The influence of Artificial intelligence (AI) in our daily lives continues to grow, with transformative applications reshaping industries, including banking. Generative AI, in particular, presents a game-changing opportunity for better engaging customers. According to Accenture, banks leveraging this technology effectively can achieve a 22-30% productivity boost and a 6% revenue increase.
The influence of Artificial intelligence (AI) in our daily lives continues to grow, with transformative applications reshaping industries, including banking. Generative AI, in particular, presents a game-changing opportunity for better engaging customers. According to Accenture, banks leveraging this technology effectively can achieve a 22-30% productivity boost and a 6% revenue increase.
22-30% productivity boost for banks leveraging this technology
The influence of Artificial intelligence (AI) in our daily lives continues to grow, with transformative applications reshaping industries, including banking. Generative AI, in particular, presents a game-changing opportunity for better engaging customers. According to Accenture, banks leveraging this technology effectively can achieve a 22-30% productivity boost and a 6% revenue increase. Customer engagement programmes can evolve significantly with AI-driven personalisation. By analysing customer data and behaviour, banks can deliver hyper-personalised experiences—from tailored rewards and experiences integrated into everyday interactions and a consistent application of segments across all customer touch points.
Modern consumers expect recognition as unique individuals. Banks already segment audiences into distinct groups—based on things like where they are in life (students compared to retirees, for example), how often they spend or save, how much they use their credit card, how long they’ve been customers, or how often they travel, whether for business or pleasure.
But AI empowers banks to segment audiences more effectively through a fully omnichannel approach, to deliver hyper-personalised loyalty programmes that foster deeper connections between customers and the bank, offering relevant products, propositions, and rewards. The key is to use deep customer knowledge, through intelligently interpreting multiple customer interactions, to build rich and valuable connections, thus protecting against competitors.
By collaborating with Collinson, banks can go a step further by using AI to tailor engagement programmes that reflect individual customer behaviours and preferences. For example, enabling frequent travellers to access exclusive rewards, while offering cashback incentives to high-spending card users, ensures that every segment feels valued.
AI not only enables innovative rewards tailored to customer preferences but also makes these experiences frictionless. This allows for smooth and intuitive customer experiences, where loyalty benefits are automatically activated through everyday digital interactions, such as earning rewards via online shopping or decentralised finance activities.
With AI, banks can automate repetitive tasks, such as benefit redemption, while embedded finance seamlessly integrates rewards programmes into customers’ existing digital behaviours. This enables customers to earn rewards through activities they already engage in, like online shopping. Additionally, decentralised finance and cryptocurrencies offer the potential to expand the scope of rewards, allowing customers to earn on a broader range of financial activities by integrating decentralised exchanges.
AI also opens new avenues to previously untapped customer segments, improving marketing activation of your reward programmes to attract new customers while driving higher engagement and satisfaction. At the same time, you’ll decrease cost-to-serve through higher productivity and greater operational efficiencies and mitigate risk through automated activities and reduced errors.
Collinson also offers end-to-end integration services to digitise rewards programmes directly into banking apps, allowing customers to view, earn and redeem benefits without leaving the app. This helps banks meet customer expectations for simplicity and convenience.
AI-enabled travel experiences are taking off
AI is set to revolutionise travel by helping customers curate personalised and unique experiences. Banks can play a pivotal role in enhancing these experiences through loyalty schemes powered by AI-driven insights, offering tailored recommendations based on individual preferences as customers plan and book their trips.
By providing scalable, hyper-personalised loyalty programmes, banks can align with customer needs while facilitating seamless interactions with services across the travel industry.
Five principles for AI success in loyalty
- As shared by Senior Vice President of Product and Innovation, Bhavesh Vaghela, on the podcast, here are five guiding principles for the pathway to AI.
- Begin with the customer—understand the problem you’re solving for them.
- Evaluate what AI will mean for your enterprise, including ensuring that your data is integrated and that your employees are equipped to leverage AI effectively.
- Focus on your strategic goals, identifying where AI can make the most impact while staying flexible to adapt to evolving technologies, regulations and customer needs.
- Embrace a culture of fast learning and iteration, actively seeking and acting on feedback from customers and within your organisation.
- Foster innovation through co-creation by collaborating with your vendors to identify opportunities that align with your strategy.
Time to treat customers as individuals
In a world where 65% of customers expect companies to adapt to their changing needs and preferences, it is concerning that 61% say most companies treat them as a number. At Collinson, we’re committed to transforming this narrative. Collaborating with leading travel brands and technology innovators, we harness our own unique data ecosystem, Collinson SmartInsight, alongside our data and loyalty experts, to enhance end-user experiences with captivating, personalised rewards programmes.
By combining a banks’ customer profile, spend and loyalty data, we can identify customer segments to enable targeted offers, customer rewards and promotions through omnichannel solutions—integrating multiple platforms to create a unified and seamless user experience across desktop, mobile and apps.
Our approach also ensures omnichannel consistency by aligning rewards and benefits across physical branches, online platforms, and mobile apps. This eliminates silos, ensuring that customers receive a consistent experience no matter how they interact with their bank.
We work closely with banks to design, implement and optimise their end-to-end engagement programmes, identifying business goals to create and implement personalised omni-channel strategies and roadmaps.
AI offers unparalleled opportunities to digitise rewards, tailor benefits and integrate advanced functionalities into your banking app. Let Collinson guide you on your journey to building a hyper-personalised engagement strategy that drives loyalty and revenue.
To revolutionise customer engagement in banking
Visit our financial services hub for valuable resources, including papers, case studies, articles, and infographics to help elevate your customer engagement strategy.
22-30% productivity boost for banks leveraging this technology
The influence of Artificial intelligence (AI) in our daily lives continues to grow, with transformative applications reshaping industries, including banking. Generative AI, in particular, presents a game-changing opportunity for better engaging customers. According to Accenture, banks leveraging this technology effectively can achieve a 22-30% productivity boost and a 6% revenue increase. Customer engagement programmes can evolve significantly with AI-driven personalisation. By analysing customer data and behaviour, banks can deliver hyper-personalised experiences—from tailored rewards and experiences integrated into everyday interactions and a consistent application of segments across all customer touch points.
Modern consumers expect recognition as unique individuals. Banks already segment audiences into distinct groups—based on things like where they are in life (students compared to retirees, for example), how often they spend or save, how much they use their credit card, how long they’ve been customers, or how often they travel, whether for business or pleasure.
But AI empowers banks to segment audiences more effectively through a fully omnichannel approach, to deliver hyper-personalised loyalty programmes that foster deeper connections between customers and the bank, offering relevant products, propositions, and rewards. The key is to use deep customer knowledge, through intelligently interpreting multiple customer interactions, to build rich and valuable connections, thus protecting against competitors.
By collaborating with Collinson, banks can go a step further by using AI to tailor engagement programmes that reflect individual customer behaviours and preferences. For example, enabling frequent travellers to access exclusive rewards, while offering cashback incentives to high-spending card users, ensures that every segment feels valued.
AI not only enables innovative rewards tailored to customer preferences but also makes these experiences frictionless. This allows for smooth and intuitive customer experiences, where loyalty benefits are automatically activated through everyday digital interactions, such as earning rewards via online shopping or decentralised finance activities.
With AI, banks can automate repetitive tasks, such as benefit redemption, while embedded finance seamlessly integrates rewards programmes into customers’ existing digital behaviours. This enables customers to earn rewards through activities they already engage in, like online shopping. Additionally, decentralised finance and cryptocurrencies offer the potential to expand the scope of rewards, allowing customers to earn on a broader range of financial activities by integrating decentralised exchanges.
AI also opens new avenues to previously untapped customer segments, improving marketing activation of your reward programmes to attract new customers while driving higher engagement and satisfaction. At the same time, you’ll decrease cost-to-serve through higher productivity and greater operational efficiencies and mitigate risk through automated activities and reduced errors.
Collinson also offers end-to-end integration services to digitise rewards programmes directly into banking apps, allowing customers to view, earn and redeem benefits without leaving the app. This helps banks meet customer expectations for simplicity and convenience.
AI-enabled travel experiences are taking off
AI is set to revolutionise travel by helping customers curate personalised and unique experiences. Banks can play a pivotal role in enhancing these experiences through loyalty schemes powered by AI-driven insights, offering tailored recommendations based on individual preferences as customers plan and book their trips.
By providing scalable, hyper-personalised loyalty programmes, banks can align with customer needs while facilitating seamless interactions with services across the travel industry.
Five principles for AI success in loyalty
- As shared by Senior Vice President of Product and Innovation, Bhavesh Vaghela, on the podcast, here are five guiding principles for the pathway to AI.
- Begin with the customer—understand the problem you’re solving for them.
- Evaluate what AI will mean for your enterprise, including ensuring that your data is integrated and that your employees are equipped to leverage AI effectively.
- Focus on your strategic goals, identifying where AI can make the most impact while staying flexible to adapt to evolving technologies, regulations and customer needs.
- Embrace a culture of fast learning and iteration, actively seeking and acting on feedback from customers and within your organisation.
- Foster innovation through co-creation by collaborating with your vendors to identify opportunities that align with your strategy.
Time to treat customers as individuals
In a world where 65% of customers expect companies to adapt to their changing needs and preferences, it is concerning that 61% say most companies treat them as a number. At Collinson, we’re committed to transforming this narrative. Collaborating with leading travel brands and technology innovators, we harness our own unique data ecosystem, Collinson SmartInsight, alongside our data and loyalty experts, to enhance end-user experiences with captivating, personalised rewards programmes.
By combining a banks’ customer profile, spend and loyalty data, we can identify customer segments to enable targeted offers, customer rewards and promotions through omnichannel solutions—integrating multiple platforms to create a unified and seamless user experience across desktop, mobile and apps.
Our approach also ensures omnichannel consistency by aligning rewards and benefits across physical branches, online platforms, and mobile apps. This eliminates silos, ensuring that customers receive a consistent experience no matter how they interact with their bank.
We work closely with banks to design, implement and optimise their end-to-end engagement programmes, identifying business goals to create and implement personalised omni-channel strategies and roadmaps.
AI offers unparalleled opportunities to digitise rewards, tailor benefits and integrate advanced functionalities into your banking app. Let Collinson guide you on your journey to building a hyper-personalised engagement strategy that drives loyalty and revenue.
To revolutionise customer engagement in banking
Visit our financial services hub for valuable resources, including papers, case studies, articles, and infographics to help elevate your customer engagement strategy.
