How Personalized Customer Data Platforms Increase Conversions for Financial Brands

 

How to Increase Customer Conversions with Personalized Customer Data Platform Solutions

Engine Room provided implementation services for a retail brand looking to add user-based personalizations across its site. In just two weeks, Engine Room was able to integrate an intuitive customer data platform so that Redpoint could tailor the brand’s website to each visitor based on their activity throughout the site. 

For example, users are now presented with a preferred rate for a home equity line if they are a current customer, or an introductory offer for a checking account if they are not. Some other optimizations:

• If a prospective customer is known to run a potential small business,  they will see resources for business checking and business support.
• ‘Hyperlocal’ branch locations and associate contact information are available to customers based on their location.

As a result of the new CDP solution, the brand has so far experienced a 50% increase in customer conversions. It continues its partnership with Engine Room for the next phase of website development. 

 

How Engine Room Uses Customer Data Platform Solutions

For this project, Engine Room was recruited by a retail bank that was hoping to implement activity-based personalization throughout their website. Because so much of a consumer’s activity on a financial website requires authentication, the brand needed a CDP solution that would provide customers and potential leads with a customized experience that caters to their interests.

As a Redpoint partner, the Engine Room team selected this robust CDP to understand individual lead behavior, drive customer engagement, and attend to preferences based on consumer demographics, preferences, and online behaviors. 

 

Efficient Integration for a Financial Services CDP

This financial brand was preparing to start a multi-phase endeavor to integrate a multichannel strategy, improve its website, and customize content for each user. The first step in this process was having the Engine Room team implement a CDP to personalize the content on their main website. In this scenario, this particular banking customer data platform collects information on customers and potential customers to understand their behavior on the brand’s website and discover how to tailor the website to best meet their needs. Then Redpoint creates a Golden Record for this customer, allowing for future ‘fine tuning’ of their information.

In this case, the client was in search of a customer data platform solution that would fit with the rest of their infrastructure. With no log-in authentication for their main marketing website, they had no solution but to map potential leads by IP address or other primary information. It was not an ideal solution for the company, which was looking to deliver customized recommendations and user-specific suggestions to better connect with existing and potential customers.

To meet the outcome the client was looking for, Engine Room offered Redpoint’s CDP as the right solution. Not only does Redpoint allow brands to access customer profiles in real time, but it also powers advanced machine learning algorithms to deliver personalized customer journeys based on user activity.

Additionally, Engine Room’s client needed a collaborative partner to implement the right CDP to fit their needs and grow their marketing potential. But the brand was also searching for someone who could meet its tight deadline. 

The Engine Room team worked diligently to meet an existing timeline—one that was established by an incumbent vendor. Engine Room took over the project and implemented the Redpoint CDP so the client would be ready for their upcoming selling season in less than a month. First, a roadmap was created to execute the plan, and then all of this information was communicated to the client. This ensured that the entire organization was on the same page about the implementation process from start to finish.

 

The Solution: a Personalized CDP 

Besides successfully meeting the client’s deadline for their impending selling season, Engine Room integrated a personalized CDP solution that meets the client’s present and future marketing personalization needs. The CDP uses multi-channel information that’s based on new and stored activity to customize the site to each user.

Now, when visitors enter the site, the brand can map the channel they took to get there, as well as their ongoing on-site behavior, and use this information to deliver custom-tailored content to provide exceptional service and drive sales. Based on user activity, the integrated customer data solution sends customer-specific data to the website to share the appropriate imagery and content based on user history. 

For example, if a potential lead visits the home equity loan page, the next time they visit the homepage, the CDP is to personalize the site’s hero slider to include details about home equity. Engine Room set up the financial services customer data platform to enable this kind of personalization.

After implementation, Engine Room performed extensive quality assurance to map activity and ensure that these personalizations matched the data the banking customer data platform was sending and receiving. Quality assurance is a critical part of Engine Room’s implementation processes and was vital to the success of this project. As a result, the CDP works seamlessly with the client’s existing infrastructure.

Not only did Engine Room deliver a fully-integrated CDP solution on time, but the client was always kept in the loop about each stage of the project. So far, the client has seen a 50 percent increase in conversions based on these new CDP-enabled personalizations. 

Next up, the Engine Room team will be supporting another phase of website development for this client as they expand their brand and offer more services for their clients and customers. It will require using this personalized customer data platform solution to discern different kinds of customers based on the services they need and offer additional data-centric site personalizations. 

You can view other examples of successful partnerships with Engine Room on our website. To learn more about how Engine Room can help you make the most of your digital assets, book a free consultation today.