BAM framework: unlocking highly personalized banking services in Africa

Abstract

The banking industry in Africa is currently faced with increasing demand for highly personalized banking experience from their customers. Many African banks are yet to tap into modern technological advances to deliver a more personalized services and financial guidance that is tailored to individual customer's needs and situation. African banks can achieve this fine-grained tailoring by adopting the right personalization approach and by using the right technologies and tools that enable them to gain a deeper understanding of their customers' needs or preferences in real-time and tailor services to meet those needs. In this paper, we present the BAM personalization framework that could be used by banks in Africa to achieve their goal of providing highly personalized banking services and experience that will persuade customers, improve engagement and retention, enhance customer lifetime value, and attract more revenue. The BAM framework aims to guide African banks on how to achieve their personalization goals.