# Hyper-personalisation – the future for fintechs
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-05-31
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: The Importance of Hyper-Personalisation in B2B Financial
Meta Description: Discover how leveraging real-time data and behavioural science can drive hyper-personalised experiences in the fragmented B2B financial services market.
URL: https://financedigest.com/hyper-personalisation-the-future-for-fintechshtml

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_![Alistair Cotton, CEO, Integrated Finance](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/107-1736815673750-compressed.jpg)_

_By **Alistair Cotton,** CEO, Integrated Finance_

The B2B financial services market is fragmented, and the banking ecosystem consists of a network of financial institutions that have historically struggled to communicate with one another, largely because they often work with outdated legacy banking applications. Consequently, this also means they are missing out on the opportunity to leverage valuable customer data and create a more standardised experience across multiple banks, and customers are currently feeling this.

As the ever-changing technological landscape develops, customers increasingly expect highly personalised services based on their individual needs, but [fintechs that are stuck on legacy banking](https://www.financedigest.com/fintech-v-the-banks-uneasy-bedfellows-or-a-match-made-in-heaven.html "FinTech v the Banks: Uneasy Bedfellows or a Match Made in Heaven?") applications and tied to conduct regulation are struggling to collect the type of user data that facilitates hyper-personalisation and delights customers.

**Collecting [customer data](https://www.financedigest.com/why-now-is-the-time-for-banks-to-use-their-data-to-support-customers.html "Why now is the time for banks to use their data to support customers") is the starting point for customisation**

Hyper-personalisation is made possible by the collection of real-time data capable of generating insights by using behavioural science and data science to deliver services, products and pricing that are context-specific and relevant to [customers’ needs](https://www.financedigest.com/you-dont-need-magic-to-anticipate-your-customers-needs-just-the-right-tech.html "You don’t need magic to anticipate your customers’ needs, just the right tech").

The starting point for this is having the infrastructure building blocks in place that make this data collection and [analysis possible](https://www.financedigest.com/antimicrobial-protection-additives-for-adhesives-market-incredible-possibilities-growth-analysis-and-forecast-to-2028.html "Antimicrobial Protection Additives for Adhesives Market Incredible Possibilities, Growth Analysis And Forecast To 2028"). A combination of analytics, behavioural science and UI and UX research capabilities enable [companies to develop decisive insights](https://www.financedigest.com/ampoules-packaging-market-in-metal-glass-containers-industrydiscover-company-insights.html "Ampoules Packaging Market in Metal & Glass Containers Industry|Discover Company Insights") from data, and build products that are able to adapt to the needs of the user.

**Build, measure, learn**

Since every product feature has to be maintained, improved and connected with other components, new feature releases that are not driven by behavioural [user data are often redundant and end](https://www.financedigest.com/paper-recycling-market-competitive-growth-strategies-based-on-type-applications-end-user-and-region.html "Paper Recycling Market Competitive Growth Strategies Based on Type, Applications, End User and Region") up being removed. Hypothesis-led development is integral to the design of personalised [tech and services](https://www.financedigest.com/the-future-of-financial-services-tech-evolution-not-revolution.html "The future of financial services: Tech evolution not revolution "). Eric Ries’ now well-known development principles provide the structure for how many fintechs are today [developing products](https://www.financedigest.com/tire-recycling-downstream-products-market-to-observe-strong-development-by-2019-2027.html "Tire Recycling Downstream Products Market to Observe Strong Development by 2019-2027").

When using the model, iteration is essential, as is building the smallest possible product (minimum viable product – MVP) that [allows teams](https://www.financedigest.com/allowing-yourself-time-to-grow-as-a-leader-consciously-will-enable-you-to-support-your-team-authentically.html "Allowing yourself time to grow as a leader, consciously, will enable you to support your team authentically") to get their product in the hands of customers and test hypotheses quickly. This requires infrastructure that is ready built and simple to implement underneath a [fintech’s existing solutions](https://www.financedigest.com/the-future-of-fintech-and-open-source-cloud-solutions-in-the-united-kingdom.html "The future of fintech and open source cloud solutions in the United Kingdom").

In 99% of cases, young [fintechs face the need](https://www.financedigest.com/if-the-nation-backs-fintech-we-need-to-address-a-few-things.html "If the nation backs FinTech, we need to address a few things") to release a feature or a product while in-house development is either non-existent or getting too expensive. Building your own core [banking systems and obtaining a banking licence is virtually](https://www.financedigest.com/the-rise-of-virtual-agents-the-future-banking-experience.html "The rise of virtual agents: the future banking experience") impossible for early-stage fintechs; therefore, ready-built infrastructure is a no-brainer. Interestingly, most of the functionality required for an MVP is a baseline requirement expected by users. Ready-built financial infrastructure can free up [founders’ time](https://www.financedigest.com/female-founders-still-struggle-to-get-funded-time-to-rip-up-the-old-rulebook.html "Female Founders Still Struggle to Get Funded: Time To Rip Up The Old Rulebook"), allowing them to spend more time on how to differentiate their offerings and focus more on developing product capability that’s shaped by hyper-personalisation.

**Driving at hyper-personalisation**

Building emotional [connections with customers](https://www.financedigest.com/hardsoft-keeps-customers-connected-with-block-discounting-from-siemens-financial-services.html "HardSoft keeps customers connected with Block Discounting from Siemens Financial Services") is becoming a prerequisite for successful products. [Fintechs that are able to capture this ingredient in their product experience](https://www.financedigest.com/fintechs-how-to-increase-loyalty-through-user-experience-and-fraud-prevention.html "FinTechs: How to increase loyalty through user experience and fraud prevention") are making significant progress in differentiating their brand and multiplying revenues. By being at the forefront of customer’s minds, fintechs that can personalise solutions for customers can also bring in new [products](https://www.financedigest.com/sports-and-athletic-insole-market-players-eye-custom-and-3-d-printed-products-for-performance-optimization-says-future-market-insights.html "Sports and Athletic Insole Market Players Eye Custom and 3-D Printed Products for Performance Optimization, Says Future Market Insights") that serve customers, creating additional or ancillary revenue streams.

Hyper-personalisation of [services also offers distinct opportunities for developing solutions that solve deep problems for as-yet untapped customer](https://www.financedigest.com/getting-customer-experience-right-in-financial-services.html "Getting customer experience right in financial services") segments. [Financial products and services](https://www.financedigest.com/how-financial-services-are-overhauling-security-to-defend-against-spoofing-scams.html "How financial services are overhauling security to defend against spoofing scams") for women for example, is one area that has seen rapid development in the last 1 – 2 years, but still has some way to go before it reaches its full potential.

**Overcoming obstacles: [integrating an API](https://www.financedigest.com/powering-your-e-commerce-business-with-api-integrations.html "Powering your E-commerce Business with API integrations") routing layer**

[Financial services](https://www.financedigest.com/devops-the-secret-tool-thats-transforming-financial-services.html "DevOps: The Secret Tool that’s Transforming Financial Services") are often built on a stack of third-party vendors, and yet they rarely externalise the knowledge needed for these providers to properly integrate into legacy systems. It can also prove difficult to scale up while maintaining these providers. That’s why Integrated Finance have created an [API first](https://integrated.finance/ifconnect/), developer friendly routing layer model; it gives a product team the ability to add or subtract vendors easily, as well optimise traffic flow by using multiple providers.

This API routing layer [levels the playing field; helping smaller financial service providers compete with bigger and better-funded competitors](https://www.financedigest.com/using-agility-to-resist-economic-instability-and-level-the-playing-field.html "Using agility to resist economic instability and level the playing field"). Account Management, Payments, FX across multiple providers are all unified; performed through a single, reliable API that gives [fintechs the flexibility and scalability they need to enhance their core offering and reduce](https://www.financedigest.com/how-fintechs-can-reduce-inequality.html "How fintechs can reduce inequality") the time it takes to get a product into the hands of their customers.

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