The Financial Brand Insights - Winter 2021

That’s easier said than done, since data management can be extremely difficult. A single consumer might share data through multiple devices using a variety of services or apps while interacting with different parts of a single organization. When data is spread across various systems, it makes it hard to connect the dots between data points and gain a clear picture of who customers are and what they want. According to a recent PwC survey, CEOs around the world are concerned that they don’t have the capability to use the data they have to make the right decisions. It’s not that they lack information, since the volume of data has expanded exponentially. Rather, 51% cite “data siloing” as one of the top problems. To overcome these kinds of data obstacles, you need to manage customer data in a way that delivers holistic insights for you… and clear value for them. With the right solution in place, you should be able to create rapid connections between customer data systems such as customer relationship management (CRM), point of sale (PoS) and call centers. You should also make sure you have the capability to input information in real time and batch data so you can quickly visualize what you need to know, all in one place. 2. Use Customer DataWisely Consumers want personalized experiences from the companies they do business with. Most people appreciate getting customized recommendations across channels. However, for these experiences to remain positive, authentic, and engaging, it’s also important to meet consumer expectations for privacy. According to a PwC customer experience survey, among US consumers, there’s been a sharp increase in willingness to give up personal data. In fact, 63% say they’d share more information with a company that offers a great experience. Companies using consumer data to develop and deliver products or services can make that happen, but only if they use that information carefully and transparently.

Ways to Engage Customers and Protect Their Privacy 3

By Brian Morris PwC Partner at Customer Link

Today’s consumers understand full well that their data has value. Gone are the days when companies could ask for massive amounts of information without providing much in return. The rapid changes in privacy policies, along with increasing regulations and enforcement of policy violations, is causing a huge shift in the world of online marketing and advertising. Here are just a few of the challenges:

To overcome these developments, marketers need an integrated view of customers, a smarter approach to using data, and a transparent, compliant way to make connections with people and gain their trust. Let’s look at three ways to

navigate this new landscape. 1. Make the Most of the Data You Have

Cookies are crumbling

Consumers are in control In a recent PwC survey, 76% of respondents confirmed that sharing personal information with companies is a “necessary evil.” Even though consumers want more personalized digital experiences, they also demand more privacy.

Regulations are tightening More companies are gathering and using customer data, and the risk of data breaches is on the rise. New privacy regulations require consumers to explicitly opt in to share their data.

For years, companies were able to rely on consistent access to consumer data gathered by third parties on the ad-supported internet. Now, among other shifts, Google is phasing out third-party cookies and Apple has altered the rules for its identifiers for advertisers (IDFAs).

The massive amounts of data available today provides rich insights that make it possible to engage with customers in increasingly personalized ways. That kind of access can sometimes feel like a superpower — one that enables you to see and predict behaviors and activity. But as they say, with great power comes great responsibility. It’s important to use customer data wisely to create relevant, meaningful experiences across touchpoints, while always remaining compliant with regulations.

THE FINANCIAL BRAND INSIGHTS WINTER 2021