Majority of banks are failing to deliver consumer expectations for personalised financial guidance, according a report by Personetics.
Findings from the Personalization in Banking: 2016 Benchmarking Report revealed that almost three-quarters of banks are either progressing or lagging in best-in-class personalisation capabilities. Only 6% of banks have been found to incorporate these capabilities.
Mid-size institutions are the furthest behind in terms of personalisation capabilities, with 38% being laggards and 21% qualifying as either sophisticated or best-in-class.
On being asked to rate their personalisation maturity, only 17% of banks considered themselves advanced, and 40% considered themselves static.
Personetics co-founder and CEO David Sosna said: "Most banks are doing a decent job of alerting customers to something that stands out on their account, like potential fraud.
"However, when it comes to more sophisticated and useful personalized guidance, like recognizing spending patterns, analytics to predict upcoming issues, and a deep understanding of the customer to help them save more, this is where banks are lacking capabilities."
The study further unveiled that the greatest percentage of best-in-class organisations are in Europe, while North American banks are struggling to keep pace with changing demands.
