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Personalisation in Banking: The Key to Customer Retention

International Journal on Customer Relations

Volume 12 Issue 2

Published: 2024
Author(s) Name: Pritha Chaturvedi | Author(s) Affiliation: ICFAI University, Jharkhand, India.
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Abstract

In the highly competitive banking industry, personalisation has emerged as a crucial strategy for improving customer retention. By leveraging advanced technologies such as artificial intelligence (AI), predictive analytics and customer relationship management (CRM) systems, banks can deliver tailored services that meet individual customer needs. As customers increasingly expect relevant and timely interactions, banks that prioritise personalisation are better positioned to meet these expectations and secure long-term growth. Studies indicate that effective personalisation can lead to a 10–15% increase in sales conversion rates and a 20–30% boost in customer satisfaction. This article explores the importance of personalisation in banking, identifies key objectives, reviews existing literature and presents findings from recent studies and methodologies. The analysis highlights the challenges and opportunities of implementing personalisation strategies and concludes with actionable recommendations for banks to enhance customer loyalty and long-term engagement. The article provides insights from industry reports, real-life case studies and interviews with banking professionals, presenting a comprehensive understanding of how personalisation shapes the banking landscape.

Keywords: Personalisation, Customer Retention, Banking Sector, Customer Experience, Digital Banking, AI in Banking, Banking Personalisation Strategies, Predictive Analytics, Data, Digital Transformation

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