The detailed marketing data available from third-party cookies, information services and email tracking has been a staple of bank and credit union digital marketing for years. That flow of information has begun to slacken and could soon become a trickle as tech companies offer consumers more ways to protect their privacy.
Google’s Chrome browser, for example, which controls two-thirds of the browser market, is set to phase out cookies by 2023. Other browsers have already imposed restrictions.
As this major data policy shift unfolds, bank marketers are scrambling for ways they can capture and use first-party data — data companies collect directly from their customers. By using email and phone numbers as the universal unique identifier (UUI) and learning to better manage what they already have access to, they can start weaning themselves from third-party data.
Bank marketers have been using third-party data to target broad audiences with ads framed around creating brand awareness. Marketers typically obtain this information from providers like Infogroup, which gathers it from various platforms, apps, and websites.
Additionally, third-party data is often integrated into personal finance management (PFM) and other platforms to filter accounts and transactions. ESPs (email service providers), which enable bank marketers to see who is opening and interacting with their emails, are another valuable source of data.
The Third-Party Data Reckoning
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Read Full Story: https://thefinancialbrand.com/145782/how-banks-can-improve-digital-marketing-by-using-their-own-data/
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