INDUSTRY


Preference Management for Financial Services


 



FINANCIAL

Preference Management

Preference management involves the systematic collection, storage, and use of customer preferences regarding communication channels, frequency, and content.

 In the financial services sector, preference management is essential because customers have varying preferences for how they wish to receive information about their accounts, investments, and financial products.

 PossibleNOW’s preference management platform (PMP) enables financial institutions to effectively gather, store, and honor customer preferences across various touchpoints, creating a seamless and customized customer experience for each user. 





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PERSONALIZATION 

Personalization For Elevated Customer Experiences


Personalization in financial services is no longer a luxury—it's a necessity. Customers expect their financial institutions to understand their unique needs and provide tailored solutions.

 Customer preferences drive the creation of tailored experiences by informing financial institutions about the preferred methods and frequency of communication for individual customers. For example, some customers may prefer receiving monthly investment updates via email, while others might opt for quarterly statements delivered through a mobile app.

 By honoring these preferences, financial institutions can ensure that their communications are relevant and welcome and deliver personalized services that resonate with individual customers, enhancing their overall experience. 





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STREAMLNING

Streamlining Customer Preferences


Centralized Preference Collection 

  • Unified System to Gather Customer Preferences
    A unified system for collecting customer preferences is crucial for streamlining data management. It ensures that customer preferences are gathered consistently across various channels, reducing the risk of data silos and generating a comprehensive view of each customer's preferences.
  • Streamlined Data Collection Across Various Touchpoints
    Centralizing preference collection allows financial institutions to streamline data collection processes across all touchpoints, including websites, mobile apps, and customer service interactions. This integrated approach ensures that customer preferences are accurately captured and updated in real time.

Multichannel Preference Options

  • Preference Management Options Across Different Communication Channels
    Effective preference management requires offering customers the ability to manage their preferences across multiple communication channels, such as email, SMS, phone, and in-app notifications. The result of this multichannel approach is that customers can choose their preferred method of communication, enhancing their overall experience.
  • Consistency in Preferences Regardless of the Interaction Medium
    Consistency is key in preference management. Financial institutions must make sure that customer preferences are honored consistently, regardless of the interaction medium. This means that whether a customer interacts with the bank through a mobile app or a customer service call, their preferences should be recognized and respected.





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CONSENT

Managing Consent and Communication


Opt-In and Opt-Out Mechanisms

  • Exploring Consent-Based Communication Preferences
    Consent-based communication is a fundamental aspect of preference management. It involves obtaining explicit consent from customers before sending them marketing communications. This approach is important not only for compliance with data privacy regulations but also for building trust with customers by respecting their communication preferences.
  • Allowing Customers to Choose Communication Frequency and Type
    Financial institutions should provide customers with options to choose the frequency and type of communications they receive. For example, customers might prefer receiving daily market updates but only want to be contacted for major account alerts. By offering flexible opt-in and opt-out mechanisms, financial institutions can better align their communications with customer preferences.

Transparency in Data Usage

  • Informing Customers About How Their Data Is Used
    Transparency in data usage is crucial for building trust with customers. Financial institutions should clearly inform customers about how their data will be used, stored, and protected. This transparency helps to alleviate concerns about data privacy and fosters a sense of security and trust.
  • Building Trust Through Transparent Data Handling
    By implementing transparent data handling practices, financial institutions can build stronger relationships with their customers. This involves providing clear explanations about data usage, ensuring data security, and giving customers control over their data preferences.




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PLANNING

Personalized Financial Planning


Tailored Investment Strategies

  • Creating Investment Plans Aligned with Customer Preferences
    Financial institutions can use customer preference data to create tailored investment strategies that align with individual risk profiles and financial goals. This personalized approach ensures that customers receive investment advice and products that are well-suited to their unique needs and preferences.
  • Using Preference Data to Shape Risk Profiles and Goals
    By analyzing customer preference data, financial institutions can better understand their customers' risk tolerance and financial objectives. This information is invaluable for shaping personalized investment strategies and providing relevant financial advice.


Customized Banking Services

  • Offering Banking Services Based on Customer Preferences
    Customized banking services are another key benefit of effective preference management. Financial institutions can use preference data to offer services that match customer preferences, such as personalized account management options, tailored financial products, and customized communication channels.
  • Providing Flexibility in Account Management and Features
    Flexibility in account management is crucial for meeting diverse customer needs. Financial institutions can offer features such as customizable account settings, flexible transaction alerts, and personalized financial planning tools, all based on customer preferences.






SECURITY

Data Security and Privacy


Secure Preference Storage

  • Ensuring the Protection of Customer Preference Data
    Data security is a top priority for financial institutions. The protection of customer preference data involves implementing robust cybersecurity measures and secure storage solutions to prevent unauthorized access and data breaches.
  • Implementing Robust Cybersecurity Measures
    Financial institutions must adopt advanced cybersecurity measures to protect customer preference data. This includes encryption, multi-factor authentication, and regular security audits to achieve the highest levels of data protection.

Compliance with Regulations

  • Aligning Preference Management with Financial Regulations
    Compliance with data protection regulations, such as GDPR and CCPA, is essential for financial institutions. A robust preference management platform helps ensure that all customer preferences are managed in compliance with these regulations, reducing the risk of legal issues and penalties.
  • Navigating Legal Aspects of Handling Preference Data
    Navigating the legal aspects of handling preference data requires a thorough understanding of relevant regulations. Financial institutions must stay updated on changes in data protection laws and implement necessary measures to maintain ongoing compliance.






CX

Improving Customer Experience

Notifying Customers About Changes in Data Processing or Privacy Policies

  • Designing Intuitive Preference Management Interfaces
    User-friendly interfaces are key to effective preference management. Financial institutions should design intuitive interfaces that make it easy for customers to manage and update their preferences, creating a seamless user experience.
  • Making It Easy for Customers to Modify Their Preferences
    Ease of use is crucial for customer satisfaction. Financial institutions should provide simple and accessible tools for customers to modify their preferences, ensuring that their current preferences are always readily-available and respected.


Proactive Communication

  • Notifying Customers About Changes in Products or Services
    Proactive communication involves notifying customers about changes in products, services, or policies that may affect them. This approach helps to keep customers informed and engaged, building confidence and loyalty.
  • Sending Personalized Alerts and Updates
    Personalized alerts and updates based on customer preferences ensure that communications are relevant and timely. This optimizes the customer experience by providing valuable information that meets individual needs.

Advantages of Effective Preference Management

  • Summarizing the Benefits of Prioritizing Customer Preferences
    Effective preference management offers numerous benefits, including enhanced customer satisfaction, improved data accuracy, and increased operational efficiency. By prioritizing customer preferences, financial institutions can foster loyalty and build long-term relationships.
  • Fostering Loyalty and Long-Term Customer Relationships
    Prioritizing customer preferences is key to fostering loyalty and building long-term relationships. By respecting customer choices and delivering personalized experiences, financial institutions can enhance customer trust and retention.






CHOOSE POSSIBLENOW

Choosing a Preference Management Platform

A robust PMP plays a pivotal role in helping financial institutions tailor their interactions to meet customer expectations and regulatory requirements. Deliver personalized experiences, stay compliant, and build long-term customer loyalty with the PossibleNOW Preference Management Platform.

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