New Report Series from IDC Canada Highlights the Rise of the Digital Persona and a New Era of DX for Banks
- May 11, 2016 -
Toronto ON., - International Data Corporation (IDC) Canada announced today the release of three new IDC Financial Insights report analyzing the rise of new online customer profiles and digital delivery strategies in the financial services industry. The first report, entitled Perspective: Demographic and Technology Personas of Canadian Bank Clients in a Digital World (Doc# CA40484416) explores the rise of the Digital Persona, and how Financial Institutions are developing a "Bring Your Own Persona" (BYOP) model to deliver customized online and mobile digital experiences.
Banking is undergoing a digital transformation from an activity reliant on physical structures, to something that can be done online at a time and place most convenient to the customer. The result is a move from establishing personas that represent large client segments, to a situation where the unique characteristics of individual clients can be represented. This approach has been called "Bring Your Own Persona" (BYOP).
BYOP involves a new form of engagement that uses the capabilities of the internet, mobility, big data and analytics while maintaining the human touch. Financial institutions are experts at dealing with "Know Your Customer" (KYC) regulations, which characterizes clients, but does not provide information on client needs and behaviors. Digital Personas help organizations understand the emotional and behavioral triggers behind individual customers within a market. Used together with KYC, they can act as a powerful complementary set of marketing tools for more in-depth and accurate customer targeting.
To aid financial institutions in starting to formulate BYOP solutions, IDC has created a custom personas model named the Digital Canadian Consumer segmentation. The Digital Canadian Consumer is composed of six segments which reflect a set of digital behaviours and attitudes in the market.
The six Digital Personas explored in this study are:
Financial Institutions need to consider these evolving customer segments when designing their online and mobile digital experiences. Products and services need to be delivered with default options for the technology novice, but also with customization options for clients with expert technology and financial expertise.
Delivering a customized BYOP digital experience for customers provides them with several benefits, including applications
and solutions that they can configure; access to all banking information from multiple devices in any location; applications
and services that are responsive and anticipate needs; and effective privacy and access controls.
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