Global bank refines customer acquisition strategy and yields 50% match rate
ABOUT THE INDUSTRY
Today’s banking customers expect connected and convenient experiences across multiple channels, and the bank featured in this initiative is no exception. Operating on a global scale, it delivers digital experiences to customers across web, mobile and email.
ACQUIRING NEW CUSTOMERS IN A COMPETITIVE LANDSCAPE
In an industry challenged by new fintech players, the bank needed to revisit its customer acquisition strategy by expanding its reach to new customers – especially before its competitors did.
The first challenge was targeting the right customers without overspending.
At the same time, fragmented and inaccurate customer targeting was reducing Return on Advertising Spend (ROAS).
DATA MODELLING BACKED BY PRIVACY AND SECURITY
The first part of solving the problem was to understand the characteristics of the ‘right’ potential customer’. In order to do so, the bank needed to see the full picture of what its current customers ‘looked like’.
To provide the bank with a unified and complete view of its customers, Zeotap unified web, email and mobile customer IDs. Because Zeotap’s Customer Intelligence Platform (CIP) is the only CDP with Third Party Data Enrichment natively built-in to fill in the data gaps, the resulting profiles were then enriched with further data attributes. The result was the ability to finally build a scalable Single Customer View.
To harness this for acquisition purposes, the bank then used the CIP’s Audience Management functionality to build lookalike audiences of its customers, applying them to acquisition programmes via the platform’s suite of integrations.
Zeotap’s data unification is built for European privacy and security standards. The full-stack solution provided the bank with a secure environment to run proprietary lookalike models that better predict which customers are likely to be acquired.
RELIABLE CUSTOMER ACQUISITION BACKED BY ADVANCED DATA ENRICHMENT
In addition to delivering a stronger acquisition strategy, the CIP delivered a 50% match rate, with a total of 60 million profiles enriched in the process.
“By reducing our yearly attrition by 20% to 30%, we could nearly double our average revenue growth. That's why the exercise we conducted with Zeotap was so key for us. They provided us with better input to run our models, which had a direct impact on our ROI and overall revenue.”Chief Data Officer for global bank
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