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72% of customers perceive personalization as “highly important” in digital banking, and institutions with non-personalized experiences risk up to 80% abandonment rate by their customers.
Digital banking in Africa has been scaling fast and is expected to maintain (if not increase) the pace owing to rapid mobile penetration, which is projected to hit 615 million people – 50% of the region’s population. Ecosystems like eCommerce, healthcare, gaming, and entertainment are setting the pace and standard for personalized digital experiences across digital channels.
Apart from moving from branches to digital, banks and financial institutions need to innovate further and provide intuitive personalization that appeals to today’s customers. The beauty is institutions are able to stimulate higher ROI due to improved customer retention resulting from content customers.
We knew this might be a tough nut to crack, especially in an emerging market in Africa, so we delved deeper into the subject to provide everything you need to know to get started. Our latest whitepaper, “The Fundamentals of a Personalized Digital Banking Experience,” explains the concept as it applies to the African market, providing an insight into what other institutions have achieved, gaps, and opportunities.
