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BizReport : Loyalty Marketing : May 17, 2017

Retailers performing poorly in personalization

Nearly a third of consumers would be happy to switch their banking to Amazon, Apple, Facebook or Google because they see those companies personalize experiences better than finance specialists, according to new research from MuleSoft.

by Helen Leggatt

Mulesoft's research found that businesses risk losing customer loyalty if they fail to personalize an experience seamlessly across channels.

Of the 2,000 UK adults surveyed for the research about their experiences with banking, insurance, retail, and public services, nearly two-thirds (63%) said they would consider switching insurance provider if the experience was not good enough, and for the same reason 61% had considered using alternative retailers.

More than half (54%) of those surveyed said their retailers did not provide a personalized service. Consumers felt retailers were performing significantly worse when it comes to personalization than other industries. For example, in the banking sector, only 37% said their banks did not provide a personalized service.

The biggest frustration among consumers was having to repeatedly enter personal information, despite them knowing the business already held required information.

"Businesses across every industry need to prioritize connecting applications, data and devices, enabling customer loyalty to pervade every aspect of a business and provide a seamless experience for their customers. For businesses that don't, they risk consumers disconnecting from them," said Ian Fairclough, vice president of services at MuleSoft in Europe, the Middle East and Africa (EMEA).

"The challenge for many organizations is to bring multiple technologies and data together to create a cohesive and personalized customer experience. This is no small undertaking, especially for those organizations with legacy technology and processes. We're seeing our customers do this by taking an API-led approach to connectivity."

Tags: banking, loyalty, marketing, personalization, research, retail, UK

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