Banking on Digital Growth
Banking on Digital Growth

Episode · 5 months ago

206) #InsideDigitalGrowth - Third-Party Data: A Future Without Cookies


With Google intending to phase cookies out of their browser later this year, marketing teams are scrambling to fill the void that the loss of third-party data will leave behind.

Plenty of first-party data-mining options are at our disposal; you just need to look in the right places.

In this episode of our Inside Digital Growth series, I answer questions about third-party data and share insight on how your financial brand can successfully transition away from it.

Join us as we discuss:

- What dwindling accessibility of third-party data means for banks (5:48)

- How financial brands can transition away from third-party data (8:31)

- New data-mining opportunities FIs should be looking for (13:15)

Check out these resources we mentioned during the podcast:

- Text your questions to James Robert at 415-579-3002

- James Robert Lay

You can find this interview and many more by subscribing to Banking on Digital Growth on Apple Podcasts, on Spotify, or here.

Listening on a desktop & can’t see the links? Just search for Banking on Digital Growth in your favorite podcast player.

You're listening to banking on digital growth with James Robert Lay, a podcast that empowers financial brand, marketing, sales and leadership teams to maximize their digital growth potential by generating ten times more loans and deposits. Today's episode is part of the inside digital growth series, where James Robert shares answers to some of the biggest digital marketing and sales questions he gets from the digital growth community. Have a question you want to get answers to on a future episode? visit www dot go ask jrcom to submit your question today. Now let's go inside digital growth. Greetings and hello. I am James Robert Lay and welcome to episode two thousand and six of the banking on digital growth podcast. Today's episode is part of the inside digital growth series where I James Robert Lay, your digital anthropologists, commit to continue to coach and guide you, your financial brand, your Fintech, along your digital growth journey, as you continue to commit to guide people beyond financial stress in the communities that you serve towards a bigger, better and brighter future. In today's episode of inside Digital Growth, we are going to dive into the proverbial mail box, into the podcasts and box, where we've been getting some really good questions from listeners. My team has cured, D rated and grouped up into a specific area of focus to provide you with clarity before we get too far. If you do have a question that you would like to get answered on an upcoming podcast episode, Text Your question to four hundred and five, five hundred and seventy nine, zero zero two, and my team will make sure that I get that question to answer for you in an upcoming podcast. Let's go ahead and jump into today's questions, framed around how your financial brand are Fintech can look towards a future with limited... no access to third party data. Think this future is not real? Well, we've been tracking the demise of Third Party data since two thousand and seventeen and have covered it a few times on previous episodes of also written prolifically around it. But we be getting some good questions as of late that would like to talk through today to provide you with even more clarity, to guide you forward, to empower you to maximize your future digital growth potential and a world without access to third party data. So, with that context in mind, let's UNPACK. The first question that takes a step back looking into the history of third party data. As a listener ask a very simple yet very powerful question that we must first start with today and build on from there. The listener ask how have banks historically use third party data? Well, financial brands have historically use third party data in marketing for specific audiences, targeting specific audiences, and a deeper example of this is, will say, look alike data that allowed a financial brand or a finteck to target a group of account holders or potential account holders with profiles similar to those that they are already doing banking with. However, there have been compliance issues over the years with look alike third party data, especially with ads that promoted a specific product or an offer around lending, and one of the best ways to see are clear of any tricky look like issues that could trip up financial brands was for them to to use third party look like data to target more broadly, to stay away from specific lending offers, but to target more broadly with ads primarily framed around just creating brand awareness. Now, in addition, third party data historically came...

...internally. For that matter, it came through data feed integrations in two platforms like PFM, personal financial management platforms that filtered in third party account data, third party transaction data, and while there was a gold mine of opportunity for sure, the challenge with Third Party PFM data was actually getting people to add third third party accounts into the pfn platform and then use that PFM on a regular and a consistent basis. Finally, in really even on a more simplistic scale, third party data from esps or email service providers like gml, Apple Mel provided insight into marketing teams of WHO's opening, clicking or interacting with emails that they were sending to account holders or prospects from a platform like a cell's force or a hub spot or Marquetto or Melchum. So those are some some some contextual frameworks that will use to guide the remaining insights that I share going forward. Starting with question number two, as a listener ask, what does the dwindling accessibility to third party data, for example through Google's elimination of cookies, mean for our bank? Well, I'm glad you're thinking about this and I'm glad you're asking this question because up to ninety percent of all display ad impressions will have no user or device identifier attached to them. If there is no substitution for third party cookies going forward, that means for financial brands to target adds at scale and a cookless world, they're going to need to commit... adopt a portfolio approach to add placement that provides a path to target ads without having a clear user or device identifier. The biggest pain financial brands are not aware of, I would say, is what's going on in the inbox. Thanks to the IOS fifteen update and, without getting too deep or too technical, some of the biggest email marketing features financial brand and marketing. Without getting too deep or too technical, some of the biggest email marketing features financial brand marketing or cells teams are going to lose include a few, a few that I want to note here. Number One, not knowing who opens your emails, and this is going to impact either a digital cells or be account based marketing strategies. Another challenge when not having insight into who is opening or clicking into the email inbox is not being able to accurately track email open rates, which, at the end of the day, open rates are just a vanity metric, but that's going to impact being able to send follow up emails based upon an opened or an unopened status, typically tied into a marketing automation workflow. And then, finally, we're going to see challenges of no longer being able to run AB test anymore because Ab test or tied to what typically open rates based upon an email subject line. So those are going to be some of the limitations that we experience when third party data goes the way of the dinosaur. Digital growth is a journey from good to great, but sometimes this journey can feel confusing, frustrating and overwhelming. The good news is you...

...don't have to take this journey alone, because now you can join a community of growth minded marketing and sales leaders from financial brands and Fin Tex who are all learning, collaborating and growing together. Visit Digital growthcom slash insider to learn more about how you can join the digital growth insider community to maximize your future digital growth potential. Now back to the show. I want to unpack question number three from a listener who wonders what can our credit union do to transition or Wean ourselves off of third party data for simple things? Number one, s seo is going to see a new golden age. As a result, marketing teams really need to start thinking about how they can transform themselves into internal content publishing teams to fuel the production of content, both for SEO purposes. Number One and the number two the nurturing of leads through first party data, which we'll get to here in a bit. Number two, get technologies and place to start collecting first party data. That is a priority. If you are not doing that now, then get this on the road map. To start, you must start collecting first party data and then from there begin to develop proactive, Evergreen content and automation assets for key product lines that are triggered by first party data and sits. Number three, start viewing your email databases as a strategic asset that does in fact carry a monetary value, just like a physical branch location, for example, according to some research from shopify, the value of an email contact, the value of a single email rows from...

...sixteen dollars in two thousand and nineteen to thirty three dollars in two thousand and twenty, thanks in part to covid and I expected, and really predict, to see the value of an email contact continue to rise in the coming years thanks to the demise of digital ads and some of the challenges and social media, or you're going to have to continue to pay to play, to promote your content by accessing the audiences owned by others. And for this reason, this is why it is imperative to make ongoing email acquisition and re engagement of unengaged emails a strategic priority for marketing cells and, yes, even service teams. Now, this might sound a little bit contradicting, based upon the IOS fifteen update that is going to limit email access, the ability to tract email data, and I also predict that we'll see Google do the same thing with Gmail and we'll see Microsoft do the same thing withoutlook. But when we think about email acquisition here, this is not email acquisition for the case of sending more emails. This is email acquisition framed around the case ATTRACT FIRST PARTY DATA FOR IMPROVED AD targeting and content distribution going forward into the future. I also want to make a point here that it is important to go beyond thinking about email acquisition from an old world model of, quote unquote, audience building. And Listen, I am guilty for this, I would say. For Years I was coaching and recommending and guiding around building audiences. But my thinking on this is shifted greatly post covid because audience building, that thinking is still rooted... one too many broadcast messaging communication. And this is where we can start to think of email acquisition as, quote unquote, community building, where communication, digital communication, becomes more of like a dialog, because it is through the dialog, it is through the discourse, it is through the discussion that insights can be gained and take an action off of, when associated with the first party data found within a digital community that our financial brand or Fintech owns. As we start to wrap up, I want to move on to question number four. As a listener ask, what can community banks do to replace third party data if it truly is going away? Where are the new data opportunities we should be thinking about? Well, in a cook less world, email and mobile numbers have the potential to become the new universal unique identifier, or the UI, when it comes to data collection, and that data collection, along with the Association of First Party data, is what is going to be tied back to these unique universal identifiers, ie. Email and mobile numbers. Once again, this is why I'm advocating for the collection of email addresses, even though we might lose access to data in the email inbox. And the greatest slowhanging fruit truly just waiting to be picked for the vast majority of financial brands and Fintex is first party data coming off of your public facing website. For example, what pages are people looking at? What products are they interested in? You know that. You know that from the first party data...

...tied back to an email address. And when we know that, when you know that, all of this insight, all of this information, can be used for good to make proactive offers, to provide them with guidance to help guide them forward on their own financial journey. This can be done through email automation and Ai Algorithms, but it can also be done from a human to human context by empowering cells and service teams with data coming off the website tied back to an account holder, so that whenever someone is having a conversation on the cells team or the service team with an account holder, they can ask leading or probing questions into what is going on in that person's life. So it's turning insight into action. As always, this has been a lot of fun and I really do appreciate the questions that we get from you, that your listener. I love these questions because they really do help to keep me on my toes. They help me, they really challenge me to think even more deeply about what is on your mind so that I can come back and provide you with some additional perspective to guide you on your own journey of growth. So, if you are thinking about a digital marketing cells or leadership question that you'd like to gain clarity too, that you'd like to get some insight around, text that question right now to four, one hundred and five, five, seven nine three, zero, zero nine two, and I do look forward to answering it for you on an upcoming podcast episode. Until next time and, as always, be well, do good and make your bed. Thank you for listening to another episode of banking on Digital Growth with James Robert Leigh. To get even more practical and prove an insights, along with coaching and guidance, visit digital growthcom slash insider to join a community of growth...

...minded marketing and sales leaders from financial brands and thin text. Until next time, be well and do good,.

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