How Financial Brands Can Use Data to Attract More Quality Customers

Financial brands put a heavy focus on finding the right audiences for their products. For those in the credit card space, this translates into identifying customers who have a quality score within an acceptable range. We’ve previously helped brands define what a quality lead is and how to find and reach the right customers for their brand.

However, financial brands may need to shift this focus and expand their efforts to understand the various data points that make up the profile of a high quality customer to ensure continued success in both finding and retaining customers.

Brands can accomplish this by leveraging the right technology to better share anonymized data on these aforementioned right customers. In sharing this data, brands can gain better customer insight, which enables the creation of more personalized experiences which increases the overall quality of applicants a publisher can deliver for a brand.

Here’s how financial brands can better utilize their data to ensure overall quality:

Monitor Approval Rates

Approval rates are currently the priority for financial brands, but this is only the first window into customer quality. Right now, it’s even more important to monitor quality because there are a variety of consumers looking for credit opportunities for multiple reasons due to the impact of the COVID-19 pandemic,  whether it’s to take advantage of lower rates or a need for credit to resume their day-to-day lives. Brands need to pay attention and ensure they’re passing data that reflects the type of consumers they want to continually attract and retain.

When receiving approval rates, brands should be monitoring them with a fine-tooth comb to find high quality scored customers that can be passed to their advertising partners and used for more beneficial, targeted advertising efforts. The data attributes around a high-quality customer can be delivered to an affiliate network. This data can be used to better identify potential opportunities to attract new cardholders and expand the relationship with current customers.

Gain Insight

The next step is to utilize the right technology that uses this combed through data to gain the necessary insights to service relevant financial products.

These insights include:

• If a consumer has purchased from a specific advertiser within the last year to determine whether the customer is a new or existing cardholder
• Which vertical(s) a consumer purchased from recently
• A consumer’s shopping activity (whether or not they’re an active or inactive shopper).

With this audience data, publishers can better understand what kinds of consumers are visiting their sites and identify ways to best engage with them.

Deliver Personalized Experiences

Being able to recognize consumers with the above insights gives brands an opportunity to deliver customized content to consumers rather than having a “one-size-fits-all” approach. By identifying which audience group a consumer belongs to, whether it’s a new or existing customer, which vertical their transaction data shows, etc.

Dynamic content can be delivered in real time to designated relevant audiences, increase engagement and result in higher conversion rates. For example, if a consumer visits a publisher’s site and they can be identified as having recently made a purchase in the travel vertical, a travel related reward would be a contextual, relevant offer that a publisher could serve to this consumer.

Brands that have approval rates as their main focus aren’t wrong, as this does more often lead to higher quality scored customers. But if brands expand this idea beyond just looking at approval rates and to focus more on how they can ensure quality from start to finish, they’ll have more success in customer acquisition strategies while at the same time extending the longevity of customer loyalty.

Through the use of proper technology, the right audience data can be passed to advertising partners and used in ways to help better understand site visitors’ shopping habits and intentions. This leads to data-driven, personalized consumer site experiences that result in higher engagement, conversion rates, and quality scored customers.

Ready to learn more about what technology can help you deliver quality content to drive quality leads? Get in touch with us today.