The Financial Brand Insights - Fall 2022

• Determine the offer a person can properly afford. • Understand the economic stressors on a household. • Know the vehicle a person is looking to purchase. • Assess how much money a person typically spends on travel. Not all data sources are created equal, however. Partnering with a known and trusted curator of specialized and nuanced data sources can help bank marketers drive better customer intelligence by cutting through clutter and making the most meaningful enhancements to their data . Such a partner can point them in the right direction to unlock the best sources and insights to ensure they can successfully execute their brand strategy. Examples of Bank Marketing Use Cases for Enhanced Data Some examples of how third-party data — enhanced by specialized data sets — can help financial marketers, include: • Leveraging third-party card-purchase data to identify buying behaviors and create segments for card products with different value propositions (travel, foodie, etc.) • Using specialized addressable data to offer an auto loan directly to a person who is in the market for a particular vehicle. • Using consumer packaged goods data to help financial marketers create segments of customers and prospects by interests, based on recent purchase behaviors.

The Right Data Mix Delivers Better Results

By Doug Hurst Director, Data Strategy at Acxiom Larry Bevens Director, Analytics at Acxiom and Wendy Coburn Director, Industry Strategy at Acxiom

Demand is increasing for improved third-party data to complement

the investments banks and credit unions are making in

Bank marketers understand the value of demographic, behavioral and credit data to make acquisition models and media audiences more effective while uncovering and assessing new market opportunities. Most bank marketers are supplementing their first-party data with at least one third-party data source so they can use a robust set of variables to inform their personalization and segmentation at the person, household and property level. Examples of these variables include household composition, home value, economic stability and hobbies and interests. Traditionally, third-party data sources have been an essential ingredient in filling out the picture of prospects and customers. That remains true, but today there are a myriad of sources that can be incorporated to deliver more complete, precise and valuable customer intelligence, enabling bank marketers to: first-party data. The combination provides more detailed portraits of consumers, making them more reachable. In addition, specialized data sets can help unlock personalization and acquisition strategies.

Hitting the Mark: By accessing specialized data sets, bank marketers increase the likelihood of reaching the right person with the right offer using the right tone and timing.

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THE FINANCIAL BRAND INSIGHTS FALL 2022

THE FINANCIAL BRAND INSIGHTS FALL 2022

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