Personalizing employee experiences: Why it matters

Individual financial needs and priorities vary by life stage, gender, age, location, ethnicity and other factors. Findings from our 2020 Workplace Benefits Report show that:

Women are more than twice as likely as men to rank paying off their credit card debt as a top goal—21% of women vs. 9% of men.

Bank of America, 2020 Workplace Benefits Report.

The top 3 financial goals for:

Gen Z & Millennials

1.

Paying off credit card debt

2.

Buying first home

3.

Growing savings to pay for unexpected expenses

Gen X

1.

Saving for retirement

2.

Paying off credit card debt

3.

Growing savings to pay for unexpected expenses

Baby Boomers &
Silent Generation

1.

Saving for retirement

2.

Paying off mortgage

3.

Paying off credit card debt

Bank of America, 2020 Workplace Benefits Report.

Personalizing the employee experience

Delivering elevated personalized experiences is not just about referencing one’s name or classifying an individual by generation or gender; it’s about connecting individuals to relevant education, guidance and resources based on who they are and their specific needs and goals. Data is key to maximizing personalization. Integrating data elements such as demographics, behaviors, actions and self-identified values with an artificial intelligence (AI) platform is what “individualizes” an experience. Using AI in the right way while protecting individuals’ privacy enables the opportunity to connect with employees in the moments that matter, helping them focus on their individual priorities and best next steps in a personal and relevant way. It can also:

  • Encourage actions that move employees forward on their financial journeys.
  • Drive engagement through real-time “nudges” delivered while employees are in the moment.
  • Deliver communications that build on previous messages.
  • Celebrate progress—however big or small.

Key takeaways

Join our webcast on September 16 for a panel discussion on AI and how we are applying it in employee experiences. Visit our virtual events website to learn more and register for the event.

Talk with your Bank of America representative about how to offer a higher level of personalized experiences.