APAC banks lag in hyper-personalisation despite predictive analytics use

Just 11% of execs described their hyper-personalisation strategies as “highly advanced”

Nearly 9 in 10 (88%) of banks in Asia Pacific are using predictive analytics to anticipate customer needs to some degree, according to a survey by FICO.

Despite this, just 1 in 10 (11%) described their hyper-personalisation strategies as highly advanced, the analytics software company found in a November 2024 poll of 30 senior executives and C-suite leaders from leading banks in the region.

One barrier is that banks’ communication channels still cannot provide seamless customer engagement. Nearly 3 in 4 (72%) of respondents said that their banks’ communication challenges remain siloed or only partially integrated.

Automation adoption also reportedly remains uneven, with half of executives saying that their organisation had automated no more than half of their customer-facing decisions. This includes credit approvals, fraud alerts, and personalised offers.

Whilst 43% of executives said they leverage real-time data significantly or fully for
customer insights in areas such as fraud detection and service, most remain at minimal or moderate adoption, FICO said.

Just 37% or respondents reported extensively or fully predictive use of analytics, it added.