First-party data in BFSI: The key to unlocking customer-centric growth

Today’s digital environment is quite different from the traditional one such as Banking. The Financial Services & Insurance (BFSI) industry is slowly adopting marketing trends that are more data-centric. A more recent concept such as the development of financial services is viewed as one of the fast-growing segments of the economy. Every industry uses several available data types; however, first-party data is at the top among marketers in the BFSI industry. Utilising this data in the right way enables the brands to enhance the level of engagement with customers and at the same time improve the cost-effectiveness of the marketing.

Why first-party data matters in BFSI marketing

First-party data refers to the information a firm gather from its audience through its websites, mobile apps, communications, surveys, or through social media. 

These data help marketers to make informed decisions on when and what to communicate to the end users. First-party data has powered marketing to deliver highly personalised messaging through segmentation.

In the BFSI sector, where customer trust is paramount, leveraging first-party data is not just an option, it's a necessity. Many still struggle to get it right, but when done effectively, it enables brands to better meet their customers' needs by anticipating their preferences and delivering relevant and tailor-made offers.

Moneyview leverages first-party data to tailor its marketing and communications efforts. By using landing page heat maps, the team can track user clicks, time spent on specific sections, and scrolling patterns, allowing for A/B testing of messaging, calls to action (CTA), and the addition or removal of content based on user preferences.

Additionally, user reviews on platforms like the Play Store, social media, and its CRM can be monitored to identify issues and address them proactively. Transaction history and app engagement data should be also analysed to gauge user interest in other products and services. 

Steps to leverage first-party data effectively

First-party data has a lot of potential, but it needs to be used strategically to be successful. The following concrete actions can assist your BFSI brand in making the most use of first-party data:

• Data collection and integration: Gathering data from various sources, including social media platforms, mobile apps, CRM systems, and websites, is the initial stage in this process. To guarantee a comprehensive picture of your users, include this data in a single customer profile.

• Analysing data for customisation: To find patterns and trends in the data that has been gathered, use advanced analytics. This aids in audience segmentation and the creation of tailored offerings that address specific demands.

• Measure and optimise: It's critical to continuously measure campaign performance utilising insights from first-party data and trying multiple A/b to improve your tactics and produce more significant outcomes. 

Difficulties and prospects for first-party data use

Effective first-party data utilization in BFSI marketing has advantages, but it also has drawbacks. Its use may be hampered by data silos, outdated technologies, and an uncoordinated data strategy. 

But as technology advances, machine learning (ML) and artificial intelligence (AI) are turning into key facilitators for scaling up client personalisation and automating data analysis.

Predictive analytics solutions backed by AI are expected to become more prevalent in the future, giving BFSI marketers even more ability to make data-based decisions. The emphasis will move from just gathering data to obtaining useful insights that can spur growth that is cantered on the needs of the customer.

Conclusion

The foundation of contemporary BFSI marketing is first-party data, which presents a multitude of chances for companies to interact with their target audience more successfully. BFSI businesses may meet and even surpass consumer expectations by using this data wisely, which raises retention rates and increases return on investment.

This article is penned by Manvendra Verma, Director, Brand Marketing, Moneyview

Disclaimer: The article features the opinion of the author and does not necessarily reflect the stance of the publication.