Knoweldge@Wharton originally defined the term BYOP as “identifying new segments by their digital engagement.”
According to Wharton, this persona is based on:
- digital capability and
Using the Wharton definition, ‘digital capability’ is a consumers’ ability to maximise their usage of the latest technologies such as mobile apps, wearables, social interaction tools, video chat, mobile payments and location-based services.
‘Trust’ is the “willingness of users to share personal data and, in some cases, relinquish privacy in exchange for a perceived benefit.”
The grid in the below article link illustrates the various types of consumer profiles based on people’s degree of digital savvy, level of trust, willingness to share data and preferred frequency of interactions.
Using this insight to segment customers goes beyond socio-demographic data, because age, income and education are no longer reliable predictors of a consumer’s digital capability.
Read the full article at : Personas Must Better Define Digital Banking Consumer