Build Deeper Relationships Through AI-Powered Personalization
Beyond operational gains, AI holds the key to unlocking deeper and more meaningful relationships with your accountholders.
In today’s crowded market, basic or impersonal services risk losing users to more sophisticated alternatives. Consumers and businesses have rising expectations for digital platforms that prioritize addressing their financial needs first — offering tailored products and solutions second. Relationship-based banking enhanced by open banking and embedded finance is the future of building trust, brand loyalty, and ongoing engagement.
AI plays a crucial role in this shift by enabling the delivery of hyper-personalized experiences.
According to the Jack Henry Strategy Benchmark, 31% of both banks and credit unions report plans to embed data collection/analysis tools within their digital banking experience within the next two years. By leveraging the collection, orchestration, and analysis of proprietary data (such as goals, spending habits, and app interactions), you can gain a deeper understanding of your accountholders’ needs and address pain points in their digital journey — empowering you with essential insights to differentiate your offerings in an oversaturated market.
The Path Forward: Embracing AI Strategically
Enabling the transformation of your digital banking platform with AI requires a top-down approach. Your entire financial institution must focus on relationship building, digital experience, and delivering the right products at the right time.
The ultimate goal is to address financial fragmentation and reestablish yourself as the central hub in the financial lives of your accountholders.
To effectively leverage AI, you must first develop a clear, forward-looking data strategy for the next three to five years that identifies key growth objectives, efficiency gains, and AI use cases. Then, you must ask yourself critical questions about data availability, accessibility, and infrastructure. Do you have the right data? Is it accessible, clean, and actionable? A well-defined data strategy is more than just a roadmap. It’s a foundational investment that positions you for future success.
In this evolving landscape, trying to be everything to everyone is no longer a viable strategy.
Instead, you should set realistic benchmarks by clearly outlining your target market and identifying successful players in the same niche. Furthermore, embracing fintech partnerships and embedded finance can help bridge any gaps in competitive functionalities, speeding up time to market and leveraging specialized expertise.
Download the 2025 Strategy Benchmark to unlock the power of data, refine your strategy, and compete effectively.
Read More: Can AI and Open Banking Really Drive Engagement and Growth?
