IMPROVE YOUR MARKETING CAMPAIGNS.
To help improve campaigns, financial institutions need to identify both internal and external sources of data that can help support customer acquisition and retention goals. Internal data sources can help with personalization and targeting of the right offers to existing and previous customers. External sources offer insight into a broad range of data points that can be beneficial not only in marketing, but throughout the entire customer lifecycle. Behavioral, demographic, and lifestyle data attributes can help drive personalization and segmentation.
Paired with fraud and other essential data attributes including baseline credit information, an effective data strategy can ultimately result in greater response rates as well as improved risk mitigation.
Marketing and risk assessment are not separate activities but must occur in parallel when extending offers for financial products and accounts. Pairing credit data with alternative data can provide a solid foundation for both marketing and risk management.
The Right Criteria
Employing consistent analytics in both the marketing stage and approval stage is an important factor in the development of financial services marketing campaigns and can result in a higher return of successfully approved applications. Without consistency in all phases of the customer lifecycle (offer to approval), selecting and soliciting potential applicants can be very difficult. This can lead to ineffective decisions and dissatisfied consumers.
DMS Summary Attributes® consolidate tri-bureau credit information for easier analysis and enable you to avoid the expense and time required to code and validate attributes multiple times. This more efficient and accurate process to select potential borrowers will provide better risk assessment and enable you to leverage consistent evaluation criteria from start to finish.
The DMS marketing stage analytics process helps you:
- Gain consistency in calculations and attribution of scores
- Remove variability in selection and scoring
- Reduce the number of errors through fewer vendors coding
- Establish a seamless analytics process
- Maximize customer acquisition
Watch this brief video for an introduction to the marketing stage analytics process:
5 Things to Consider Before Your Next Marketing Campaign
– The Financial Brand INSIGHTS, Winter 2021 issue
From Applicant to Borrower: Improve Your Marketing Offers
– The Financial Brand INSIGHTS, Fall 2021 issue