Customer Experience in 2023: Why Personalisation Still Falls Short
Why personalisation in banking still falls short of customer expectations in 2023, despite years of investment in data and analytics.
Banks have invested billions in customer experience. Customers have barely noticed. Global Banking Monitor's 57-page report analyses why personalisation still falls short in banking, despite significant technology investment, and outlines practical steps to close the gap between CX ambition and CX reality.
Key findings
- Customer expectations are being set by non-bank experiences. Customers compare their banking experience to Amazon, Netflix, and Uber - not to other banks. This benchmark gap is widening, not closing.
- Data fragmentation is the primary barrier to personalisation. Most banks have customer data spread across dozens of systems with no unified view, making genuine personalisation technically impossible regardless of the tools deployed on top.
- Banks confuse segmentation with personalisation. Grouping customers into broad categories and serving segment-level content is not personalisation - it is targeted marketing. True personalisation requires individual-level context, intent, and timing.
- Journey design remains siloed. Banks optimise individual touchpoints (app screens, call centre scripts, branch layouts) but rarely design end-to-end journeys that eliminate friction across the full customer lifecycle.
- Measurement is focused on satisfaction, not value. NPS and CSAT scores tell banks whether customers are unhappy but provide little insight into what drives loyalty, retention, and lifetime value - the metrics that actually matter.
What the report covers
- Executive Summary - The CX reality in banking
- State of CX - Current performance across the industry
- Why Personalisation Fails - Data issues and organisational fragmentation
- Data Challenges - Silos and quality barriers
- Journey Design - End-to-end thinking and friction removal
- Technology Enablers - Platforms and AI-driven personalisation
- Case Studies - Successful CX transformation examples
- Metrics and KPIs - Measuring what matters in customer experience
- Improving CX - Practical steps for immediate impact
- Outlook - Future trends in banking customer experience
Who should read this
This report is designed for Chief Customer Officers, Heads of Digital, marketing leaders, and product managers responsible for customer experience strategy. It is equally relevant for CIOs and data leaders whose infrastructure decisions directly enable or constrain personalisation capabilities.
For enquiries about accessing this report, contact [email protected]
