Customer‐oriented financial service personalization

Abstract

Purpose

This paper derives a personalization framework for financial services by a literature review and examines the framework against the customer's perspective via the Delphi method.

Design/methodology/approach

The framework exhibits a product‐process viewpoint, while the panelists express a cost‐benefit viewpoint.

Findings

Concludes that financial firms should transform the content of relevance from product‐process dimensions to cost‐benefit dimensions. For customers to weigh benefits over costs, financial services should raise the level of service sophistication by keeping the promise of personal privacy, improving the accuracy and relevance of personalization results, and providing a convenient feedback channel that empowers customers by granting them full control over the accuracy of their personal information.

Originality/value

This paper explores why certain personalization practices are embraced by customers while others create nothing but nuisance.

Citation

Huang, E.Y. and Lin, C. (2005), "Customer‐oriented financial service personalization", Industrial Management & Data Systems, Vol. 105 No. 1, pp. 26-44. https://doi.org/10.1108/02635570510575171