Posted on: January 12, 2021 | 3 min read

How to Leverage AI to Create Personalized Experiences for Customers

Creating personalized experiences is essential for your business to gain adoption and sales. Too often, businesses undervalue the data they already own.

As we learned in the blog “How Members First Federal Credit Union Overcame Hardship with Governance and Analytics” , by creating an effective digital strategy, businesses can leverage the data that they are already collecting to create personalized experiences for their customers. Member’s First Credit Union, for example, learned to refocus their digital channels to create personalized experiences through a feature “MyConcierge”, which is an AI-enabled mechanism that delivers answers, offers, and tutorials their members.

Read below more on ways that the Marketing team and Data & Analytics Teams at Member’s First Credit Unions focused on personalized experiences when the COVID-19 pandemic hit.

(Description: Video screenshot with John Bastone – top left, Karen Roland – top right, and Anita McAllister – bottom left)

Karen Roland [04:29]: (When the pandemic hit) We went to appointment only. There was a lot of communications that we in marketing were focused on internally and externally, but it also one of the most significant ships were in really re-prioritizing some of our digital strategies.

Luckily, we had already had (website) chats implemented, which was a great thing to have in place, and since many people really wanted to bank in the comfort of their homes, so that was the way we could provide support. We also, for those who maybe weren't as familiar with some of our digital banking features and functionality, we rolled out a lot of tutorials and how to’s just getting them comfortable with how to make a mobile check deposit and things like that.

And then the other thing we did after that was to allow a new feature in our digital banking platform called MyConcierge, and that's really driven by our personalization engine, so that people can get relevant focused offers and recommendations for them, as well as a tie-in.

All our members have a personal concierge that they can access right through their app as well, so they can continue to have those discussions like, how do I even start saving for retirement? Or how do I say for college? Should I refinance my house? Things like that. So, we feel like we have a lot of the digital service and consultation areas covered, which is great.

John Bastone: That's a lot of stuff. And Anita, data and analytics would be impacted in some capacity. As there's this emphasis on digital, on new things that you should be offering existing members. Give us a sense of how your plans have changed.

Anita McAllister [06:50]: Yeah, I think in my area, we've realized it very early on (that crisis hit). I started getting calls from the CIO saying, drop what you're doing, I need data. And it was all centered around channel usage and behaviors of our members, so just trying to understand now that out of necessity, that they were needing to make appointments in the branches, using drive through, the call center was being inundated. It was about getting that data to understand why they are calling and can we re-route them to the digital channel and just things like that. To really understand the behaviors.

This transcript was edited for clarity and conciseness.

Read more about ways to leverage the data to create personalized experiences through our eBook: How to Create a Customer Data Management Strategy or contact an expert at (813) 265-3239.

Written by CCG, an organization in Tampa, Florida, that helps companies become more insights-driven, solve complex challenges and accelerate growth through industry-specific data and analytics solutions.

Topic(s): Featured , Data Science
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