Marketing Technology and Financial Marketing
Collect, Secure and Deploy First Party Data
The financial services industry faces unique challenges in pursuing more impactful marketing initiatives. The most difficult of which are regulatory and data privacy concerns. In their dedication to securing consumer data, companies are left with fewer tools to connect with audiences. Customers today are seeking out more customizable and personalized experiences than ever—the kind that can more easily be delivered with comprehensive, first-party consumer data. Yet simultaneously, the world at large is becoming more cookie-less by the day as people everywhere become more vigilant about how and where they share their data.
This market environment creates a unique opportunity for Financial Services as a sector. If the wealth of first party consumer data these companies collect can be leveraged while keeping it secure and compliant, financial marketers will be sitting on a veritable gold mine of resources to use as they pursue their goals.
So how do you achieve that? Through investment in technologies like data clean rooms (DCRs) and machine learning techniques like federated learning. These innovations help anonymize first-party data and allow AI models to be trained on it in siloed, unconnected data sources. This allows consumer data to retain its usefulness without exposing consumers to greater risk.
The output of these types of tech investments are systems that collect, secure, and deploy first-party data to help marketers meet the growing demand for tailored experiences. As younger audiences mature and step into greater buying power, being able to compete for their attention becomes that much easier by providing the types of connections they’ve become accustomed to.
With more financial institutions investing in this type of data infrastructure, we can expect to see marketers discover their newfound flexibility and use it to provide real-time personalization and construct experiences that dynamically adapt to users.