{"id":1686,"date":"2020-04-24T16:25:44","date_gmt":"2020-04-24T10:55:44","guid":{"rendered":"https:\/\/www.lemnisk.co\/blog\/?p=1686"},"modified":"2020-09-08T15:44:56","modified_gmt":"2020-09-08T10:14:56","slug":"uae-bank","status":"publish","type":"post","link":"https:\/\/www.lemnisk.co\/blog\/uae-bank\/","title":{"rendered":"Leading UAE Bank Leverages Lemnisk CDP to Boost User Engagement"},"content":{"rendered":"

Consumers today are more digitally-savvy than they were a couple of years ago. Their brand interactions have shifted from offline channels such as branch visits to digital channels such as email, social media, etc. Companies, especially in e-commerce, have started to leverage this digital transformation by personalizing the digital experience for their consumers. Unlike e-commerce, banking is one sector where consumers don\u2019t get to experience this at all.<\/span><\/p>\n

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In the UAE, new age technology companies like Netflix and Facebook have made personalization become a basic consumer expectation. However, most banking organizations in the country are yet to offer it to their customers and prospects.<\/span><\/p>\n

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A leading retail bank in the region wanted to radically change the digital experience for all its customers. What if the bank could address customers by their name and show them personalized content on the website based on its relationship with them? But how can it approach this challenge \u2013 through first-party customer data!<\/span><\/p>\n

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The Importance of Customer Data<\/b><\/h3>\n

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\"importance<\/p>\n

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A recent Accenture study found that by providing personalized recommendations and experiences, 91% of people are more likely to perform purchases. Financial companies are therefore increasingly using data-driven marketing to individualize and enrich the customer experience.\u00a0<\/span><\/p>\n

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As banks are rich in customer data and first-party data accounts for a significant percentage of it. Hence, the UAE bank identified first-party data as the primary fuel that can power its data-driven marketing efforts. This is because a customer-centric dataset is more credible and contains important information about the customer that banking marketers can effectively leverage.<\/span><\/p>\n

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But tapping into first-party customer data was another challenge in itself. Firstly, the data was fragmented and distributed across various data silos. For example, customer transactional data, website data, third-party audience data, and offline files-based data were all residing in their very own data silos. Secondly, the data type was quite diverse which included unstructured, semi-structured, and structured data. Finally, the whole system had to be tightly integrated to enable the smooth flow of data between the data silos.\u00a0<\/span><\/p>\n

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The bank’s marketers had to identify a way to aggregate and unify this data in one central location.<\/span><\/p>\n

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Read More:\u00a0How Financial Marketers Can Innovate with First-Party Data<\/strong><\/a><\/p>\n

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Facilitating Data-Driven Marketing Using Lemnisk CDP<\/b><\/h3>\n

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\"data-driven<\/p>\n

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To tackle the challenge of efficiently utilizing first-party data, the bank chose to use an innovative platform known as the Customer Data Platform<\/a> (CDP).<\/span><\/p>\n

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A CDP is a SaaS-based solution that has the ability to ingest first-party data from disparate sources and unify it to provide a single view of each individual customer. Using these unified user profiles; marketers can target end-users on their own assets like websites and applications with customized messages in the context of their search.<\/span><\/p>\n

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Customers who receive personalized communications tend to engage more with a brand as it resonates well with them and this leads to an increase in digital conversions.<\/span><\/p>\n

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The UAE bank partnered with Lemnisk<\/a> to assist them in their data-driven marketing process.<\/span><\/p>\n

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Lemnisk’s first approach was to stitch the bank’s first-party data together from various data silos and place it in a central hub known as the SST (Single Source of Truth). This was carried out in the following manner:<\/span><\/p>\n

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