The Growing Need Of Personalized Services

These days there is a growing need of getting personalized services from customers. There is a higher necessity for treating and recognizing the consumers as separate individuals. Earlier it just limited to retail offerings, but now it has progressed considerably and the consumers only expect highly personalised solutions from the financial industry too. Consumers have become quite specific in terms of their requirements, which is a drastic shift from the earlier times (which means the popularity of traditional banking/financial products). Now the consumers want help for their specific interests it might be to buy a new car or to help them plan their personal expenses to meet a future expense such as a college fee or home renovation. Financial companies should also be able to incorporate these demands and should be able to develop completely customized services so as to satisfy the growing consumer need. For example, Alpha Customer Financing provides personalized credit financing to small scale businesses. Only when financial companies become capable of providing solutions to the different needs , would people be interested in continuing business with the. Now credit cards, retirement plans, loans ,insurance plans ,deposits ,all these services can be completely personalized in order to satisfy the customer happy. When the business owner give and treat customers as the king, the business is bound to improve. However, giving a personalized offering to each customer to satisfy their own personal specific need can be extremely challenging. History of Personalization When we take a look at the history, it could be seen that in the beginning, before the onset off industrialization consumer products were made only on the basis of order and it was a highly expensive process which also involved a lot of intense labour. Later, Organizations adopted the technique of mass production in order to make the procedure more affordable. The mass production technique was more like creating a single size to fit in all. Automobile production was converted into the assembly line model by Henry Ford and it brought a revolution in the manufacturing industry. Labour was delegated an divided into standardized, different tasks which was all put together in the moving line. The earlier customized creation and personalization was replaced by this repetitive non personal process, shifting the attention from the consumer to the product. However this revolution in the manufacturing industry helped in bringing down the cost per product which was an advantage for both the customer and the manufacturer. This also made business owners realize that, when they could give their products at the minimum cost, they would be able to gain an advantage over their competitors. This idea made all types of companies including financial organizations to provide their products and services in the model of mass production. However this trend gave space to intense competition which made the companies to come up with more innovative and diverse products to retain the interest of its customers. But today, consumers are often overwhelmed with the kinds and varieties that are on offer, which make them want a more personalized approach.