Customer‐oriented financial service personalization
- 1 January 2005
- journal article
- Published by Emerald in Industrial Management & Data Systems
- Vol. 105 (1), 26-44
- https://doi.org/10.1108/02635570510575171
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.Keywords
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