Name: Enhancing Customer Engagement with AI-Based Hyper-Personalization
Uploaded: 2024-04-02T13:34:52.979Z
Duration: 2907.99

240328_live_1.mp4

240328_live.vtt

ENGLISH

Hello, and thank you for joining
us for our latest Finovate webinar.

I'm David Penn, Research
Analyst with Finovate.

Today's presentation is called
Enhancing Customer Engagement with

Leading our conversation today
are Jody Bhagot, he's President

of Americas with Personetics, and
Dan Westhues, he's EVP and CMO

Gentlemen, thank you very
much for joining us today.

We've got an incredible
conversation coming up.

I'm very much looking forward to
hearing insights from both of you.

I thought, Jody, perhaps we could
start with you on the general idea

of financial wellness and that nexus
with artificial intelligence and

And it's lovely to be here and
great to be here with Dan as well.

Just by way of background, our our
mission at Personetics is to empower

financial institutions to maximize
the value of every interaction

And we have a vision or aspire to a
vision where every customer is able

To your question, David, we think this
is actually a very critical time and a

transition point for the entire industry.

One where we will see greater
separation between leaders and laggards.

And that is amplified by a
few themes, macro themes, that

First of all, in terms of a rising rate
environment, which is putting more money

in motion and more customers moving
activity across financial institutions.

The second is, The accelerated
shift to digital, which we're all a

part of and well aware of, not just
creating the impression of keeping

up in this digital arms race, but
also shifting investment money.

And requiring more investment money in the
digital channel, and that needs to come

And the third is, even if, as banks
want to, have a high pace of change

or innovation, some are hampered
by legacy technology stacks.

We'll actually hear from, Dan about
how Central Bank is approaching that.

But it's a real
consideration for many banks.

And the last is, The advent of
open banking, which is putting more

control in the hands of customers,
that is control of their data and

And David, this is particularly
true for regional banks in terms

of how some of these challenges are
exacerbated, because we know that the

big national banks are winning more
than 50 percent of the new money.

in motion as part of this flight
to quality, which has certainly

The second is there's actually
expansion, not just expansion from the

And it's coming in tier two and
tier three markets traditionally

And last is While regional banks have
really aspired and espoused the local

relationship model, that model is
being put under, under a different kind

of test, having different challenges
as the shift to digital puts more

So those are a few things to
to consider in terms of macro

challenges and opportunities for
regional banks in the industry.

And some of the things that you've
mentioned, not just the size of the

banks themselves, but the way that
they're expanding into territory that was

previously thought, if not safe, certainly
possessed by regional banks, community

banks, and smaller institutions, and
how that just increases the competition

It's really fascinating to have you with
us, Daniel, as well, to talk about some of

the practical experiences and things like
that you've actually undergone as you've

I wonder if perhaps you could
speak to that just a bit.

We're headquartered here in the state
of Missouri which a lot of people

And certainly the big five banks
have always considered us that.

But in the recent years as
they continue to try to expand,

We've always owned these markets out here
in the Midwest and we compete against

And for the large banks to come in now,
which is appropriate, it just makes

And so I've been in the bank for
about 30 years, and I actually grew

And about 30 years ago, I got hired
to build our first generation Internet

Banking back in 1995 because we thought
the internet was going to be something.

And and so I've just been studying this,
phenomenon of a customer migration of how

they experience or consume their finances.

And I have on the slide here just
a couple things that are on my mind

today that, that are different,
particularly as we move into mobile.

The first one these are not
revolutionary by any means customers are

Look I'm a small bank and centered
in Jefferson City, Missouri, smack

And I have over 7 million logins
into my mobile banking a month.

And of those people that are doing it,
they're looking, they're logging in an

average of 20 times a month, 20 to 26
times a month, and that seems amazing.

But what it really is,
what's the story behind that?

Banks would be part of your financial
lives, is now, today, we're part of

They're using us as part
of their daily activities.

And if I have that many interactions with
the customers, what am I doing with that?

What are they doing while they're
with us, and how do I use that to help

Finovate Webinars

Event Session

This webinar that explores the cutting-edge partnership between Central Bank and Personetics, aimed at revolutionizing the way community bank deliver meaningful value by proactively helping customers better manage their finance. Hear directly from experts Daniel Westhues, Executive Vice President and CMO at Central Bank, and Jody Bhagat, President of Americas at Personetics.

Why watch?
- Future-Forward Banking: Get a glimpse of the future of community banking, where customer engagement leads the way.
- Proactive Customer Support: Discover how Central Bank leverages Personetics' capabilities to offer proactive assistance, helping customers navigate their banking needs with ease.
- Hyper-Personalized Insights: Learn about the scalable, personalized insights provided by Central Bank, ensuring every customer feels understood and valued.

Dive into the innovative approaches Central Bank is adopting to enhance financial wellness and customer satisfaction. Don't miss this opportunity to learn from industry leaders about shaping the future of banking through personalized, proactive customer engagement.