With the elimination of third-party cookie tracking, financial services marketers are increasingly relying on their first-party customer data to gain insights into consumer behavior, preferences and needs and to develop targeted campaigns that maximize acquisition and retention. However, while first-party data provides a wealth of information about existing customers, it doesn’t capture the broader view of the market or potential customers. 

By harnessing the power of first- and third-party consumer data and leveraging two-party collaborative approaches, marketers can achieve greater engagement and conversion rates, while also building stronger relationships with their customers. This approach combines unique customer data points from your financial institution with third-party consumer data collected by a company specializing in gathering and aggerating data from various sources and touchpoints. It creates a more complete profile of your target audience and increases campaign effectiveness.

6 Kinds of Data to Meet Your Goals and Objectives

To address a campaign’s goals and objectives, it's important to collect the most relevant and valuable data:

1. Consumer behavioral data
2. Digital marketing insights
3. Loan and deposit activity
4. Credit data
5. Loan app data
6. Competitive data

These six kinds of data are very useful for creating a targeted, personalized marketing campaign for financial services acquisition.

Leverage Relevant Data to Get Results That Matter

In addition to detailed consumer behavioral data, it’s important to partner with a third-party provider with the experience and knowledge to gather relevant industry-specific data, such as:

• Audience demographics
• Bank and credit union data
• Financial services market data
• Home Mortgage Disclosure Act (HMDA) data
• Quarterly bank findings

Our data-driven approach allows us to identify opportunities for cross-selling and upselling, create more targeted promotions and messaging and ultimately, drive higher engagement and satisfaction. 

Why Intelligent Marketing Spend Is Essential and Expected

Marketers are under increasing pressure to deliver measurable results in a highly competitive and changing environment. The enormous amounts of data produced every day by consumers’ interactions with various channels and platforms enable marketers to make more informed decisions on how to allocate their marketing spend and improve the effectiveness of campaigns.

The Cost Importance of Customer Acquisition for Financial Institutions

• 15% Average customer attrition rate among retail financial institutions per year
• $500 Average acquisition cost of a new customer
• 25% Wallet share of an average customer with a single institution
• 65% Single-service customer
• 500M Data elements per $1 billion in assets

Source: “Statistics: Customer Attrition & Retention,” FI Works, 2023

Vericast uses five key data areas to help inform the development of a highly optimized, high-performance financial services acquisition marketing strategy:

1. Financial Institution Benchmark Intelligence
2. Client Data
3. Predictive Intelligence
4. Geographic Intelligence
5. Competitive Intelligence

Determining a marketing allocation strategy requires careful consideration of several key points. Vericast recommends these six important factors to keep in mind:

1. Targeting approach
2. Audience
3. Channels
4. Reach
5. Frequency
6. Price

High-Quality First- and Third-Party Data Is Key For Successful Omnichannel Marketing

An omnichannel strategy relies on quality first- and third-party data to provide personalized, consistent and optimized experiences for customers across multiple channels, such as online, mobile, email, print and in-branch. By leveraging both first- and third-party data that is gathered, vetted and optimized in partnership with an experienced data vendor, financial institutions can gain a more complete and accurate picture of their customers and deliver the best possible experience.

Customers who receive personalized banking offers across multiple channels are more than 3x likely to accept, compared to those receiving offers via a single channel.  - “Reshaping retail banking for the next normal,” McKinsey & Company, June 11, 2020

Why Vericast

Vericast provides next-level data collection, enhancement and analysis capabilities, AI-powered predictive insights and reporting intelligence that will take your acquisition marketing strategy to new heights. With our industry-leading analytics and advanced data visualization tools, you'll have the power to make data-driven decisions with confidence. 

Contact us today to see how Vericast can help take your financial institution’s marketing to the next level.