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With the phenomenal growth in innovative fintech tools this year, financial marketers are expected to meet and fulfill every customer need and want. They are increasingly faced with the task of engaging with customers and prospects in more meaningful ways.

For optimizing and enriching the customer experience, financial institutions are widely adopting data-driven marketing in their business. They are currently investing in cloud-based technology solutions to help them engage customers across all digital touchpoints. Investments in Artificial Intelligence (AI) tools have also seen considerable uplift and are helping companies automate customer communications.

As financial brands gear up to deliver compelling user experiences, here are 4 interesting financial consumer trends to consider in 2019:

1. Consumers are more digitally-empowered

In 2019, Financial Services consumers are more digitally-savvy than they were 5 years ago. This is mainly due to the large segment of millennial consumers who are well-versed in using the internet and electronic devices such as smartphones and laptops. Digital empowerment has equipped the average consumer with skills such as checking their savings account balance online, browsing for a life insurance plan using their mobile browser, applying for a home loan from a laptop, etc. 

2. The incredible growth and impact of social media

Social media adoption has grown like crazy among financial consumers. Almost every consumer has an account on sites such as Facebook and Twitter. Although initially started as a means to create and manage social relationships online, these sites quickly became a means for financial companies to attract potential customers. 

Through a robust ad network on these sites, financial marketers could target customers with customized offers with the help of digital platforms such as Customer Data Platforms and Data Management Platforms

Consumers themselves are able to exercise greater authority in terms of accepting and rejecting a brand. A financial brand’s products and service are critically analyzed and discussed widely by consumers on social media. This made it even more crucial for financial companies to maintain a positive impression on these sites.

3. The demand for real-time personalized experiences

When financial marketers found a way to target consumers through personalization, it became an instant hit. Consumers responded more positively to personalized offers which, in turn, enabled a brand to increase digital engagement and conversions. As more brands adopted personalization as a marketing strategy, consumers started demanding deeper personalized experiences. This demand ultimately led marketers to deliver personalization on a real-time basis. 

Real-time personalization is all about delivering what a consumer wants in real-time. For example, let’s consider a consumer is looking for a life insurance plan on an insurance provider’s website. After looking at various insurance plans, the consumer calculates a quote for the plan. He considers the quote but doesn’t complete the purchase. Just as he’s about to drop off the site, he gets a real-time website notification which gives him a 10% discount if he completes the purchase in the next 10 mins. 

4. Personal data has become the new currency

Consumers in 2019 have become more self-aware about divulging their personal data. With data regulations such as GDPR, consumers know that marketers cannot access their data without getting their consent. This gives them more power to demand what they want from their service providers. 

In fact, personal data has become the new currency. Consumers are willing to reveal personal data in exchange for additional discounts and benefits. This trend is already catching up with many financial companies giving added incentives to customers for new referrals, etc. If customers are happy with these added benefits, they are most likely to spread a very encouraging view of the brand through word of mouth marketing and social media.

Conclusion

These aforementioned trends provide a sneak peek into the mind of the average consumer. Financial Services companies should seriously pay heed to them and analyze how they can act upon a particular trend with respect to their marketing strategy. A brand that adapts itself to changing customer habits and delivers the right user experiences is bound to be the real winner in the future.

By Bijoy K.B | Associate Marketing at Lemnisk

The post 4 Interesting Consumer Trends For Financial Services in 2019 appeared first on Blog.

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As marketers, we constantly wear the hat of our customers to understand the motivation, buying behaviors, and rationale for making purchase decisions. Marketing decisions are often made with fractured customer data, which means expecting positive outcomes from marketing campaigns is like trying your hand at the slot machine. Financial marketers today are sitting on huge piles of customer data that is siloed in various martech databases and tools. They are unable to leverage this data for deploying targeted campaigns to customers.

How Financial Marketers Leverage Customer Data

Consider this scenario: Mark visits his bank’s website anonymously and visits the credit card section on the website. He views the Gold credit card and drops off the website. Three days later, Mark returns to login to his bank account and immediately sees a homepage personalized banner showing the benefits of getting a Gold credit card. Mark is a Senior Executive with a multinational firm and has his salary account here.

After logging into his account, he is given an offer to get a Gold credit card along with many more offers and benefits which he previously did not see. The bank sends Mark an email with a custom offer on a Gold credit card. Mark opens the email and signs up for a credit card. What began as a simple task of viewing a credit card anonymously, ended up being an upsell to a customer for the bank. The bank was able to bridge the gap between themselves and Mark by leveraging a Customer Data Platform (CDP).

Interest in Data-activated Marketing is driving the need for CDPs

Data-activated marketing based on a customer’s needs, intent, and behavior in real-time is becoming a vital part of digital growth for a financial organization. This can boost total sales easily by 15-20% and improve the ROI on the marketing spend across various marketing channels. A growing number of financial marketers are turning to CDPs to resolve their scattered and siloed customer data problems.

Here are 3 ways by which a customer data platform can bridge the gap between financial marketers and customers:

  • Understand each customer intimately

A Customer data platform helps in un-wrangling customer data that is spread across various data sources. It aggregates and unifies this data for each individual customer. By getting a unified customer view, financial marketers can deeply understand customer preferences, their online behavior, transactional details, buying intent, etc. This ensures that financial marketers are in a much better position to market and engage with customers/prospects.

  • Deliver personalized messages to millions of customers in real-time

Coupling a CDP with Artificial Intelligence can do wonders for a data-driven financial organization. Customer data platform enables marketers to understand each customer. However, a CDP paired with Artificial intelligence ensures that each customer is delivered a unique 1:1 personalized experience in real-time.

  • Target customers with personalized offers through cross-device

Personalization is limited if it is restricted to a single device. Research has shown that almost 35% of customer conversions happen on a device other than the one where the first impression occurred. A CDP helps capture user details cross-device and unifies them to provide a single customer view. Financial marketers increase the marketing campaign effectiveness with personalized offers through cross-device.

Conclusion

In this digital age, Financial institutions are struggling to increase digital engagement and growth. The gap between them and the end customer is growing wide day after day. Financial marketers must, therefore, bridge the gap by exploring, identifying, and leveraging new technologies such as CDPs and AI. This will help them to stay in the game and attract new business growth and increase digital customer engagement.

By Rahul Mathew | Director – Marketing at Lemnisk

The post How CDPs can Bridge the Gap between Financial Marketers and Customers appeared first on Blog.

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Customer acquisition is becoming more and more difficult for financial marketers in this digital age. Thanks to the internet and social media, financial customers have been quite vocal and influential about the type of service that they want from their financial institutions. Their high expectations have created an increased urgency in marketers to provide the best-personalized customer experience.

A recent Salesforce report states that 79% of consumers associated the product and services provided by a company to the experience it provides. Financial marketers have now realized that they need to leverage digital channels along with offline channels to acquire new customers.

However, there are a number of digital channels to choose from. Marketers are unable to correctly decide which channels resonate well with customers and which ones do not. They also need to find the best offer or message that would lure customers to their products and services.

CDP: Deriving Valuable Insights from Customer Data

To find the right personalized message, financial marketers must understand their customers. This includes all details such as the customer’s buying habits, transactional details, online behavior, etc. All these data points need to be curated in one central location which would act as a customer information hub.

This hub can play an important role in unifying customer data from various different sources. Valuable insights can be garnered about each customer from this data. These insights would further enable financial marketers to reach out to customers with the right personalized message on their most preferred channels. There is a dire requirement for marketers to find the right digital tool to facilitate this process of data aggregation and profile unification.

The answer to this is the Customer Data Platform (CDP). A CDP can perfectly perform all the above tasks and enable marketers in attracting the right customers to their business.

Customer Acquisition Strategies Using a CDP

Let’s take a look at three important customer acquisition strategies that can be performed with a CDP:

1. Delivering 1:1 Personalized Experiences 

People want to feel important and customers have the same expectation from their Financial Services providers. The more they know about their customer, the better the personalization they can deliver. These customers leave digital footprints wherever they go.

Financial marketers should be smart to capture these footprints using a CDP to understand the interests and preferences of the targeted users. These insights can help financial brands in chalking out a 1:1 personalized journey for each individual customer.

For example, a first time user visits a bank’s website from Mumbai. The location of the user can be identified. This information is used by the CDP to show personalized messages in real-time based on the user’s location. This helps in increasing user engagement and improving conversions.

2. Cross-Channel User Strategy

Enriching the user experience with an omni-digital strategy can help financial brands acquire new customers. This strategy would encompass understanding the target audience and reaching out to them with personalized consistent messaging on all channels.

A CDP will enable marketers to hit the bull’s eye by helping them provide a seamless and meaningful experience on both digital and offline channels even when the user switches from one channel to another.

For example, let’s take the case of a user who is interested in purchasing a home loan. He frequently visits the home loan page of his bank’s website. By looking at his past history through a CDP, his bank understands that his preferred channels are SMS, email, and Facebook. Leveraging this insight, the bank sends him the same personalized home loan message on all the three preferred channels, thus enhancing his customer experience.

3. Cross-Device Strategy

A PwC study showed that 82% of 18 to 24-year-old smartphone users say that they use mobile banking. Another survey by Citigroup revealed that 91% of mobile banking users prefer banking with their app rather than going to a physical branch. All these numbers indicate the exigency for financial marketers to embrace this medium to target users with messages customized to their needs.

Convenience, ease of usage, and time-saving are the factors driving the increased usage of mobile apps for financial interactions. A CDP can facilitate cross-device personalization by delivering the same personalized message across various digital devices such as a mobile phone, laptop, tablet, etc.

For example, a user purchases life insurance from an insurance provider and drops off without submitting the required documents. Marketers can target the user with a personalized message comprising of the link. Clicking the link enables the user to upload the pending documents through a chatbot. This provides a hassle-free user experience while increasing response rates.

Conclusion

86% of consumers, according to a Salesforce report, state that they are more likely to share their user experiences if they trust a company. A Customer Data Platform provides financial marketers with enough firepower to target users with personalized experienced at every touchpoint. This not only helps in acquiring new customers but also can go a long way in building their utmost trust and loyalty.

By Gitanjali Mittal | Senior Associate – Marketing & Customer Success at Lemnisk

The post 3 Ways by which a CDP can help in Customer Acquisition appeared first on Blog.

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The popularity and importance of data-driven marketing have led many Financial Services companies to implement a Customer Data Platform (CDP) in their businesses. This is because a CDP has the capability to break down customer data silos and create a single unified view for each customer.

The unified view helps marketers in thoroughly understanding customers with respect to their behavior, preferences, buying intent, etc. These insights, in turn, enable financial marketers to drive personalized customer engagement which results in increased digital conversions.

However, marketers are often confused about one underlying question – Should a CDP be bought or built?

Factors to Consider Before Buying or Building a CDP

To tackle the above question, the following factors should be taken into account by Financial Services companies:

1. CDP Capabilities

Financial marketers should perform an internal assessment to see the type of CDP capabilities that they require. They need to ask questions such as:

  • Can their existing rate of innovation meet these CDP capabilities if they go for the build option?
  • Should they choose a vendor who can meet at least 80% of their CDP requirements?
2. Technology Capabilities and Resources

Financial firms must determine if they have the technological capabilities and resources to build a CDP. This includes details such as sufficient IT skills and maturity for the firm’s development teams, enough budgets to develop and maintain a CDP, etc. As per Gartner, companies that spend less than 9% of their revenue on marketing should buy a CDP. Companies with aggressive budgets that spent over 15% of their revenue on marketing can decide to build a CDP.

3. Time-to-Market

How soon does a CDP need to be deployed? This is one primary question that financial marketers must definitely answer. If the deployment urgency is immediate, buying a CDP is the best option. This kind of urgency arrives when marketers realize that their current technology gap, when compared to their competitors, has increased to a large extent. If the deployment urgency for a CDP is less, then companies can invest enough time and resources to meticulously build a CDP.

Once Financial Services companies have considered these three factors, they will have a clear-cut idea of whether they need to a buy or build a Customer Data Platform.

Let’s further explore these two options.

Buying a CDP

Financial Services companies that buy a CDP will be charged a subscription fee that can be paid on a monthly or yearly basis. The average cost of buying a CDP can range from $100,000 to $300,000 per annum. The cost and the deployment time are subject to the number of system integrations required for the CDP. The average deployment time is around 4 to 5 weeks. The CDP implementation also comes with expert end-to-end support from vendors for both IT and marketing departments.

Pros

a. Financial companies have access to the best CDP vendors in the industry

b. The total cost of ownership is significantly less than building a CDP

c. The risk of technology being outdated is less as the vendor makes sure that they have the latest technology

d. The total time-to-market is increased as the CDP vendor already has a ready-to-deploy platform.

Cons

a. The evaluation process of a CDP vendor is lengthy. Financial institutions need adequate time to choose a vendor who can support their roadmap vision

b. A financial company is completely dependent on the CDP vendor it chooses. Even for the slightest changes and integrations, it needs to consult with its vendor

c. A vendor’s pre-defined CDP capabilities may not cover all the requirements of a Financial Services company

Building a CDP

build a CDP

Companies that opt to build their own CDP need to have plenty of money and resources to create a platform that can support their business goals. Depending on the number of system integrations and data sets, it can take around 4 to 6 months to build a CDP. This is due to the large reliance of companies on their in-house teams for developing the CDP’s features and capabilities. The cost incurred here in building and maintaining a CDP is much higher (in the range of millions) than buying a CDP.

Pros

a. A financial company that builds a CDP has full ownership of its code

b. The company’s roadmap vision isn’t dependent on any external party and is fully concentrated in-house

c. Based on the business model, financial firms can customize a CDP to meet their requirements

Cons

a. Although there aren’t any subscription or upfront costs, the total cost of ownership for building a CDP is quite high

b. Maintaining a CDP involves additional expenses which increase the overall cost

c. There is a risk of technology being outdated with time. Financial companies need to constantly update their CDP technology and keep it in tune with the latest specifications

Conclusion

A CDP has become a crucial digital tool for marketers to manage customer data. According to a recent report, the global customer data platform market is expected to reach $3.3 billion by 2023. As companies scramble to implement a CDP, the buy vs. build factor is a major roadblock. The future of CDPs is heading towards a vertical-specific shift where it solves problems for a specific market.

Financial Services companies that are planning to buy a CDP are better off selecting a vertical-specific vendor that caters to their industry. Companies that are planning to build their own CDP should carefully assess their options and create a proper plan that can guide them in creating the perfect Customer Data Platform.  

To explore various CDP use cases for your business, contact us here.

By Bijoy K.B | Associate Marketing at Lemnisk

The post Buy or Build a Customer Data Platform for Financial Services appeared first on Blog.

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The word “Millennial” is referred to people born between the early 1980s and the early 2000s. In recent years, a lot of companies such as e-commerce have doubled their efforts on targeting millennials. According to them, getting a hold on the millennial market will reap huge benefits in the foreseeable future. Does this statement contain any truth to it? If it does, then are Financial Services marketers doing enough to tap this market? Let’s find out.

Millennials: An Important Target Market for Financial Services

When the internet came of age in the late 1990s, it was first embraced whole-heartedly by the millennial segment. People belonging to this segment, both young and old were the initial ones to test the internet and grow with it. The rise of the World Wide Web paved the way for massive growth in internet-based digital technologies.

Again, the same millennial segment became digital natives of these technologies. As the Financial Services industry underwent their own digital transformation, it slowly became apparent to marketers that the millennial segment was a force to reckon with.

Millennials, nowadays, do every minute thing such as applying for a credit card, loan, life insurance, etc. from electronic devices such as laptops, mobile phones, and tablets. They seldom visit a branch in-person to perform such activities. Everything is done from the comfort of their homes. Financial Services companies should factor in this migration towards digital channels and target the millennial segment through these channels and across devices.

Adhering to Millennial Expectations

There are two things that drive millennials:

Mobile Capabilities

Ever since the mobile phone was invented, millennials have stuck to it like a magnet. According to a survey by Jumio, 47% of millennials are already using mobile banking. This number is only bound to go up. A recent survey by Zogby Analytics revealed that more than 54% of millennials would pay for goods using their mobile banking app instead of cash or card.

Low Price and Discounts

Millennials are often drawn to service providers who run a wide range of promotional offers and discounts. They are easily influenced by a financial institution’s reputation and prefer low-fee checking products. 

Adhering to these millennial expectations has become extremely important for financial marketers in order to cash on this market. To start with, banks can simplify processes such as account openings; check deposits, etc. by leveraging a mobile’s camera functionality.

The Personalization Factor

The millennial segment is a curious lot. This is because they like to express their individuality in everything that they do. This is seen in the type of smartphone that they use or the type of clothes that they wear or their favorite social network. As a result, millennials tend to prefer personalized treatment from all their service providers.

For example, consider a millennial prospect who is looking to buy a car insurance plan from a service provider. He visits the car insurance page of the service provider’s website on his laptop. He fills up a form to get a quote but doesn’t complete the purchase and drops off the website. On the next day, he visits it again on his mobile phone. He then sees a personalized banner on the mobile website that addresses him by name. The banner also shows the calculated quote from the previous day along with an exciting offer. This kind of personalization resonates really well with him and he finally purchases the plan.

Millennials are craving for such personalization all the time. They want to feel valued in the eyes of their service providers. The above example brings out the importance of engaging millennials on their preferred devices and channels. Financial marketers, therefore, must strive to deliver such enriched experiences in order to capture and convert this market.

Data Unification Tools and Intelligent Algorithms

The need to improve digital customer engagement via personalization has given rise to advanced digital tools such as Customer Data Platform (CDP) and Artificial Intelligence (AI). A CDP is a data aggregation and unification tool that can assimilate millennial customer data and create a single unified view for each individual customer. This enables financial marketers to understand millennials thoroughly and use the information to deliver contextually personalized messages.

Using AI-based intelligent algorithms, consistent personalization can be delivered at scale seamlessly to millions of users on their most preferred channels and devices. This means that each millennial gets the same personalized message on all favored digital touch points.

Conclusion

The millennial generation is too huge to ignore. Their calculated spending habits are giving them enough power to be influential every single day. Getting a complete understanding of their digital footprints and using the information to deliver personalization can go a long way in gaining their undying loyalty for a brand. Financial marketers who don’t invest time and money in capturing this market run the risk of losing out on substantial revenue opportunities in the future.

By Bijoy K.B | Associate Marketing at Lemnisk

The post Why Targeting Millennials is Crucial for Financial Marketers appeared first on Blog.

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If you are a financial marketer reading this, maybe what I have written below might not be unknown to you. For others, you may find this insightful if you believe marketers have become crucial decision makers for modern financial institutions. These institutions have realized that “Customer Acquisition” is only the beginning of the journey and “Generating Long-Term Relationships” by keeping customers engaged at all times has been their greatest challenge. However, this requires time and effort.

Given below are some of the secrets that help in building customer engagement for financial marketers:

1. Gain customer insights

According to researchers, customer retention is closer to 20% among modern institutions applying big data and analytics to deal velocity. This involves aggregation and curation of tons of data translating it into the needs of your customers. Most of the time, financial institutions have the data but they don’t “know” enough about their customers resulting in not knowing how to segment them and properly engage with them.

While iterations of omnichannel customer experience have been in the works since the early 2000s, traditional financial institutions have had a tough time keeping up with technological developments. A few of the obstacles present here include taxing regulations, legacy systems, and internal data silos.

Institutions that realize this complexity leverage other companies who have mastered this process and can now pass on the benefits of those learnings.

2. Drive decisions and behavior

Shift your goals to “cultivating customers” instead of “selling products”. According to modern-researchers, how financial institutions engage customers through digital channels matters just because two-thirds of the decisions customers make are informed by the quality of their experiences all along their journey. Use data to make smarter decisions to understand customer behavior and subsequently improve your offerings.

Financial marketers are aware of the potential that improved data analytics will have upon customer experience with banks hiring “Relationship Managers”, empowered to track the customer journey from start to finish. This enables them to identify opportunities and pain points.

3. Develop customer-focused strategies

Traditional customer service channels such as call centers have damaged the customer experience and have become the final CTA (Call To Action) for a customer seeking resolution or to be informed about new products.

The modern-day Customer needs a more holistic and engaging experience that can span the independent channel used. An Aberdeen research suggests that institutions with the strongest omnichannel customer engagement strategies tend to retain almost 9 out of their 10 customers, as compared to 3 out of 10 for institutions with weak omnichannel strategies.

An important observation here is that customers are quick to find out what they need while switching channels, be it while seeking information, requesting a service or completing a transaction.

4. Taking advantage of new-age tech tools

Transactions are becoming more democratized digitally and new services are changing the way we think about the way we purchase and how we purchase.

Digital transformation is increasingly prioritized by the retail banking industry. Yet, many financial institutions still don’t make the link between digitalization and cost savings. It’s about how information tools can drive your company. Blockchain, IoT, Big Data, ML, Chatbots, AI are some of the new-age tech tools leveraged by Brands worldwide.

5. Invest in mobile

According to Think Google, customer journeys are built by knowing when is the right time to connect. Today’s customers are mobile. They expect everything that can be done in a brick and mortar store to be available online or through mobile as they see no reason to be forced down any particular route.

Furthermore, Millenials are increasingly on the hunt for a financial institution that is as simple to use as Instagram/Facebook. In order to attain their attention brands must strive for excellence digitally. All channels remain relevant to some extent, making it difficult to create a highly customized experience, but there are demographic differences.

Financial services wanting to attract and retain customers should look to improve the user experience of mobile apps, adopt machine learning capability to understand various customer journeys and leverage personalization technologies to be able to offer the right products to the right customer at the right time.

Conclusion

In conclusion, it’s high-time that financial institutions focus on customer experiences than customer acquisition. According to a CEI Survey, 86% of buyers will pay more for better customer experience. The engaged customer is your most loyal ambassador who not only spends more but would also get more customers connected with you.

By Vysakh Sethumadhavan | Digital Growth Strategist at Lemnisk

The post 5 Secrets to Building Customer Engagement for Financial Marketers appeared first on Blog.

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Financial marketing has evolved beyond imagination in recent times. The focus of every financial marketer nowadays is on data, specifically customer data. This is because there is a wealth of information hidden within this data. The information includes details such as the customer’s buying propensity, online behavior, digital channel affinity, website activity, etc. All this information enables marketers to know and understand each customer in detail.

It has, therefore, become critical for financial marketers to make use of customer data and derive maximum insights from it. If financial marketers could leverage this information to develop personalized marketing campaigns, they can increase customer engagement and subsequently conversions and revenue. This is called Data-Driven Marketing.

However, it’s quite difficult to collect, aggregate, maintain and analyze this data. Financial marketers need the right kind of marketing technology for extracting relevant insights from this data.

Customer Data Platform (CDP) and Data-Driven Marketing

A CDP is the only digital technology that can facilitate data-driven marketing for financial marketers seamlessly. This is because of its unique ability to stitch together customer data from various sources in one central hub. Due to this data aggregation feature of the CDP, financial marketers get a single unified view of each individual customer. The unified view enables marketers to intimately understand every customer profile.

As a result, financial marketers can target users with contextually personalized messages that resonate well with them. Customers who receive personalized messages tend to engage more with a brand and this leads to an increase in digital conversions. Thus, data-driven marketing is simplified and enhanced with the help of a CDP.

Benefits of Data-Driven Marketing

Financial marketers who use the data-driven approach to connect and engage with customers are bound to experience the following benefits:

1. Customer Insights

Data-driven marketing is all about reaping insights from your target audience. Marketers are able to glean important information about customers (both prospects and current) such as their demographic, transactional, and behavioral data. This helps them in creating robust targeting strategies which deliver better ROI.

2. Personalization

Personalization takes center stage as one of the most rewarding outcomes of data-driven marketing. A prospective or existing customer’s unified view via a CDP enables financial marketers to target them with contextually personalized messages.

According to a study from McKinsey, companies that apply data-driven personalization are able to deliver over 5 to 8 times the ROI on their marketing spend. Using Artificial Intelligence (AI)-based algorithms with a CDP can help in delivering the right personalized message at the right time.

3. Lead Scoring

Based on the insights derived from data, financial marketers can segment their audience with respect to factors such as their click propensity, buying propensity, etc. This is done through lead scoring. Marketers can assign a score to each user based on their online behavior and using advanced algorithms; they can be segmented into various category buckets in real-time.

According to a study by Lenskold Group, lead scoring was regarded as a top revenue contributor by 68% of the leading high efficient marketers.

4. Craft Unique Journeys for each Customer

With data-driven marketing, financial marketers can create better segments and targeted content with prospects at every step of their digital journey. With the help of a CDP, they can fine-tune every aspect of the journey and provide a unique experience for each individual user.

Ushering in a New Frontier in Financial Marketing

Financial Services companies are increasingly using data-driven marketing to personalize and enrich the customer experience. Data management technologies such as CDP along with AI constitute the core part of the data-driven marketing process and are helping them gain effective ROI from their marketing spend.

With data-driven marketing, financial marketers have been able to directly cater to the progressive needs and expectations of customers, thereby ushering in a new frontier in the financial marketing landscape.

By Bijoy K.B | Associate Marketing at Lemnisk

The post Why Data-Driven Marketing is Important for Financial Marketers appeared first on Blog.

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One of the biggest challenges faced by Financial Services marketers is to set up a systematic utilization of their vast database across different systems. A Customer Data Platform (CDP) is the answer to the woes of all financial marketers who want to make the best use of their customer data and leverage them for marketing and lead conversion purposes. As per CDP Institute, “A Customer Data Platform is packaged software that creates a persistent, unified customer database that is accessible to other systems“.

Here are 7 use cases where CDPs can be used to enhance customer engagement and increase lead conversions by Financial Services marketers:

1. Collection of data in its original form

Frequent modifications on the original source data makes it difficult for marketers to pre-determine the use of data for their marketing strategies. So it is important to store customer data in its original form to ensure that the data can be useful in the future. A Customer Data Platform designed for financial services collects data in its original form from all sources. The data ingested could be structured, semi-structured, and unstructured data and it is stored without any modification. This data can be transformed, unified, and re-formatted by marketers to use in marketing programs and for analysis. CDPs include functions that simplify the addition of new data sources and transformations.

2. Creating customer one view

A CDP unifies the data captured from different sources into a single view for each customer. It brings together data from sources such as first-party behavioral data, second-party partner data, third-party audience persona data, CRM data, next best offer (NBO) data, and any other customer data touch points. The data is structured into a single customer profile with the help of a unique identifier (CRM ID, Email ID, Contact number, etc.). These unified profiles will provide a 360-degree view of each customer and help marketers in segmented targeting for customer engagements.

3. Powering different marketing systems 

The collective data in the unified customer database of a CDP is easily available to other marketing systems, typically through an API or database query. It can be used to power multiple marketing stacks to improve customer engagement across channels. A CDP can be used as the central integration point for all other systems.

4. Cross-device data coordination 

User interactions with different devices are captured by the CDP and a unified customer view is formulated to create a unique journey for each user. The unified database is used to identify the user’s preferred experience on each device by tracking their online behavioral patterns. Personalized messages and offers are sent to the preferred devices of each user based on their individual journeys.

5. Real-time personalization

A CDP uses real-time triggers to power personalized customer engagement. Users are targeted with messages based on their online activities and behavioral data. For example, a user visits the website of an insurance brand and visits the life insurance page but then drops off from the website without taking any action. So the next time when the user visits the website, he is shown offers based on his previous activity on the website, i.e. offers on life insurance products.

6. Call center integration 

CDP can be used by marketers to tie their online and offline lead generation activities together. Data flow can be both ways to ensure that user engagement is optimized from both ends. Marketers can share real-time website revisits of a lead with a call center agent to contact the user immediately. On the other hand, call center data of a lead can be ingested into the CDP and this data can be used to send out emails or browser-push messages to the user as per their last conversation with the agent.

7. Leverage AI for channel marketing 

A CDP can leverage Artificial Intelligence algorithms and can pull historical information about the user’s buying intent and calculate the next best offer on products based on a user’s interest. Financial marketers can create marketing campaigns based on such data and target users with the calculated price offer and products. AI can enable marketers to send push notifications, emails or SMS to users who have never made any purchases from the website. Personalization is based on look-alike modeling using the historical data of the visitor’s online activities.

By Sharika Ahmed | Associate Product Marketing Manager at Lemnisk

The post 7 Use Cases of a Customer Data Platform for Financial Services Marketers appeared first on Blog.

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One of the biggest challenges faced by Financial Services marketers is to set up a systematic utilization of their vast database across different systems. A Customer Data Platform (CDP) is the answer to the woes of all financial marketers who want to make the best use of their customer data and leverage them for marketing and lead conversion purposes. A CDP is an integrated platform which helps to unify customer data from various sources and make it available to different systems.

Here are 7 use cases where CDPs can be used to enhance customer engagement and increase lead conversions by Financial Services marketers:

1. Collection of data in its original form

Frequent modifications on the original source data makes it difficult for marketers to pre-determine the use of data for their marketing strategies. So it is important to store customer data in its original form to ensure that the data can be useful in the future. A Customer Data Platform designed for financial services collects data in its original form from all sources. The data ingested could be structured, semi-structured, and unstructured data and it is stored without any modification. This data can be transformed, unified, and re-formatted by marketers to use in marketing programs and for analysis. CDPs include functions that simplify the addition of new data sources and transformations.

2. Creating customer one view

A CDP unifies the data captured from different sources into a single view for each customer. It brings together data from sources such as first-party behavioral data, second-party partner data, third-party audience persona data, CRM data, next best offer (NBO) data, and any other customer data touch points. The data is structured into a single customer profile with the help of a unique identifier (CRM ID, Email ID, Contact number, etc.). These unified profiles will provide a 360-degree view of each customer and help marketers in segmented targeting for customer engagements.

3. Powering different marketing systems 

The collective data in the unified customer database of a CDP is easily available to other marketing systems, typically through an API or database query. It can be used to power multiple marketing stacks to improve customer engagement across channels. A CDP can be used as the central integration point for all other systems.

4. Cross-device data coordination 

User interactions with different devices are captured by the CDP and a unified customer view is formulated to create a unique journey for each user. The unified database is used to identify the user’s preferred experience on each device by tracking their online behavioral patterns. Personalized messages and offers are sent to the preferred devices of each user based on their individual journeys.

5. Real-time personalization

A CDP uses real-time triggers to power personalized customer engagement. Users are targeted with messages based on their online activities and behavioral data. For example, a user visits the website of an insurance brand and visits the life insurance page but then drops off from the website without taking any action. So the next time when the user visits the website, he is shown offers based on his previous activity on the website, i.e. offers on life insurance products.

6. Call center integration 

CDP can be used by marketers to tie their online and offline lead generation activities together. Data flow can be both ways to ensure that user engagement is optimized from both ends. Marketers can share real-time website revisits of a lead with a call center agent to contact the user immediately. On the other hand, call center data of a lead can be ingested into the CDP and this data can be used to send out emails or browser-push messages to the user as per their last conversation with the agent.

7. Leverage AI for channel marketing 

A CDP can leverage Artificial Intelligence algorithms and can pull historical information about the user’s buying intent and calculate the next best offer on products based on a user’s interest. Financial marketers can create marketing campaigns based on such data and target users with the calculated price offer and products. AI can enable marketers to send push notifications, emails or SMS to users who have never made any purchases from the website. Personalization is based on look-alike modeling using the historical data of the visitor’s online activities.

By Sharika Ahmed | Associate Product Marketing Manager at Lemnisk

The post 7 Use Cases of a Customer Data Platform for Financial Services Marketers appeared first on Blog.

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Consumers in the Financial Services industry are increasingly using electronic devices such as smartphones, laptops, tablets, smart watches, etc. for interacting with their service providers. If financial marketers could find a way to leverage this cross-device usage to better engage with customers, it would immensely benefit their businesses.

Since the past two years, marketers have been focused on implementing personalization in their marketing campaigns. Targeting customers with personalized offers and messages have reaped great rewards in terms of user engagement and conversions.

The Rise in Cross-Device Usage

Today, the average financial consumer owns at least two electronic devices. It is estimated that around 80% of consumers switch between various devices while performing research on some topic on the web. 40% of consumers purchase a product/service on a device that is different from the one on which they started their research.

Financial consumers typically use their smartphones to research about some financial product and then end up completing a digital transaction on their laptop or vice versa. As a result, the data is siloed across multiple devices.

This problem of fragmented data sources is quite difficult for financial marketers to crack. According to an Econsultancy study, the top priority of 74% of marketers was to map customers across multiple devices. They are hard-pressed to look for ways to create an effective customer engagement strategy by deriving meaningful insights from this siloed data.

Achieving Cross-Device Personalization Using CDP

Digital technologies like Customer Data Platforms (CDPs) have been key to overcoming this siloed data experience and helping financial marketers deliver personalization on an individual basis. Achieving it on multiple devices will further help marketers in keeping the customer continuously engaged with their brand.

Last year, Scott Brinker, editor of the Chief Marketing Technologist blog, said that Customer Data Platforms will soon have cross-device capabilities. But getting there would take some time as the existing CDPs in the market weren’t quite successful in mapping users across anonymous device touch points.  Almost a year later, a few select CDP vendors were able to overcome this challenge. They were able to attain cross-device personalization that enabled marketers to deliver consistent personalized messages on multiple devices.

The CDP vendors were successful in matching a laptop, smartphone, tablet, smart watch, smart TV, or any connected device to a specific individual. They were able to track how customers use these devices to navigate between social channels, websites, and public portals.

They did this by associating each device with the customer’s master ID when he/she logs in. Using the master ID, a unified customer profile could be built with all device data. For each master ID, the right message is selected and shared with all devices. These unified and complete customer profiles can immensely help Financial Services marketers in selecting the right message and delivering a consistent user experience across all devices.

Thus, cross-device personalization can be achieved with a CDP and customers get their own curated messages which enhance their digital experience.

Conclusion

To counter the mounting pressure of delivering consistent, sequential experiences across devices and channels, financial marketers need to make effective use of a CDP. With cross-device personalization, CDPs can achieve sophisticated ad targeting across all customer touch points. If financial marketers are successful in doing this, they will able to bridge the gap between themselves and the customer and derive maximum value out of their marketing spends.

By Bijoy K.B | Associate Marketing at Lemnisk

The post Can a Customer Data Platform Achieve Cross-Device Personalization? appeared first on Blog.

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