Personalizing and enhancing the ecolytiq experience for banking customers

Late last year, ecolytiq announced our partnership with The Decision Lab (TDL), renowned for its expertise in behavioral science and analytics to set a new standard in personalization within the banking sector and to enhance customer experiences within banking apps.

As part of the collaboration, we undertook a research project to better align consumers' climate behaviors and preferences, and apply them in banking apps via integration with ecolytiq. This project aims to create a more personalized experience for users, drive engagement within banks' apps, and deliver more impact with our product.

During the research phase with TDL, our goal was to identify core sustainability-focused customer segments that users can be matched to based on a set of onboarding questions. Here's how we did it:

1. Research: The process began with an extensive research study gathering insights from participants who are active online banking users across Europe, but not active ecolytiq users, to explore the drivers, lifestyle choices and barriers for participants when it comes to sustainability and environmental choices. And, the preferences of participants when it came to different intervention types and choices that should encourage more environmentally friendly behaviors.
2. Analysis through Machine Learning: Utilizing machine learning algorithms, the research process then identified the most promising cluster methodologies to base sustainability segments on. Through this process we found the best combinations of drivers, choices, and barriers, which will lead to the most efficient personalization for the end users – bank customers.
3. Exploring customer segments: With the analysis completed and the segments identified, we combined the drivers, choices and barriers into different combinations that allows better personalization in terms of features and content offered to individual users.

Another feature that we are rolling out to users are feedback loops, which serves a crucial role on multiple fronts and adds a way for users to provide feedback on specific features of ecolytiq or on the whole integration.

• Firstly, it provides an avenue for end-users to share their insights, aiding ecolytiq in continuous product improvement by prioritizing user-driven enhancements.
• Secondly, summarized feedback overviews empower banks to gauge the perception of individual product features among users over time.
• Lastly, the feedback mechanism contributes to a more personalized user experience by identifying distinct user segments and their specific needs.

These new features bring forward a new era of personalization for bank customers and strategic insights that empower banks to design personalized sustainability-driven and impactful customer experiences within their banking apps to work towards a greener world.

Stay tuned for more product updates!