Tag: omnichannel

The Marketing Rule of Seven means it usually takes at least seven impressions before a consumer is compelled to act. When extending firm offers of credit to consumers, lenders have long relied on direct mail and more recently email to reach their intended audiences. But what if there are more ways to deliver a credit offer? Let’s explore how digital display retargeting can help you maximize your campaign performance and profitability. What is digital display retargeting? Digital display retargeting allows lenders to present a firm offer of credit on digital and mobile to complement a direct mail or email prescreen campaign. This solution takes credit marketing to a whole new level — instead of relying solely on direct mail or email, lenders can amplify firm offers of credit on channels like social media or authenticated websites to maximize their reach. With spending more time on these channels, digital display retargeting can provide them  with an additional opportunity to respond. Reaching the right consumers with the right offer While echoing the same credit offer on multiple channels can help elicit higher response rates, how do lenders decide to which consumer to extend that offer to? Experian’s credit database provides lenders with fresh consumer information to help them determine what kind of credit offers may be most appealing to each unique individual. Through Amplified Prospecting, lenders can then gain accurate consumer identification and matching in digital display channels to ensure offers are reaching consumers most likely to respond. Maximize your campaign reach With the combined strengths of Experian’s consumer credit data and Amplified Prospecting, lenders can extend firm offers of credit to prescreened consumers across multiple touchpoints, helping them to achieve greater visibility and higher response rates. To learn more about how Experian can help you level up your credit marketing campaigns, visit us today. Learn more

For financial marketers, long gone are the days of branded coffee mugs, teddy bears and the occasional print ad. Financial marketers are charged with customizing messaging and offerings at a customer level, increasing conversion rates, and moving beyond digital while keeping an eye on traditional channels. Additionally, financial marketing teams are having to do it all with less; according to CMO Survey, marketing budgets have remained stagnant for the last 6 years. Accordingly, competing in today’s world requires transforming your organization to address rapidly increasing complexity while containing costs.  Here are four tactics leading-edge firms are using to respond to changes in the market and better serve customers. More data, fewer problems Financial institutions ingest a mind-boggling variety of data, transaction details, transaction history, credit scores, customer preferences, etc. It can be difficult to know where to start or what to do with what is often terabytes of data. But the savviest teams are mining their unique data, along with bureau data, and other alternative and third-party data for rich decision making that drives differentiation. Getting analytical In financial institutions, advanced analytics has traditionally lived with lenders, underwriters, risk and fraud, departments, etc. But marketers too can find the value in the volume, velocity and variety of new data sources available to financial institutions. Using advanced analytics allows the most forward-thinking financial marketers to better target customers, personalize experiences, respond in near-real-time or even predict actions, and measure the impact of marketing investments. Customized quality time with customers Thanks to the likes of Google and Amazon, consumers have become accustomed to individualized interactions with firms they utilize. And this desire is just as present when it comes to their financial institution. But banks, credit unions and fintechs have been historically slow to respond. According to a recent Capgemini study, 70% of US consumers feel like their financial institution doesn’t understand their needs. The most dynamic financial marketing teams tailor quality experiences that increase consumer engagement and long-term relationships. All the channels, all the time The financial marketer’s job doesn’t stop at creating bespoke experiences for customers. Firms are also having to leverage an omnichannel approach to reach these clients, across an ever-growing number of channels and touchpoints. If that wasn’t enough, campaign cycles are shortening to match consumers changing demands and need for instant gratification—again, thanks Amazon. But the best teams determine which media or interaction resonates most effectively with clients, whether face-to-face, via an app, chatbot, or social media and have conversations across all of them seamlessly. It’s clear, financial firms must transform their approach to address increasing market complexity without increasing costs. Financial marketers are saddled with stagnant marketing budgets, proliferating media channels and shorter campaign cycles, with an expectation to continue delivering results. It’s a very tall order, especially if your financial institution is not leveraging data, analytics and insights as the differentiators they could be. CMOs and their marketing teams must invest in new technologies, strategies and data sources that best reflect the expectations of their customers. How is your bank or credit union responding to these financial marketing challenges? Watch our 2020 Credit Marketing Trends On-Demand Webinar  

Do more with less. Once the mantra of the life-hacking movement, it seems to be the charge given to marketers across the globe. Reduce waste; increase conversion rates; customize messages at a customer level; and do it all faster and more efficiently (read cheaper) than you did last quarter. The marketing challenges facing all companies seem to be more pronounced for financial institutions – not surprising for an industry with a reputation for late adoption. But doing more with less is not just a catchphrase thrown around by lean-obsessed consultants, it’s a response to key changes and challenges in the market. Here are 3 of the top marketing challenges creating business problems for financial institutions today. Budget constraints and misalignment As someone charged with the marketing remit in your firm, this probably comes as no surprise to you. Marketing budgets are stagnant, if not shrinking. Based on a 2018 report from CMO Survey, marketing budgets represent just over 11% of firm expenditures, a level which has remained largely constant over the last six years.Meanwhile, budgets at many financial firms appear to be out-of-touch with today’s ever-evolving market. In this Financial Brand report, virtually no financial institution committed more than 40% of their budget to mobile marketing, a stat unchanged from the prior two years. More channels mean even more segmentation Gone are the days where a company can rely heavily on traditional media to reach targets and clients. Now more than ever, your customers have access to a compounding amount of media on a proliferating number of channels. Some examples: In 2018, the Pew Research Center found most Americans (68%) get their news from social media. Cable companies recently followed streaming services to offer seamless service and experience across TV, desktop and mobile. Apple and Disney are two of several media juggernauts who are throwing their new streaming services and networks into the ring.This level of access is driving a shift in customers’ expectations for how, when and where they consume content. They want custom messages delivered in a seamless experience across the various channels they use. Shorter campaign cycles According to a recent study by Microsoft, humans now have shorter attention spans, at 8 seconds, than goldfish at 9 seconds. This isn’t surprising considering the levels of digital reach and access your customers are presented with. But this is also forcing a shortening of content and campaign cycles in response.   Marketers are now expected to plan, launch and analyze engaging campaigns to meet and stay ahead of customer need and expectation. Ironically, while there’s an intentional shortening of campaign cycles, there’s also a corporate focus to prolong and grow the customer relationship. It’s clear, competing in today’s world requires transforming your organization to address rapidly increasing complexity while containing costs. Competing against stagnant marketing budgets, proliferating media channels and shorter campaign cycles while delivering results is a formidable task, especially if your financial institution is not effectively leveraging data and analytics as differentiators. CMOs and their marketing teams must invest in new technologies and revisit product and channel strategies that reflect the expectations of their customers. How is your bank or credit union responding to these financial marketing challenges? Download Customer Acquisition eBook

According to a recent Experian Marketing Services study, 36% of companies interact with customers in five or more channels.

Increased volume of fraud attempts during back to school shopping season Back to school shopping season will be the first time many consumers' use their chip-enabled credit cards and stores' new card readers. With the average K-12 family spending $630.36 per child in back to school shopping, and more than 1/3 shopping online, according to the National Retail Federation - is your fraud strategy prepared to handle the increased volume? And are you using a dynamic knowledge based authentication (KBA) solution that incorporates a wide variety of questions categories as part of your multi-faceted risk based authentication approach to fraud account management? Binary verification, or risk segmentation based on a single pass/fail decision is like trying to stay dry in a summer rain storm by wearing a coat. It’s far more effective to wear rubber boots and a use an umbrella, in addition to wearing a rain coat. Binary verification can occur based on evaluating identity elements with two outcomes –pass or fail – which could leave you susceptible to a crafty fraudster. When we recommend a risk based authentication approach, we take a more holistic view of a consumers risk profile. We advocate using analytics and weighting many factors, including identity elements, device intelligence and a robust knowledge-based authentication solution that work in concert to provide overall risk based decision.  After all, the end-goal is to enable the good consumers to continue forward based, while preventing the fraudster from compromising your customer’s identity and infiltrating you’re your business.

With more than one-third of customers interacting with a single business in five or more channels and more than 85 percent of consumers using online or mobile to conduct business, omnichannel fraud prevention has become a necessity. Implementing a layered approach to authentication and integrating device intelligence into the process to associate a consumer with a known device are critical components of a fraud mitigation strategy. In addition to providing another layer of validation, verifying a customer through his or her device makes it easier for the customer to interact with the business and is a huge benefit to the overall customer experience. Perspective paper: Protecting the customer experience - The impact of fraud on the customer relationship