As a community bank or credit union, you likely know how important it is to have effective marketing campaigns that reach and engage your target audience. However, you may not be aware of the potential benefits of 1st party data in your marketing and customer experience.
1st party data is data collected directly from your customers or members. This data could include demographic data, contact info, transaction histories, loyalty program information, and more. By leveraging this data, you can get a better understanding of who your customers are and what their preferences are.
With that information, in an accessible, actionable, and secure/compliant environment, you can then:
- Two-way communications across all channels: no more missed opportunities across your customer touch-points.
- Identify customers in real-time: enable the timely use of insights when they have the most impact
- Consolidated customer records: avoid fragmented and siloed information that hinders your ability to provide stand-out experiences
- Cross-institution collaboration: have all of your team, from teller to support to marketing, all using the same information in a coordinated fashion
- Personalization: from offers to experiences, provide the personal level of service you’ve built your reputation on
- Measure and improve your performance: interpret all the interactions with your customers and uncover opportunities for improvement
- Governance and compliance: keep your customer data both useful and safe
Overall, 1st party data can be a potent tool for community banks and credit unions. By leveraging this data, you can create more targeted and personalized campaigns, better understand how your customers interact with your products and services, and ultimately improve the customer experience. Improving your 1st party data utilization in your marketing and operations is a great place to start if you want to increase your customer success. Not sure where to start? We’re here to help.