Leading Financial Institutions are Innovating their First-party data to drive digital conversions

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;

1. 9X Increase in digital engagement
2. 8X conversions in website leads

This was achieved by doing,

1. Easy Data Integration
2. Real-time responses
3. Orchestrating 1:1 user-level personalization