Financial companies face changing economic conditions, heightened consumer expectations, and growing competition among legacy institutions, digital-native brands, and tech giants. To stay ahead, savvy financial services brands are adopting innovative, data-centric marketing strategies to drive customer acquisition, retention and long-term loyalty. These industry-leaders are thriving in times of intense changes in the marketplace by leveraging zero-, first-, second- and third-party data to provide personalized customer experiences, reduce ineffective marketing spend, and create compelling, targeted campaigns for their audiences.
Zero-party data is shared by the consumer and includes their preferences, attitudes and interests. Zero-party data is generated when consumers directly interact with surveys, preference centers, polls, and questionnaires.
First-party data is information about your prospects and customers that is collected, owned, and managed by your company. It can be data that is observed through spending behaviors, or it can come from first-party cookies on your company’s website.
Second-party data (aka, partner data) is information that financial services companies acquire through a partnership with another company that provides access to the partner’s first-party data. Examples of second-party data can include co-registration campaigns such as contests or sweepstakes and co-op data pools created by a partnership between a group of companies.
Third-party data is collected by external data providers, like Infogroup, that do not have any direct relationship with consumers whose data is being collected. The data is gathered from various platforms, apps, and websites, then aggregated and “packaged up” in data sets. Financial brands use third-party data to generate deep insights about their customers, create personalized campaigns, and employ advanced modeling techniques such as lookalike models, identity resolution, and personas.
Download The Finance Industry’s Guide to Marketing Data to learn more about the benefits and use cases for each of the four types of consumer data, including:
- How the 4 types of data help banking brands drive growth & improve marketing efficiency
- Strategies to find the best prospects & build personalized campaigns
- Real-world examples from financial brands like Ally, TD Bank, Bank of America, and more!
