Personalized Finance

What is Personalized Finance?

Personalized Finance - also known as open finance - is a data-driven approach that empowers banks to offer tailored services to their clients.

By leveraging advanced analytics like geospatial or natural language processing (NLP), banks can provide personalized insights, recommendations, and reporting capabilities. Personalized finance is made possible through open banking standards and evolving regulations across the world.

In today's on-demand culture, customers want their banks, insurance carriers, or wealth managers to meet them where they are, in the products and channels that they use. Personalized finance gives consumers more control over their financial well-being, offering them more choice, control, and a seamless customer experience.

For financial services institutions (FSIs), personalized finance offers many benefits, including fostering customer loyalty and retention, increasing engagement and conversion rates, and achieving stronger marketing ROI through targeted campaigns. However, implementing personalized finance can be challenging due to legacy infrastructure, strict data and privacy regulations, access to third-party data, and data silos.

The IOMETE Data Lakehouse Platform unifies all data and makes it easy to comply with data security and privacy regulations.