Crayon Data’s Relevance Quotient Report 2020 Explains the Trends and Patterns of Personalized Banking
Crayon Data, a fast-growing AI and Big Data company, announced the launch of its Relevant Quotient Report to help banks in their personalization journeys. Due to COVID-19, new patterns in consumer purchase trends have put banks and merchants in a tough spot. They need to stay relevant to their customers to deliver superior customer experiences and drive share-of-wallet. Banks need to act quickly, or risk being out-paced by digital-first competitors.
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To evaluate how relevant banks currently are to their customers, Crayon Data, developed a proprietary framework with seven defined parameters of a customer’s journey. This framework, The Relevance Quotient, analyzes the level of personalization and relevancy of merchant deals and offers recommended by the bank to their customers, on their digital properties. The purpose was to see the impact of the pandemic on consumer preferences and choices. And to determine how well banks had adapted to the shifts in customer trends.
Crayon Data researched over a hundred banks in 17 markets, across India, Middle East and Africa and APAC regions. Compiled into The Relevance Quotient Report 2020, the research examines the seven key parameters that banks need to focus on, to drive personalization for their customers. Parameters range from profiling customer tastes to providing seamless fulfilment. The banks are then graded into one of four levels depending on how well they are doing on the seven parameters.
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Levels are assigned based on the ability to create customer taste profiles, recommend relevant offers, deliver personalized products and simplify offer discovery, engagement, cross channel integration and fulfilment.
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