Banking / Finance

It’s time for personalization in financial services

17th Feb `15, 10:52 AM in Banking / Finance

In a post-crisis financial environment, customers are demanding solutions to satisfy their unique needs for money management. Additionally,…

BDMS
Guest Contributor
 

In a post-crisis financial environment, customers are demanding solutions to satisfy their unique needs for money management. Additionally, they are showing preference for simpler products where benefits and risks are easy to understand and the feeling of control over the product increases their loyalty. Therefore, banks and credit unions are facing a crossroads: acknowledge and embrace the demands of customers wanting more personalized and simplified services or try to push customers into a dated mass production model.

From Cookie Cutter to Papering Over the Cracks

Taking a look back in history, consumer products used to be built on a made-to-order basis, using expensive highly labor-intensive processes. To make things more affordable, companies began to adopt mass production technologies and techniques, creating a one-size-fits-all product line.

When Henry Ford moved automobile production to the assembly-line model, revolutionizing manufacturing, he divided labor into standardized tasks that were put together on a moving line. The individual creation processes and unique personalization of previous years moved towards a repetitive blueprint that was now centered on the product, not the customer. The result of this innovative change was standardized production that had lower costs per vehicle for both the manufacturer and customer.

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