How banks use the four types of consumer data to drive growth
[Excerpt from The Finance Industry’s Guide to Marketing Data]
The financial services market is changing. A recent PwC survey revealed that 71% of U.S. banking executives consider non-traditional market entrants to be a threat, indicating that competition from FinTech and companies like Amazon and Apple is putting pressure on legacy financial brands. Furthermore, evolving consumer expectations for convenience and personalization are creating a need for a more customer-centric approach within the financial industry. In fact, in a recent survey by Yes Marketing, 52% of financial services consumers ranked relevant content as the most important marketing factor that influences their decision to switch to a new provider.
Financial brands that master the application and analysis of consumer data to elevate customer experiences and improve marketing ROI will gain an edge over their competitors. Understanding how to collect, analyze and use marketing data is key for financial marketers to adapt and modernize for the digital consumer.
The four types of consumer data
Consumer data is typically divided into four categories determined by how the data is collected and where it comes from. To achieve growth in today’s marketplace, savvy brands are adopting data-centric marketing strategies that leverage zero-, first-, second-, and third-party data to improve performance, reduce ineffective marketing spend, and increase long-term loyalty by creating relevant, powerful communications.
Continue reading The Finance Industry’s Guide to Marketing Data to learn:
- How finance brands use the 4 types of data to drive growth & improve marketing efficiency
- Strategies to find the best prospects & build personalized campaigns
- Real-world examples from financial brands like Ally, HSBC, Wells Fargo and more!
