The Intermediary – February 2025 - Flipbook - Page 69
T E C H N O L O GY
Opinion
Innovation
fuels greater
personalisation
I
n today’s rapidly evolving
financial landscape,
personalisation has become
a key tool for financial
institutions looking to
enhance their customer
experience and aract new clients.
With the global Islamic fintech
market predicted to reach $179bn by
2026, according to the ‘Global Islamic
Fintech Report 2022’, customers across
the Gulf Cooperation Council (GCC)
are increasingly benefiting from
financial products that are flexible,
tailored and responsive to their
immediate needs – while anticipating
future behaviours and requirements.
The drive towards greater
personalisation in Islamic banking is
being fuelled by a range of innovative
technologies, with artificial
intelligence (AI) and machine learning
(ML) at the forefront of creating a
more customer-centric experience.
These tools not only allow financial
institutions to analyse vast amounts
of data, but will also help elevate
the banking experience, with the
potential for innovations such as AIpowered agents handling the bulk of
interactions in a seamless manner.
Increased personalisation is
already delivering benefits to both
consumers and businesses. Customers
benefit from interactions that feel
intuitive, while receiving offers and
communications that resonate with
their needs. This is vital in a region
like the GCC, where trust and word of
mouth is very important.
Personalisation matters
For clients based in the GCC,
personalisation is essential for those
requiring Sharia-compliant finance.
Compared to high and ultra-high
net worth individuals, mass affluent
GCC-based customers seeking
Sharia-compliant financing for
UK property purchases have oen
been underserved and overlooked
by mainstream providers, with
conventional banks struggling to
adapt to meet their specific needs.
Traditionally, these lenders would
require a UK address, identification
and credit footprint to progress a
purchase, but enhanced digitalisation
now allows them to offer a
personalised approach for investors
based thousands of miles away.
Taking a digital-first approach
has already helped to streamline the
customer journey at Nomo. Customers
can benefit from multi-currency
accounts and products which offer
tailored financial solutions, ensuring
they enjoy the benefits of speed,
convenience and transparency.
Technology’s role
Through the use of cloud computing
and predictive analytics, financial
organisations can deliver services
aligned, and capable of evolving, with
the customer’s financial journey.
Technologies such as blockchain
could also be used to manage the
property purchase process, reducing
the cost significantly for consumers
while securely storing user data,
although regulatory developments are
needed for this to become a reality.
For institutions providing property
financing solutions, technology can be
used to home in on client preferences,
including the type of property,
preferred locations and financing
terms. This tailored service ensures
that the customer receives relevant
and timely property finance offers.
Innovation in action
Innovative technologies are at the
centre of this tech revolution. For
instance, Nomo is currently testing its
MARC BAXTER
is director, head of products and
propositions at Nomo Bank
own generative AI platform, capable
of adapting marketing content across
different Arabic dialects.
As customer-centricity becomes
the norm, products will become
more tailored, designed in response
to customer behavioural trends.
This will foster authentic customer
engagement, while helping to reduce
the cost to serve them.
We are also exploring other tools
and technologies to improve how we
understand our customers. These
include Customer Data Platforms
(CDPs), which unify data from
various sources and personalisation
engines, using algorithms to offer
tailored recommendations and offers
to customers in real time.
Nomo is about to explore the use of
GPS location-based services to ensure
customers receive customised offers
based on their location. This aims
to provide more relevant and timely
product offerings.
The future
These new technologies will play an
even greater role in shaping financial
personalisation. The evolution of AIdriven personalisation will continue
to unlock opportunities for GCC
customers looking to invest in the UK
property market.
Innovations in the business-toconsumer relationship go beyond
technology – it’s about solving
fundamental customer needs and
helping them achieve their goals.
In a world of rising expectations and
rapid change, institutions that focus
on applying innovations will create
winning customer value propositions
and drive success. ●
February 2025 | The Intermediary
69
