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> 72% of customers rate personalization as "Highly Important" in today's financial services landscape
> 60% of consumers say they are likely to become repeat buyers after a personalized shopping experienceFor the financial services institution (FSI), personalized finance benefits are:Foster customer loyalty and retention by providing an enhanced customer experience that is targeted to their needs and behavior.Increase in engagement and conversion rates, resulting in a greater share of wallet/ higher customer lifetime value.Stronger marketing ROI through targeted marketing campaigns and consistent messaging across channels.What are the challenges in implementing Personalized Finance?Legacy Infrastructure. Legacy technologies can't harness insights from fast-growing unstructured and alternative data sets — and don't offer open data sharing capabilities to fuel collaboration.Strict data and privacy regulations. A number of high profile instances of data theft and breaches have made many consumers more cautious about sharing their personal data.Access to third party data. Vendor lock-in and disjointed tools hinder the ability to do real-time analytics that drives and democratizes smarter financial decisions.Data silos. Highly complex workflows, disparate technologies, and spreadsheet-culture makes collaboration difficult and keeps data trapped in silos across multiple business units.How does Databricks help financial institutions with Personalized Finance?Databricks Lakehouse for Financial Services provides banking, insurance and capital markets companies with the ability to unify data and AI on an open and collaborative platform to deliver personalized customer experiences, minimize risk, and accelerate innovation. It eliminates the technical limitations of legacy systems, and enables FSIs to leverage all of their data to minimize risk while accelerating transformative innovation. It allows FSIs to aggregate different types of data — from market to alternative data — enabling hyper-personalized experiences that drive cross-selling opportunities, customer satisfaction and share of wallet. By unifying data and AI, FSIs are also able to simplify the complexity of regulatory reporting, risk management and compliance by securely streamlining the acquisition, processing and transmission of data to empower better data governance practices.1 How BBVA uses data to look after its customers' financial healthAdditional ResourcesBig Book of Use Cases in Financial ServicesGartner® Hype Cycle™ for Financial Data and Analytics Governance, 2022Hyper Personalization Accelerator for Banks and FintechsReshaping Retail Banking with Personalization workshop with DeloitteLakehouse for Financial Services solutionsBack to GlossaryProductPlatform OverviewPricingOpen Source TechTry DatabricksDemoProductPlatform OverviewPricingOpen Source TechTry DatabricksDemoLearn & SupportDocumentationGlossaryTraining & CertificationHelp CenterLegalOnline CommunityLearn & SupportDocumentationGlossaryTraining & CertificationHelp CenterLegalOnline CommunitySolutionsBy IndustriesProfessional ServicesSolutionsBy IndustriesProfessional ServicesCompanyAbout UsCareers at DatabricksDiversity and InclusionCompany BlogContact UsCompanyAbout UsCareers at DatabricksDiversity and InclusionCompany BlogContact UsSee Careers
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