Personalisation in banking is very different from personalisation in the entertainment industry, although there are some things banks can learn. The banking industry is relationship-based, and the banks need to know their clients well. They do not want to hear about irrelevant offers or and expect bankers to know key information about their product portfolio.
There are multiple data sources which can help banks to create tailored offers for each client. Transactions includes information e.g. about merchants and sales point, that allows for a complex description of customers' behaviour and interests. Combined with socio-demographics, product properties, digital interactions coming from internet banking, mobile applications, voice calls, surveys and other sources, the data create great opportunities for analysis and, as a result, personalisation.
