Data-Led Financial Services Marketing Checklist

The digital revolution had a significant impact on the finance industry. Fintech and insuretech unicorns have grown in prominence on the back of customer-centricity and personalised experiences. Traditional finance & insurance brands and new ones alike recognise the role of data in reshaping operations and marketing strategies for financial services.

The amount and quality of data that is available to finance firms is changing. One of the big drivers of this change is Google’s decision to discontinue Universal Analytics, which will stop processing data in July 2023.

Finance firms rely on big data to gain a deeper understanding of customer behaviour, and segment and target specific customer segments. Analytics is used to identify trends, patterns, and predictive insights.

Is your business prepared to navigate the challenges of limited and potentially less reliable data in the finance industry? Brands will have to extract meaningful insights from a reduced data pool. You will still need to identify consumer trends and make informed decisions in spite of these new data limitations. Adapting your marketing strategy will be critical to success of the business.

Today, data plays a critical role in crafting personalised experiences for financial services customers. Implementing relevant marketing tactics relies on detailed insights into customer behaviour and preferences. Marketing teams use data to deliver targeted and relevant content across multiple platforms.

Continuing to deliver the same level of personalisation and customer engagement will require maintaining the same level of access to reliable customer data. Has your firm identified alternative ways to acquire such data in the absence of reliable cookie-based tracking and personally identifiable information about your prospects?

As awareness of digital privacy grows, financial services customers are looking for brands who respect their data, are transparent about how it’s used, and allow them to choose what they share and how that data may be used.

Strengthening data privacy and security measures is obviously crucial for any business that handles large sums of money. Finance marketeers have an added responsibility to establish transparent data collection and usage policies, and communicate those effectively.

One of the biggest consequences of recent changes to third-party cookie tracking is the loss of effective performance measurement. If you can no long measure the effectiveness of your marketing campaigns through data analytics, how will you optimise campaigns to generate more leads and sales for your business?

Not only has conversion tracking become more difficult since iOS 14.5, but leveraging tracking data to identify lookalike audiences and opportunities for cross-selling and upselling is also more challenging. This means driving customer acquisition and retention with data-led strategies requires new thinking.