Knowledge is power and most bankers have figured out that they’re sitting on a treasure trove of information about the consumers and businesses they serve. However, using this information to empower their account holders and deliver services tailored to their needs has been a difficult goal for banks and credit unions to achieve.
One of the many changes brought by COVID-19 was an acceleration in the participation of the delivery economy. This level of participation is likely to continue to rise as more businesses develop viable online ordering and delivery offerings. Companies such as Amazon, Google, and Apple have made personalization of offers and the anticipation of the consumers’ needs prerequisites to any successful online engagement. So, as the delivery economy expands, successful offerings will need to reflect these same characteristics delivering the convenience and speed consumers now consider mandatory as a basis for loyalty.