Financial services brands work with customer data ranging from simple website visits to highly sensitive personally identifiable financial information on a daily basis. Whether you work in the fintech, insuretech, or traditional insurance and finance sectors, your business faces new challenges today around the use of data for marketing.
Consumers have become more conscious of how finance brands use their private data to market to them. Privacy legislation and cookie policy changes also present new impediments to the online growth potential of financial services brands.
Added to this, future policy revisions will make it crucial for financial service advertisers to set up the right tools. and have an in-depth understanding of how data can be collected and used, so they remain compliant and don’t see marketing performance decline due to these changes.
In our latest guide, the “Data-Led Financial Services Marketing Checklist”, we explore the transformative potential of data-driven marketing strategies in the finance and fintech industry. We delve into the use of data for marketing, and look at factors that that require careful considerations, including:
Do You Understand How the Landscape of Financial Services Marketing is Changing?
The digital revolution had a significant impact on the finance industry. Fintech and insuretech unicorns have grown in prominence on the back of customer-centricity and personalised experiences. Traditional finance & insurance brands and new ones alike recognise the role of data in reshaping operations and marketing strategies for financial services.
The amount and quality of data that is available to finance firms is changing. One of the big drivers of this change is Google’s decision to discontinue Universal Analytics, which will stop processing data in July 2023.
Can You Derive Valuable Customer Insights with Limited and Unreliable Data?
Finance firms rely on big data to gain a deeper understanding of customer behaviour, and segment and target specific customer segments. Analytics is used to identify trends, patterns, and predictive insights.
Is your business prepared to navigate the challenges of limited and potentially less reliable data in the finance industry? Brands will have to extract meaningful insights from a reduced data pool. You will still need to identify consumer trends and make informed decisions in spite of these new data limitations. Adapting your marketing strategy will be critical to success of the business.
How Will You Maintain Critical Data Levels to Enable Personalisation?
Today, data plays a critical role in crafting personalised experiences for financial services customers. Implementing relevant marketing tactics relies on detailed insights into customer behaviour and preferences. Marketing teams use data to deliver targeted and relevant content across multiple platforms.
Continuing to deliver the same level of personalisation and customer engagement will require maintaining the same level of access to reliable customer data. Has your firm identified alternative ways to acquire such data in the absence of reliable cookie-based tracking and personally identifiable information about your prospects?
Does Your Marketing Build Trust and Enhance Security?
As awareness of digital privacy grows, financial services customers are looking for brands who respect their data, are transparent about how it’s used, and allow them to choose what they share and how that data may be used.
Strengthening data privacy and security measures is obviously crucial for any business that handles large sums of money. Finance marketeers have an added responsibility to establish transparent data collection and usage policies, and communicate those effectively.
Do You Have the Tools to Optimise Marketing ROI through Data?
One of the biggest consequences of recent changes to third-party cookie tracking is the loss of effective performance measurement. If you can no long measure the effectiveness of your marketing campaigns through data analytics, how will you optimise campaigns to generate more leads and sales for your business?
Not only has conversion tracking become more difficult since iOS 14.5, but leveraging tracking data to identify lookalike audiences and opportunities for cross-selling and upselling is also more challenging. This means driving customer acquisition and retention with data-led strategies requires new thinking.
Data-led marketing has the potential to catapult finance and insurance brands to unicorn status. Fintech marketers empowered with data create more personalised experiences, enhance customer engagement, and optimise their marketing ROI. Our checklist dives into the the important factors financial institutions need to consider to be successful in 2023 and beyond.
By embracing the new realities of data-driven marketing, financial services companies can continue to outpace the competition, foster customer trust, and deliver superior experiences.
Reacting to changes in the digital marketing ecosystem in a timely manner could be the key to your success. Click the button below to download the essential checklist to unlock future data-led marketing strategies for your financial services business:
Download the Data-led Financial Services Marketing Checklist
About the Author
Farhad is the Group CEO of AccuraCast. With over 20 years of experience in digital, Farhad is one of the leading technical marketing experts in the world. His specialities include digital strategy, international business, product marketing, measurement, marketing with data, technical SEO, and growth analytics.
