How Financial Services Brands Can Maintain Customer Engagement
The financial services sector operates in an environment of continuous change and increasing regulation. Personalisation has been a significant driver of marketing plans in recent years, and marketers are having to re-think how they collect, store, and use customer data – aligning business practices and technologies to modern privacy standards.
Cheetah Digital sponsored and hosted a roundtable discussion at Figaro Digital in London, where Sharon Forder, VP Marketing, EMEA, explained how Cheetah Digital are helping CMOs in financial services industries to maintain customer engagement in the midst of regulation.
Some of the key points from Sharon’s presentation are summarised below:
The Privacy and Personalisation Paradox
Amid a growing number of privacy scandals, marketers within the financial services sector are being asked to create hyper-personalised experiences while following privacy and security rules that are stricter than ever. This is the privacy paradox. How can financial organisations build trust with their customers while reducing the security and privacy risks?
Delivering the quality content and services consumers expect requires getting to know the customer and their habits – the types of activities they enjoy and what behaviours they demonstrate while interacting with the brand. Creating these uniquely personalised experiences requires a new approach to data strategy: zero-party data.
Zero-party data allows brands to build direct relationships with consumers, and, in turn, better personalise their marketing efforts, offers, and product recommendations.
A New Approach to Consumer Data
Zero-party data is information a consumer voluntarily and intentionally shares with a brand.
As an industry leader in zero-party data, Cheetah Digital helps marketers to quickly and easily create interactive experiences that engage audiences and collect first- and zero-party data across the customer lifecycle on all digital touchpoints. Zero-party data is crucial to creating valuable rewards and personalised customer experiences, in fact Forrester highlighted zero-party data as a top trend for 2019.
This concept of a ‘value exchange’ is the foundation of zero-party data collection. Privacy and personalisation can coexist if consumers are entertained, engaged, and receive something in return for their attention and preference data.
Creating ‘Value Exchange’ to Build Loyalty
In the financial services industry, creating valuable experiences for your customers is critical. Customers increasingly want something of value in exchange for the data they share, and
many financial services companies have turned to experiential marketing to build stronger relationships with their customers. Cheetah Digital has identified some of the key components brands can use to build loyalty through experiential marketing.
We all want to create loyal customers – people who are truly engaged with our brands. But in today’s customer-driven environment, accomplishing true loyalty can be near impossible. Cheetah Digital’s ebook, A New Kind of Loyalty delves into ‘emotional loyalty’ and the three elements needed to create lasting customer relationships in this new loyalty environment.
Creating Personalised Customer Experiences – Kiwibank Product Quiz
The hallmark of effective marketing is the ability to deliver the right message to the right person at the right time via the right channel. Consumers are more responsive to marketing that feels personal, with targeted content, custom offers, and unique experiences that align with their preferences.
Cheetah Digital helps financial brands reach their customer engagement and loyalty goals, no matter how complex or ambitious they might be. Using Cheetah Experiences, Kiwibank launched the ‘Meet Your Money Self’ interactive quiz that profiled consumers’ spending habits in return for personalised advice. It was launched to enable Kiwibank to get to know their customers better, truly personalise offers, and build lasting relationships. The result was 150K campaign entries and a staggering 75 per cent conversion rate.
The Cheetah Digital Customer Engagement Suite
With Cheetah Digital’s innovative Customer Engagement Suite, which contains the Engagement Data Platform, you can collect, unify, and make sense of data in real time. Marketers are given unparalleled access to all of their customer data – zero- and first-party data, propensities, preferences, purchases, events, activities, open/click, and loyalty, which can be used to build an audience and turn insights into action to engage the audience with your brand.
It’s time to look beyond transactional data to build thriving customer relationships that deepen at every touchpoint. With Cheetah Digital’s Customer Engagement Suite, you have an entire platform at your fingertips to build the most relevant, integrated, and profitable campaigns.
Want to learn more? Cheetah Digital’s experts are available to demo our platform and chat through any questions you may have, whenever is most convenient for you.