The future of banking is hyper personalised

Next generation digital banking experiences are hyper personalised. This is brought about by player engines, like Moroku’s Odyssey, that create a picture of where the customer is and where they have come from to gain a set of theses about where they are going and then support them on that journey throuygh a set of hyper personalised nudges and support.

So thinks Macquarie’s Banking and Financial Services (BFS) technology chief Richard Heeley who wants to  create Australia’s “leading omnichannel experience in financial services”.

“We see the future of banking as highly personalised,” Heeley said during Macquarie Group’s half-year results presentation on Tuesday.

“That means we’re going to consume every interaction that our customers make into our event-driven architecture, and we’re going to utilise those interactions from our customers to provide that best experience.”

Australia’s fifth largest by market cap has tripled its technology investments over the last 10 years to $677 million in FY2023.  “Virtually every part of the stack has been reimaged and rebuilt for digital engagement,” Heeley said. Its 5.3 per cent share of the mortgage pool, representing $118 billion today (up from just $12 billion a decade ago), is the country’s fifth-largest home loan book after the big four banks.

 

Moroku construed Odyssey in 2016 when it foresaw the increasing commoditisation of banking forcing banks to get closer to customers as engagement became the new battleground. Eight years on, banks are beginning to agree. Whilst convenience was a unique value proposition for internet banking in 1997, this is no longer the case. Forced to compete on engagement or price, banks would prefer to compete on value and margin creation.

Moroku Odyssey is an orchestration and engagement platform for digital banks.

As a SaaS platform, Moroku Odyssey integrates securely into the digital infrastructure to convert data, into engagement, emotion and loyalty.

Moroku Odyssey connects to transaction and data platforms to recognise customer efforts, reward their success and support them through their money challenges in real time through the digital experience. Unlike other personalisation, loyalty and engagement systems, Moroku Odyssey, combines game theory, data and AI to create emotional intelligence and connection. The platform is available as a set of APIs along with a design process to define the initial set of player journeys prior to AI and ML hyper personalising those journeys

The future of banking

is hyper personalisation with Moroku
Moroku Odyssey Logo white transparent png-01

Digital is rapidly commoditising banking around the world, forcing participants to compete on margin erosion and funding. In the new engagement economy, there is an alternative: Harness the power of game to build digital experiences that deepen customer relationships, provide value and are relevant by supporting customers to thrive with their money.

Platform