Effective Use of Intent Data for Financial Institutions

TALHA TAMBOLI | June 30, 2021 | 109 views

Intent Data for Financial Institutions

The world began its course to become a digital open book after the internet came into existence. With almost everything available for purchase, the internet has brought the world to the buyer's doorstep. With the purchase, comes the data, and with effective use of the data collected within a period, any industry can speculate the buyer’s journey and take compelling steps to attract the buyer.


Looking at the facts, around 93% of purchases start with internet research. Intent data is the name of the collection of the behavioral signals that a user shows while purchasing anything. This data helps businesses be available at the right time and the right place to pitch their product to the customer who is already interested in buying what they are selling.

Businesses can analyze these signals, accurately understand where the prospect is in its buying journey and can give a solution to the problem. With intent data, even financial institutions can up their game and generate greater ROI while accurately predicting the buyer’s position in its purchase journey, and provide the best value to attract him/her. With over terabytes of intent data available for use, financial institutions can use it to flourish in this pandemic hit economy, using fewer resources and marketing their services to ready to buy consumers.

Since its inception, intent data is on the top priority of every marketer’s to-do list, with its usage in advertising campaigns, outreach campaigns, content creation, SEO, etc. This article covers how financial institutions can use intent data to their advantage, provide value to the user, and draw massive attention to their platform to reach their ultimate goal and generate more revenue.

Before going further, let’s understand the basic concept of intent data and its type that comes into the use for financial institutions.

WHAT IS INTENT DATA?

Intent data refers to collecting information on online behavioral insights of internet users or prospects, allowing you to better focus on the audience that has more chances of buying your products or services.

To put it simply, intent data will help you display your product or services to those already searching for it. For example, your financial department is facing challenges to keep the accounting on track, checking the organization’s financial status, etc.

While, you look for the solutions online, you Google “best financial tool for in-house accounting.” Out of millions of search results, your search concludes with some of the top tools like Robotic Press Automation (RPA) in accounting kept aside. Now, your search would be more specific and according to the selected tools.

Now, for comparing and selecting the best tools, you may Google-
“How RPA keeps track on accounting?”

“What is the ROI of RPA in accounting for small enterprises?”

“What is the role of RPA in accounting?”

And so on. Notice how your search query got specified after some informative searches. Imagine having the power of intent data of your customers and satisfying them with your content. Intent data helps you nurture a highly targeted audience and eventually convert them into your clients.

When prospects face challenges, they search for the solution online. While providing the solution for any specific query, websites ask the prospects to accept their cookies. These cookies monitor their intent of searching and this data is then pushed to the marketers to mold their campaigns suited better for these targeted customers.

Let’s look at how financial institutions can focus their campaigns on highly targeted prospects with types of intent data.


TYPES/SOURCES OF INTENT DATA

The types of intent data divide the vast information of intent into three types - first party, second party, and third party.

First-party

The data you now gather on known contacts and anonymous visitors is first-party intent data. It can also involve prospective website connections, newsletters, emails, and social media. You can use the first-party intent data to segment messages, build workflows, and get more leads. You can assist your marketing and sales team in determining how to approach and convert a prospect.

Second-party

Second-party data refers to data collected by another company. It is like gaining insights into your prospects from the shops they have visited earlier. The second-party intent data includes review websites and publishing networks. And all this information is voluntarily provided by the user. Sometimes, the user may also share the contact details and their business email id.

Third-party

While some systems only track a network of pages, third-party intent data is gathered from all across the web. In several cases, this intent data is extracted using one of 3 techniques: reverse IP lookup, Bidstream data from ad networks and widgets, and media exchange/publishing participants. Third-party intent data can show the user’s intent that is relevant to your campaign.

STEPS TO BUILD GREATER ROI FROM INTENT DATA

How can a financial institution decide whether a particular lead is worth its investment? Answer: By lead qualification.

By segregating each lead into three types, you can decide whether the prospect is an active buyer or someone who wants some information over the web. It allows the marketing team to use their time efficiently and target the leads which are likely to convert. For significant ROI from intent data, financial institutions should gather intent data and segregate it into three types of B2B data- Fit data, Intent data, and Opportunity data.

Fit data

Fit data shows how well your product or services fit the need of the customers. Imagine if a financial institution provides loans on a low credit score, and a user searches for loans on a low credit score, we can call this collection of information as fit data. With this information, you can efficiently use your time and investment to target a specific prospect. This information collection may include the prospect’s age, sex, job level, job function, and the residing location. Fit data is generally the data that won’t change quickly. It may give you a right fit of prospects for your campaign but cannot tell you the right time or context of search intent. 

Opportunity data

Opportunity data is event-based data on particular prospects. Suppose, you are a financial institution providing a car loan on reduced interest rates, and you come to know that a specific company is crediting bonus salary to its employees. If you market your car loan services to their employees, you can have more leads as you know they have a bonus salary in their account. This is called an opportunity data, which sometimes is also referred to as data scoops that give you information about favorable conditions for sale. As the name suggests, the opportunity data gives you the data of a perfect opportunity to market your services to targeted prospects.

Intent data

Intent data indicates that the time has come to engage with folks who actively express a desire to acquire a solution. When the intent data is integrated with other signals and a solid fit, the chances of conversion increase dramatically.

It's helpful to know when there's movement at a company, but if you don't know who to connect with and don't have a phone number or email address for them, it's only informative. You need actionable data along with intent data to perform a perfect marketing campaign.

COMMON USE OF INTENT DATA


A Segment to sort out active prospects

With the use of intent data, B2B marketers find companies actively looking for products or services they are serving. Intent data solutions provide segmentation tools that you can utilize to sort out active prospects that fit perfectly with your services.

This segmentation tool can help you filter your prospect with an unlimited combination of the type of company, contact details, location, industry, and technology they use.

Intent data for Account-Based Marketing

Leading B2B marketers use intent data to drive their ABM campaigns as it naturally fits these campaigns. ABM and intent data are  the two sides of the same coin, as ABM delivers results through specific account’s interest and intent data provides timely opportunities to initiate the contact. Integrating both helps you elevate your marketing reach.

Intent Data for marketing campaign Optimization

Integrated marketing strategies help financial institutions because marketers can pump useful insights to drive effective and relevant demands. The sales team of financial institutions get into the conversation with the buyer while having more information on their pain points and what solutions they are looking for, giving them an upper hand in exchange. 

SIGNIFICANT FINANCIAL MARKETING TREND


Insight-driven marketing

With the help of effective machine learning and artificial intelligence, insight-driven marketing helps financial institutions to offer financial assistance to the right fit of customers. Marketers can further collect the right type of customers that fits the services and not the other way around. Prospects with other financial needs can be routed to more appropriate services you offer.

Awareness of the customer journey

Intent data helps financial institutions optimize and understand the customer journey and correctly map customer interactions. It enables to influence the end-to-end experience of the customer. By having a perfect understanding of where the customer stands in the customer journey, financial institutions can market their services according to their needs.

Increased personalization

Intent data allows the marketers to look further into the minds of their prospects. It enables them to read the customers as an open book while segmenting them on their thought process. For example, which customer is more savings-oriented? Which one is planning for their retirement? With these insights, marketers can match the right customers to their services with the relevant type of marketing to compel the audience.

TYPES OF MARKETING SIGNAL AVAILABLE

Signals are the hints prospects resonate, showing financial institutions they are ready for being potential customers. These signals are everyday actions like Googling stuff they need orLike hard searching online, clicking on financial institution ads, applying for any loans, and paying off debts. Financial institutions can use these signals to run highly specific marketing campaigns.

Let’s look into these marketing signals further.
Most marketing signal falls into three major categories, such as:

Behavior-based

The behavior-based marketing signal includes hard searching like credit inquiries and online searches that signal intent to look for services. It may also include some minor changes that indicate future requirements like a change of residence or buying intent of large purchases like automobiles and real estate.

Event-based

Event-based marketing signals include automobile lease expiring, mortgage rate settings, or child passing the high school. These are the hints that indicate the prospect is going to have a requirement for your services. These signs show that the customer is about to have a significant financial shift, and financial institutions can use this opportunity to market their services.

Predictive

Predictive signals are passive hints that prospects show. It may not be as obvious as behavior-based, but it can set a boundary to your targeted customers. Some of the predictive marketing signals could have data of savings, debit consolidation, and mortgage refining. Predictive marketing signal can give low fidelity and can assure you the maximum coverage of your marketing campaign.

CONCLUSION

Using signals to attract and retain consumers is an effective component of a well-thought-out marketing strategy. Moving to a signals-based strategy, on the other hand, does not have to be a huge overhaul of your current procedures. Continue to use your tried-and-true strategy, but experiment with new ways of analyzing and responding to signals.

Worried about how much money you'll need to set aside to fund the signal-based marketing strategies?

You can assess the ROI of the marketing strategy before expanding your program if you start with a scalable service with no commitments.

Traditional signals continue to be relevant and form the basis for customer-focused marketing. Combining them with potentially powerful signals that indicate purchase intent will enable proactive communication and elevate financial marketing initiatives to the next level.

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Inswitch and Mastercard International partner to launch embedded payments and issuing programs across Industries

Inswitch and Mastercard | September 30, 2022

Inswitch, a fintech technology company with focus on embedded solutions for banking and payments, and Mastercard International Incorporated have partnered to design and deliver digital payment solutions and issuing programs starting with selected countries across LAC. Inswitch will start issuing cards as a Mastercard principal member in Mexico, with plans to expand quickly to key markets in LAC and other regions in the future. This collaboration will allow the company to extend its value proposition by offering digital and physical Mastercard branded cards for a broad range of applications across industries: Now our clients can issue branded cards to support different use cases: digital wallets, Buy now pay later, supplier payments, working capital for corporate expenses or cash management necessities; among others, said Ronald Alvarenga, Inswitch's CEO. In addition to the issuing program, Inswitch and Mastercard will work together to integrate their respective assets and solutions offering an agnostic platform supporting different types of businesses: Business-to-Consumer, Business-to-Business, Consumer-to-Business. Through this strong collaboration, Mastercard and Inswitch are position to deliver a robust turnkey solution in several verticals like eCommerce, Retailers, CPGs. Banks, Gig economy among others. Inswitch solves two urgent problems for enterprises moving to the digital world: it provides a varied payment infrastructure to accelerate the transformation to e-commerce; and innovating beyond payments with a full digital wallet and banking platform; allowing any company to build and launch financial services fast, reliable and around the world. In addition to offering payments and banking all-in-one platform, and a superior user experience; Inswitch will be providing Mastercard and its clients strong management tools to manage the business, including reporting, analytics, white label channels, automatic settlements, and reconciliations. "We are very excited to have Inswitch as a Mastercard Issuer in Mexico to integrate issuing capabilities and extend the value proposition to all B2C and B2B clients for Inswitch and Mastercard. Inswitch is a company that combines payments, core banking and issuing products in a single stack, that facilities all companies to develop and launch financial services in multiple markets.'' - Pablo Cuaron, Vice President Fintech & Enablers for Mastercard Mexico and Central America About Inswitch Inswitch is a global integrated financial technology company that helps companies to rapid activation of digital financial services through its omnichannel 360 Fintech-as-a-Service platform. Since 2002, Inswitch has implemented more than 100 platforms in 30 countries in Latin America and the Caribbean. In addition, Inswitch has processed over USD 9 billion in Total Payment Volume for more than 80 million users. About Mastercard Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

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Great Place to Work® and Fortune Name AAG One of the 2022 Best Workplaces in Financial Services & Insurance™

AAG | September 29, 2022

Great Place to Work® and Fortune have honored American Advisors Group (AAG) as one of the 2022 Best Workplaces in Financial Services & Insurance™. Earning a spot means that AAG is one of the best companies to work for in the country. The Best Workplaces in Financial Services & Insurance award is based on analysis of survey responses from more than over 176,000 employees from Great Place to Work-Certified™ companies in the financial services and insurance industry "It's an honor to be named a Great Place to Work and we are so grateful for our dedicated employees who have made us a part of this list, AAG is truly a very special place, where we do extraordinary things for seniors, so they can achieve a better retirement." -Rebecca Pacillas, AAG Chief People Officer AAG is committed to building its Caring, Driven, and Ethical culture through employee engagement, competitive compensation, and professional development. AAG recently launched One AAG, an internal sharing initiative focused on diversity, equity, and inclusion. One AAG invites its employees to share their real stories and experiences through internal company newsletters and discussion panels to create a space where diverse perspectives, cultures, and values are celebrated. In 2022, AAG was endorsed for multiple corporate accolades including Best Workplace for Millennials. AAG was also recognized by Inspiring Workplaces and awarded Arizona Top Workplaces in 2022. AAG is headquartered in Irvine California. About the Best Workplaces in Financial Services & Insurance™ Great Place to Work® selected the Best Workplaces for Financial Services & Insurance™ by gathering and analyzing confidential survey responses from more than 176,000 employees from Great Place to Work-Certified™ companies in the financial services and insurance industry. Company rankings are derived from 75 employee experience questions within the Great Place to Work® Trust Index™ survey. Great Place to Work determines its lists using its proprietary For All™ methodology to evaluate and certify thousands of organizations in America's largest ongoing annual workforce study, based on over 1 million survey responses and data from companies representing more than 6.1 million employees, this year alone. Read the full methodology. About Great Place to Work® Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees worldwide and used those deep insights to define what makes a great workplace: trust. Their employee survey platform empowers leaders with the feedback, real-time reporting and insights they need to make data-driven people decisions. Everything they do is driven by the mission to build a better world by helping every organization become a great place to work For All™. About AAG AAG is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation's leader in reverse mortgage lending, AAG offers a suite of home equity solutions including Home Equity Conversion Mortgages, traditional and proprietary mortgages — that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA).

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