What banks need to know about the 4 types of marketing data | Bank Innovation | Bank Innovation

What banks need to know about the 4 types of marketing data

The financial services industry is in a state of flux dictated by growing competition, consumer demands for personalized experiences, and unpredictable market forces. Savvy financial brands are meeting these changes head-on and setting themselves apart by adopting innovative marketing strategies informed by four types of consumer data at their disposal:

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:

  • How finance brands use the 4 types of data to drive growth & improve marketing efficiency
  • Strategies to find the best prospects & build personalized campaigns
  • Real-world examples from financial brands like Ally, HSBC, Wells Fargo and more!

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