NetSpend, a leading provider of card-based prepaid financial services to tens of millions of underserved consumers, has signed a three-year contract extension with Acxiom Corporation (Nasdaq: ACXM) based on strong marketing results using Acxiom's Web-based data quality services.
NetSpend had previously agreed to a six-month trial that included data quality services and premium consumer insights but Acxiom's speed-to-implementation exceeded expectations and NetSpend was eager to lock in long-term value.
"Acxiom's data quality services integrated seamlessly into our existing information management capabilities and using the high-quality data, we are better able to reach consumers to deliver on our mission to bring affordable, card-based financial services to underbanked consumers," said Dan Henry, chief executive officer of NetSpend.
Acxiom PanOptic-XTM Data Quality services were implemented in 45 days and in full production within two months, enabling NetSpend to quickly reap the benefits of accurate, real-time customer data. The solution also uses Acxiom's AbiliTec® linking technology to accurately track customers as they move through NetSpend's customer acquisition and lifecycle programs.
"The capabilities delivered by Acxiom's data quality services resolve pressing challenges faced by financial services marketers who are tired of campaign profits being eroded by poor data quality and a lack of enterprise-wide integration," said Randy Watson, Acxiom's senior vice president of Financial Services. "The value of these services can now be delivered in multiple ways without long lead times and large up-front investments in hardware, software or people - and that's very important to financial services companies in today's economy."
With an extended agreement, NetSpend will continue to benefit from Acxiom's 40 years of experience and innovation. Acxiom pioneered the introduction of customer data integration (CDI) to the marketplace nearly 10 years ago with the creation of proprietary linking technology.
Today CDI initiatives designed to build a comprehensive view of the customer are foundational in most Acxiom solutions. The accurate view of customers and prospects ensures companies are making the best decisions in their analytic efforts by basing those decisions on the highest quality data. Accurate, comprehensive customer insight creates a more accurate understanding of customer wants - leading to more effective merchandising, privacy management, customer support and service.