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Four keys to Personalisation success in financial and accounting services

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Digital transformation has opened the doors for personalised services and product offerings to customers across industries as businesses have more insights into their customers’ needs, expectations, and behavioural patterns. The finance and accounting services are no exception, with over 70% of the customers regarding tailored service offerings as highly coveted for banks and other financial institutions and over 60% expecting personalisation to the level of e-commerce platforms like Amazon. Ironically, the banking and finance industry lacks personalisation services as only 14% of the banking institutions offer a contextually relevant personalised experience.

One of the major hurdles in developing personalisation strategies for finance and accounting business process services is the inordinate complexities in finance and accounting services personalisation. These complexities can send finance professionals down a rabbit hole, trying to balance cost and effectiveness. But revisiting fundamentals can be the key to simplifying these complexities and achieving personalisation success.

Four key roles for personalisation success

Starting with the people interacting with customers, the four key roles in the finance and accounting services industry that can facilitate personalisation success are:

Working cohesively with professionals can be the key to personalisation success for finance and accounting business process services.

Four key imperatives for personalisation success

Facilitating digital transformation in finance and accounting and building the finance department of the future will require a shift in priorities and approaches from finance executives. Four critical moves for better efficiency and personalised services are:

These steps can deliver more effective next-gen finance functions, keeping customers at the core and offering tailored services for their needs.

Four key strategies for personalisation success

Revisiting these four fundamental strategies can also ensure personalisation success in finance and accounting services:

Focusing on these four fundamental strategic points can become the foundation of your complex and technology-driven personalisation efforts.

Personalisation in finance and accounting services may be complex, but focusing on some key roles and strategic steps can simplify it. Every financial institution, however, may not have the expertise and resources to leverage available data and technological solutions to offer personalised services to its customers. Relying on leading BPM organisations for f&a outsourcing can help you effectively navigate the digital transformation in finance and accounting. This allows you to leverage emerging technology within the finance and accounting services industry.

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