The Industry
ABOUT THE INDUSTRY
Today’s banking customers expect connected experiences that make it easy for them to access services. For banks, this presents a unique challenge – on the one hand, at the root of personalisation is the ability to unify and activate data at speed and scale, but on the other is the need to maintain the highest security and privacy standards when it comes to using data.
The Challenge
INCREASING RETENTION AND ACQUISITION THROUGH PERSONALISATION
For the German bank in this initiative, meeting these expectations was a challenge. In order to offer the kind of personalised experiences that drive retention and acquisition, it needed the ability to firstly unify data into a single customer view so that a customer’s touchpoints across the whole journey could be understood and acted upon.
With no bridge between offline and online identifiers, the bank was unable to get a complete picture of its customers across multiple touchpoints. This made it difficult to target current and prospective customers across advertising channels and provide personalised experiences once they landed on the bank’s website.
As a bank located in Germany, a country with one of the strictest data privacy and security standards, it was especially important to be sure of compliance when it came to using data to achieve any level of personalisation.
The Solution
TARGETED AUDIENCE OUTREACH BACKED BY STRICT DATA STANDARDS
To kick off the initiative, the bank used Zeotap’s Customer Intelligence Platform to merge offline and online customer identification for a unified view of each customer.
This data was then combined with Zeotap’s uniquely-integrated Third Party Data Enrichment in order to enrich the existing first-party data. With a full picture of the customer complete the bank could then derive insights into their behaviours and create an audience of like-minded customers (known as ‘lookalikes’) to expand targeting options. These audiences were split into segments that were used to activate acquisition campaigns across advertising channels such as Facebook, as well as offer personalised experiences once customers reached the bank’s website.
The foundation of this solution: unmatched compliance. Zeotap’s Customer Intelligence Platform was developed in Germany to meet the world’s strictest standards on data, which makes it uniquely equipped to meet any privacy and security challenge.
THE RESULTS
HIGHER CUSTOMER ENGAGEMENT AND RETENTION AT A LOWER ACQUISITION COST
By unifying offline and online customer data, enriching existing customer profiles and creating lookalike audiences to expand targeting options across advertising, the bank was equipped to engage new and existing customers with personalised experiences at a lower cost. This led to a 12% increase in retention rate and a 19% reduction in Customer Acquisition Cost (CAC).
