The Financial Brand Insights - Winter 2021

It’s also a good idea to integrate and enrich the data you have and make it work seamlessly with other data sources. Data enrichment means combining first party data from your own internal sources with disparate data from other internal systems or trusted third-party data. Enriched data is more useful and can deliver better, more actionable insights. Data fabrics provide dynamic delivery of semantically enriched data. You can use them to bring together data from internal silos and external sources and create a network of information that can power analytics, applications, and AI. With the power of these enriched data fabrics, you can gain a holistic, integrated view of individuals as well as entire households and consumer segments. 3. Be Transparent and Stay Compliant When consumers aren’t sure how their data is being captured, used, and protected, they get anxious about digital experiences and hesitant about sharing their information. Regulations designed to protect people’s privacy are growing in both quantity and levels of strictness . By the end of 2021, 82% of the world’s population will have data protected by basic security requirements, according to Risk Atlas database, which includes over 2,500 data privacy and security laws and regulations compiled by PwC. Clearly, it’s important to have standards and systems in place to make sure you’re marketing to people in a way that is compliant with today’s privacy laws and regulations while also making sure you can adapt to rapid shifts in the regulatory environment. Gaining Customer Trust With the right marketing and data management solutions in place, you can identify the sources of personal information collected or used by your business, the categories of information you gather, what it’s used for, how it’s disclosed, what the retention period is, and the security measures you apply to protect the personal information. You

85% of global consumers say they wish “there were more companies I could trust with my data.”

can also create and update your privacy notices and policies so that they describe how you use the personal information. When you are transparent with customers about what information you gather, how you use it and what they gain from it, they’re likely to become engaged faster and remain more loyal in the long term. PwC has found that 85% of global consumers say they wish “there were more companies I could trust with my data.” If you approach delivering marketing and digital experiences the right way, your company could be one of the fortunate ones that consumers can count on. The Advantages of Using a Customer Data Platform A customer data platform provides a holistic consumer profile, which can simplify your work across the data science lifecycle, including data extraction, predictive analytics, and machine learning. Combining disparate data with PwC’s AI and machine learning models, the Customer Link platform creates a robust and integrated view of individuals, households, and segments of consumers. Customer Link also allows you to build and activate personalized, real-time, omni-channel customer engagement. Learn how Customer Link can help improve your data, connect with customers, and keep compliant with regulations. ▪ About Customer Link Customer Link provides access to over 60,000 attributes across roughly 270 million consumers and over 26 million businesses from a proprietary data fabric, which you can use to create consistent, personalized engagement across channels and devices.

THE FINANCIAL BRAND INSIGHTS WINTER 2021