What the healthcare sector can teach banks in Singapore

IN AN era of rapid digital transformation and changing customer expectations, banks are seeking new ways to remain relevant. While the financial sector often looks to tech companies for innovation inspiration, there’s a wealth of insights to be gained from an unlikely source: healthcare. Both industries share similar challenges – they’re highly regulated, handle sensitive personal information, and serve customers at critical moments in their lives. But banks can learn from healthcare’s evolution to enhance customer experience, security, and financial well-being.

Personalisation is everything

Over the past decade, healthcare has undergone a fundamental shift from provider-centred to patient-centred care. Singapore leads the region in personalised healthcare innovation, which entails using patient data to deliver highly tailored treatment plans. Similarly, banks can leverage their vast amounts of financial data to create hyper-personalised customer experiences.

The use of AI, big data and advanced analytics enables banks to provide personalised services in real time. A person’s financial data reveals more than just spending patterns; it offers insights into a customer’s lifestyle changes and behaviours. This creates opportunities for banks to increase engagement with their customers and provide impactful advice and useful tools.