Fintech
Money20/20 Exclusive Video Europe: Bentzi Aviv, Amdocs
As the financial services landscape continues to evolve, personalization has emerged as a critical factor in meeting customer expectations. At Money 20/20 Europe 2024 in Amsterdam, Bentzi Aviv, Global Head of Fintech Solutions at Amdocs, shed light on the growing importance of personalized banking experiences and the innovative solutions driving this shift.
In an era where one-size-fits-all approaches are becoming obsolete, financial institutions are recognizing the need to offer tailored services that meet individual needs, family dynamics, and community affiliations. This shift toward hyper-personalization is not simply a trend, but a fundamental transformation in the way banks interact with their customers.
Bentzi emphasizes that personalization has gone beyond segmentation at the individual level to a multilayered approach. “For us, personalization means that you can understand exactly what the customer needs based on their attributes,” he explained. This approach now extends to families and financial communities, recognizing that individuals may have different personalities and expectations in different contexts.
“You can be an individual in the sense of what are my expectations from my bank? You can be a member of a financial family. So what are my expectations as a member of a financial family? And then again, as a member of a community.”
Addressing the technological challenges faced by traditional banks, Bentzi also introduced the concept of “core hollowing,” an approach that allows banks to bridge the gap between legacy systems and modern, agile technologies. “Core hollowing is a very fundamental way of working, and it would help banks as they transform core banking systems, which always takes time,” he says.
Looking ahead, Bentzi stressed the importance of flexibility over rigid long-term planning. “It’s not what I want to do in a year and a half anymore,” he says. “It’s really whether I have the right technology to be able to meet the changing needs of the market. And I think from that perspective, we’re doing pretty well.”