Miami, 13 July– As organisations ramp up their use of AI, financial services firms struggle to keep pace. As customer expectations rise, fragmented data becomes a major barrier in the journey to modernise loyalty programs, according to research from AND Digital.
This data, revealed in AND Digital’s Winning the Intelligent Customerreport explores views on data collection, personalisation and their role in customer loyalty – across 250-enterprise level business leaders.
Fragmented data emerges as the most common challenge. When data is fragmented, it limits loyalty program experience and the personalised experience customers expect is harder to deliver. Smaller organisations fall behind larger organisations that use real-time insights to shape loyalty programmes.
Kenn van Hauen, Chief AI Officer at AND Digital, commented: “AI is reshaping how loyalty works in financial services. Larger organisations are already using real‑time data and AI to deliver faster and more personalised experiences, while many firms are still trying to bring fragmented systems together.”
“Most organisations understand the value of more personalised customer experiences but delivering them depends on having reliable data and the ability to act on it. The organisations investing in those foundations today will be best placed to retain customers and stay competitive as customer expectations continue to rise.”
Cost was another concern. 59 per cent of leaders say the technology required to support AI-powered loyalty programmes is too expensive. 72 per cent believe that effective AI-driven personalisation depends on having large-scale data operations already in place.
Leaders also express fears about customer experience. 68 per cent worry they could lose customers in the next year if they do not improve customer experience. At the same time, 61 per cent admitted they still struggle to create a single view of each customer. This makes personalisation far harder to deliver.
85 per cent who agree that data is the most important factor in delivering a strong customer experience. However, 75 per cent said their organisation prioritises AI investment over fixing the data infrastructure needed to support them.
Many firms are now turning to tools that help them move faster, as on-demand capabilities become a growing priority across the sector.
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