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The race is on. Companies are striving to enhance the customer and member experience through increasing levels of personalized service. The availability of “big-data” and ever-improving data analytics is making financial services, an already competitive industry, even more competitive. “Knowing the customer” and using that knowledge to better serve them takes on a new meaning in a world of data and artificial intelligence. Each and every touchpoint is an opportunity to add value, increase satisfaction and remain relevant.

Almost all companies have been, or at least claim to be, customer-centric. What’s new for most organizations is engaging technology in advanced and innovative ways to create a truly personalized experience. Creating an individualization strategy first depends on collecting multi-sourced information about a person’s transactions, purchasing decisions, demographics, surveys and other information. Quality data is the basis for generating customized individual profiles that need to be used to enhance service.

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