priority among the larger digital strategy.

However, gaps in the perception of program maturity between Executives and Middle Managers across Culture, Resources, and Processes threaten program development and its ultimate impact on the business.

Greater organizational alignment must be achieved to establish programs that are unified in vision, execution, and continued optimization – this is where Pioneer-level personalization for the financial services industry lies in 2023.

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