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Hyper-Personalization: A Game-Changer For Credit Unions & Mortgage Providers

The pandemic has pushed everyone to the edge with new challenges and repercussions with each passing day. With small and medium businesses running out of cash, are finding the most difficult times in surviving the Covid-19 outbreak.

Even larger enterprises had to take a pause and re-evaluate themselves to future- proof their business by identifying the digital inefficiencies and bootstrapping them.

Zuci Systems being a digital partner in the financial services landscape, wanted to highlight how hyper-personalization can help credit unions & mortgage providers to thrive through the challenges instead of trying to survive them.

Moreover, it has been proved over the years that credit unions & mortgage origination & servicing firms that get the customer experience right will, in turn, create engaged customers who are more likely to return to the same credit/ mortgage provider.

In order to meet the demands & be prepared for the pre & post COVID-19 customers, Zuci Systems, in collaboration with TCS Digital Software & Solutions group, held a virtual panel discussion on Hyper-personalization: A game-changer for credit unions & mortgage providers, moderated by Susheel Leion, CSO and Head of US Operations, Zuci Systems, where the panel discussed why hyper-personalization is so crucial and is the vital step in delivering superior customer experience.

The panel was shared by two top minds in the field of banking and financial services, leading teams at Zuci Systems and TCS Digital Software & Solutions group.

The panelists shared their thoughts on how lenders and mortgage providers can know a customer better, thereby increasing their revenue streams, the technology that can help, and why it is crucial.

We have broken it down into small nuggets and pulled in some best answers that every bank or credit union and mortgage institution will benefit from and can prioritize their next steps during and post-pandemic for the new normal.

Let’s jump right in.

1. How has the lending business changed during this pandemic? And how do you visualize the future?

“The pandemic has increased the velocity of change in the digital landscape.”

– Raghunand Curpad, Director of BFSI Practice, TCS DS&S

According to Raghunand Curpad from TCS DS&S group, a lot of customers, namely, credit union, mortgage services providers, and small & medium banks, have agreed that there is a higher adoption of digital self-service among their customers.

One significant change or impetus is that the pandemic has increased the velocity of change in the digital landscape. And the other aspect is to be prepared for growth at the end of this tunnel.

2. How and what technologies can help lending businesses during this phase?

According to Vasudevan Swaminathan, Founder & CEO of Zuci Systems, it all comes around to data- irrespective of any industry. But what leaps is how do you construct good data and how do you use that data in order to make decisions that would, in turn, will help you in business growth.

“When we talk about how technologies can help lending business, there are multiple spheres. For example, an omnichannel engagement can create revenue growth for businesses while, at the same time, it can lead to great customer experiences.”

– Vasudevan Swaminathan, Founder & CEO at Zuci Systems

Similarly, predictive analytics or hyper-personalization can make a huge difference as we move forward through the pandemic. The technology that helps accelerate the overall personalization with respect to the customer behaviour changes in real-time and at scale.

3. How can hyper-personalization increase revenue streams for lending businesses?

Raghu started off answering this question with an example of how banks respond to their customers in the current COVID-19 scenario. He stated that most banks have started to look back on how well the bank is perceived by their customers and what relationship a bank has with the customers on these uncertain times.

In that context, there is definitely a sense of awakening on how to delight the existing customer experiences with the servicing aspect to reduce the churn rate and understand the product affinities withing the existing customers and improving lifetime value.

On the other hand, we also see a tremendous focus on growth initiative on how to enter newer segments. Using data to understand the customer better for creating personalized recommendations by offering specific upsell & cross-sell products & services by hyper-personalizing the entire customer journey.

Raghu added that there is much focus on understanding the customer needs at a segment of one and, on the other hand, service them on an ongoing basis to provide amazing lending or a home buying experience across all channels – branch, online, or a call centre interaction.

4. How would a credit union or a mortgage provider visualize the different personas of their customer base?

In reply to the question, Raghu quoted that the crux of TCS CI&I (Customer Intelligence & Insights) for banking provides a complete 360* dashboard that helps drive your hyper-personalization engagement with the customers.

Raghu added that a credit union or a mortgage provider should look at demographic data, behavioural data, psychographic attributes, cash flow of customers, and also look at alternative data sets – like social media data, partner ecosystem data, and so on.

It is important to bring all this data together, construct a solid customer 360 foundations to deliver actionable insights. This can be done by bringing data together with a fantastic product to build all the hooks and get all this working for you.

But what differentiates CI&I for banking is to pull all this together and deliver actionable insights that can help achieve specific business objectives.

For example, in case you want to launch a new product and want to know which segment of customers that you currently hold will be the right fit and appeal to; CI&I will help you identify that with a razor-sharp focus in terms of how you are going to position this new product to them, which specific segments that you need to be positioning, and what channel you should use to position that particular product.

All of these are the insights that help credit unions & mortgage providers to realize the real power of hyper-personalization, and that is where many of our customers are currently transforming.

And, we would be happy to accelerate your hyper-personalization journey as well with our CI&I platform.

5. How credit unions that bring hyper-personalization will emerge as ‘winners’ post-pandemic?

According to panelists, hyper-personalization has become the strategic imperative, and banks or credit unions who are focusing on this will, in turn, are prepping themselves for long-term growth.

Adding, the current situation is actually an opportunity for small & medium size banks or credit unions to become a more active participant in helping both retail and small-medium businesses.

And, most of the financial institutions have come to a realization that understanding their customer base and specific nuances of the specific products and services that they are using and how better they can hyper-personalize that experience is really becoming the key to this economic lockdown and way forward.

Lastly, hyper-personalize is the technology that will augment and not replace or displace the one-to-one human interaction. Irrespective of which piece of the puzzle you are in the banking ecosystem, hyper-personalization is a crucial aspect of your long-term strategic differentiator.


Finally, when looking to navigate the new normal, personalization is overlooked by hyper-personalization. And now is the time to roll up your sleeves and be prepared to accelerate your omnichannel customer experience across touchpoints.

Do leave your thoughts or any queries in the comments section. We are all ears!

If you would like to view the recording, you can sign up to see the video here.

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Janaha Vivek

I write about fintech, data, and everything around it | Assistant Marketing Manager @ Zuci Systems.

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