Roee Peled’s Post

When asked to complete the statement, “I want my bank to be more like....” the majority of consumers responded with “Amazon” [Boston Consulting Group (BCG)]. In order to achieve this level of personalization, banks need to make changes to scale personalization, driving it across the customer lifecycle. This involves breaking down many of the well-fortified internal silos that can stymie innovation projects, as well as implementing new processes and ways of working that put the customer at the center of everything.

Outdated credit card rewards systems are annoying Gen Z.. According to a study by PYMNTS and i2c Inc.: → 41% of Gen Z are dissatisfied with their current credit card rewards programs → 31% of consumers said that lengthy redemption procedures were a significant issue. → 23% of Gen Z find current rewards technology confusing, highlighting the need for better integration Financial institutions need to innovate beyond traditional reward structures to alleviate these concerns by (i) tailoring reward programs to individual preferences, (ii) simplifying the redemption process, and (iii) improving the clarity of offerings.