Leveraging AI to enable true hyper-personalization, maximizing deposits and savings

In an increasingly competitive financial landscape, the ability to deliver personalized experiences has become more than just a nice-to-have — it’s a critical differentiator. At the forefront of this evolution is Bud’s Drive product, a powerful data enrichment tool leveraging customer transactional data to uncover deep insights. By harnessing this capability, financial institutions can hyper-personalize their products and services and, in turn, boost customer deposits and savings.

Using transactional data to understand your customers’ lives 

Drive taps into the rich pool of transactional data that financial institutions already possess, but often underutilize. Every transaction a customer makes — whether it’s paying bills, shopping, or transferring funds — paints a picture of their life. Drive is designed to analyze this data at a granular level, helping banks and fintechs understand what is happening in their customers' lives in real-time.

Right product, right customer, right time

Once you have a clear understanding of your customers' financial behaviors, you can target them with the right products at precisely the right moment with Drive. The tool enables you to detect patterns that may signal a customer’s readiness for a new product using AI, and allows you to act on them.

For instance, a customer who has a growing balance of lazy cash may be an ideal candidate for a new savings account with a higher interest rate. Similarly, if Bud detects frequent transfers to an external savings account, it may indicate that the customer is actively seeking to grow their savings elsewhere. Armed with this insight, financial institutions can target this customer with offers that meet their needs and better utilizes their funds, encouraging them to stay within the bank’s ecosystem and, ultimately, capturing more deposits.

Not only does this help customers make better financial decisions, but it also benefits the financial institution by increasing the amount of deposits held within their ecosystem by offering products that are truly personalized and relevant, rather than relying on broad, one-size-fits-all campaigns.This insight-driven approach fosters a sense of partnership between the customer and the institution, as customers feel that their bank is genuinely looking out for their financial well-being. By aligning offerings with real-time customer needs, you increase the likelihood of customer engagement, satisfaction, and, ultimately, retention.

Personalizing offers based on spending patterns

Understanding where your customers are spending their money is equally as important as knowing where they are saving it. Drive enables financial institutions to categorize and analyze spending data across various merchants, industries, and categories. By identifying patterns in spending habits, you can create targeted, personalized offers that resonate with your customers.

For example, if Bud’s analysis shows that one of your customers spends a significant amount at a specific chain of coffee shops, your institution could offer a tailored rewards program or cashback incentives for those purchases. This hyper-personalization not only delights the customer, but also increases their engagement with the bank. By offering meaningful rewards, you encourage more frequent transactions, increased deposits, and greater loyalty to your institution.

Additionally, these targeted rewards programs can be designed to drive specific behaviors, such as increasing savings deposits. For example, linking rewards programs with saving milestones could incentivize your customers to increase their savings contributions to unlock additional rewards.

Driving business impact through hyper-personalization

Hyper-personalization leads to increased deposits, greater customer retention, and a stronger bottom line. In a world where customer loyalty is hard to earn and easy to lose, offering the right product at the right time is key to deepening relationships and fostering long-term trust. By utilizing Bud’s Drive, financial institutions have a powerful tool to anticipate customer needs, respond with relevant offers, and maximize the value of every customer relationship.

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