With the advent of digital technology, the financial services sector has evolved beyond imagination in recent times. First-party data has been considered as a growth driver for data-driven marketing.
Banking and Insurance companies are sitting on a gold mine of first-party data. This data contains detailed information such as the customer’s buying propensity, online activity, and behavior, digital channel affinity, etc.
However, marketers have a colossal challenge in unifying and aggregating first-party data as it resides across various data silos and sources. The data type is also quite diverse which includes unstructured data, semi-structured data, and structured data.
Martech tools like Customer Data Platform (CDP) has the ability to ingest first-party data from disparate sources and unify it to provide a single view of each individual customer. Using these unified user profiles, marketers can target end-users on their own assets like websites and applications with customized messages in the context of their search.
Some of the leading financial institutions have started innovating their first-party data in which the results were;
- 9X Increase in digital engagement
- 8X conversions in website leads
This was achieved by doing,
- Easy Data Integration
- Real-time responses
- Orchestrating 1:1 user-level personalization
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