Kuala lumpur: An industry poll conducted by global analytics software leader FICO has revealed the challenges banks in Asia Pacific face in delivering real-time, tailored customer experiences. Nearly nine in ten banks (88%) said they are already using predictive analytics to anticipate customer needs to some degree but only a tiny fraction (11%) described their hyper-personalization strategies as highly advanced.

According to BERNAMA News Agency, the survey also highlighted that 72% of bank executives admitted their customer communication channels are siloed or only partly integrated. This indicates a significant gap in providing seamless customer interactions across different platforms.

Additionally, the survey showed that half of the respondents reported that no more than half of their customer-facing decisions are automated. This reflects a considerable opportunity for banks to enhance efficiency and responsiveness through greater automation in decision-making processes.

The findings underline the necessity for banks in the region to advance their hyper-personalization efforts to improve customer engagement and satisfaction. The use of predictive analytics is widespread, yet the integration and automation of customer interactions remain areas for development.