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Unions’ use of them in their digital marketing. Greater use of “source” data has become essential. However, the benefits of change may outweigh the losses.

Detailed marketing data available from third-party cookies, information services, and email tracking has been an important part of bank and credit union digital marketing for years. This flow of information is starting to slow and may soon become a problem as tech companies offer consumers more ways to protect their privacy.

For example, Google’s Chrome browser, which controls two-thirds of the browser market, will phase out cookies by 2023. Other browsers have already imposed restrictions.

As this major shift in data policy unfolds, banking merchants are busy finding ways to capture and use proprietary data – data that companies collect directly from their customers. By using email and phone numbers as their Universally Unique Identifiers (UUI) and learning how to better manage what they already have access to, they begin to rid themselves of third-party data. can do

Bank marketers are using third-party data to target wider audiences with ads designed to build brand awareness. Marketers often get this information from providers like Infogroup, which aggregate it from various platforms, apps and websites.

Additionally, third-party data is often integrated into personal finance management (PFM) and other platforms to filter accounts and transactions. ESPs (email service providers), which allow bank sellers to see who is opening and interacting with their emails, are another valuable source of data.


Calculation Of Third-Party Data

Cookies were invented in 1994 to help improve the user experience, but marketers soon came to rely heavily on them. So much so that the loss of cookies would be “a reckoning for the advertising industry,” according to McKenzie.

“Advertisers and publishers will now need to rely primarily on their proprietary data or walled garden data, contextual targeting, and collaboration from data platforms,” ​​says McKinsey.

“For a financial brand to target advertising at scale in a cookie-free world, it will need to take a portfolio approach to ad placement that clearly identifies user or device identifiers,” says founder James Robert Lee. provide a way to target ads without and CEO of the Digital Growth Institute, in an interview.

Another concern is Apple’s iOS update that disables email cookies in its Mail app. Google and Microsoft are likely to follow Apple’s lead, Lee predicts.


Your Own Cookies May Actually Be Better

In an interview with The Financial Brand, Shelly Lunes, vice president of Go to Market at MX, says that adapting to a world without third-party data can be a tough hill to climb, but banks can find more opportunities on the other side. are While banks have used third-party data to plan marketing, create personas and create campaigns, that data can be expensive and often inaccurate, he notes. “You can’t always get a good ROI when you don’t know the data is accurate.”

In general, it’s the big banks in the biggest markets that have relied on third-party data, Lunes says. It is likely that many of these banks are already looking for alternative solutions, essentially a new form of cookies. For example, Merkle launched Merkury, an identifier that allows marketers to target audiences without using third-party cookies.

“Financial data has more value because you can be more specific when looking at your customers.”

– Shelley Lownes, MX

The good news is that bank marketers will still be able to rely on first-party cookies with users’ permission. First-party cookies are created by websites for use by the site owner, such as to facilitate logins for repeat visitors and for their own marketing. Banks and credit unions will need to implement new processes, people and technologies to collect, manage and get the most out of their source data.

As mentioned above, financial institutions should start treating emails and phone numbers as universally unique identifiers. Lee says bank marketers will have to use these UUIs with other proprietary data to learn what they can do about their markets. “Make ongoing email acquisition and unengaged email reactivation a strategic priority for marketing, sales, and even service teams,” he emphasizes.

Additionally, banks and credit unions will be able to make better use of customer transaction data as a result of open banking. “With the rise of open finance, you have access to more data than ever before,” Lon They say “Your customers are adding your services to their accounts. It gives you an idea of ​​where their loans are, where they’re buying, what their behaviors are.”


How Banks Can Use Proprietary Data Effectively

Meredith Olmstead, founder and CEO of FI Grow Solutions, says many banks are using proprietary data “for campaigns and messaging right now.” For example, when a known person visits a bank’s website, it can trigger a “campaign”. Promotion” to follow up immediately with an email and additional information.

The low-hanging fruit of first-hand data is often found on an organization’s website, including the pages users visit and the products they are interested in.

With this data tied to an email address, banking digital marketers can use that information to offer help and guidance to customers in their financial journey, Lee says. It recommends that banks and credit unions develop simple, functional and evergreen content for key product lines that can be activated through proprietary data insights.

The decline in third-party data will also increase the importance of search engine optimization (SEO), Lee warned. As a result, bank marketers should use in-house publishing teams to drive content production for SEO purposes.

Financial institutions can even use their data to prospect by creating strong affinity. And customer segments for the target, Loans notes. In one example she knows of, a bank created 19 different affiliations. Based on its proprietary data and then used that information to target prospects based on specific demographics.

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