Optimising for high-quality leads that result in customer conversion has long been a challenge for banks. But that’s no more, given the conversion measurement solutions available today.
Now, banks are using the solutions to pass post-login data, such as completed applications and approved customer sign-ups, back to their marketing platforms and customer data platforms in privacy-safe ways.
That conversion information lets them optimise their campaigns towards profitability and helps customers successfully sign up for suitable financial products.
By using privacy-centric measurement solutions:
Banks which have adopted such privacy-centric measurement solutions have seen strong results and customer growth. Standard Chartered, for instance, achieved 160% more product sign-ups, and DBS, in its pilot, saw a 33% improvement in cost per completed submission.
The situation that needed a solution
Previously, banks lacked privacy-safe options for passing post-login data, such as completed applications and approved customer sign-ups, back to their marketing platforms.
Because of that, they couldn’t accurately measure how their marketing campaigns acquired customers and drove profits through sign-ups. Consequently, they couldn’t optimise towards that final conversion goal.
So they used information that could be readily passed on to marketing platforms, such as applications started, to optimise their campaigns for volume of leads.
The banks that didn’t give up on their goal of quality leads, however, worked with Google to implement privacy-centric solutions that let them drive their desired conversions at greater cost efficiency.
Privacy-centric solutions banks use to generate high-quality leads
The privacy-centric solutions work by anonymising a bank’s post-login data on completed applications and approved sign-ups, and passing that secure information back to the banks’ marketing platform.
For that to happen, there are two possible pathways. One is for the bank to collaborate with a customer data platform partner. Another is for the bank to directly apply the solution to its ads management system.
Here is how DBS and Standard Chartered each implemented privacy-centric measurement solutions to drive business gains.
To optimise for completed submissions quickly and efficiently, DBS ran a pilot with its One Marketing Hub, a privacy-centric customer management solution to reach relevant customers on ads platforms.
The solution sent anonymised, privacy-safe customer data for completed submission via Google Ads Enhanced Conversion API to the bank’s Google Ads account. With that information, DBS was able to indicate its desired conversion action and optimise its ad campaigns towards that goal — completed submissions.
As a result of the pilot, and by deploying Google’s enhanced conversions for web feature on the DBS One Marketing Hub platform, DBS was able to optimise its media spend, drive more completed submissions, and improve its cost per completed submission by 33%.
Standard Chartered had seen strong sign-ups via its Performance Max campaign and it wanted to go beyond increasing applications to growing approved leads, at a lower cost.
Because it uses Campaign Manager 360 to centralise and optimise its ad campaigns, it was able to tap into the Match ID feature. That lets it link online leads, including customer interactions with its ads, to the offline approval of their sign-ups for financial products.
Where there was a match, an application ID was generated for the approved lead and that anonymised, privacy-safe information was sent back to Campaign Manager 360 via the Campaign Manager 360 API.
The bank was then able to use that privacy-safe information on approved leads to optimise its Performance Max campaign for offline conversions of approved sign-ups.
The result: It drove 160% more product sign-ups at an 18% higher approval rate, while maintaining a similar cost per acquisition.
Indeed, banks should no longer be optimising for the volume of leads alone if their goal is to improve the quality of leads that they acquire. With the privacy-centric measurement solutions available today, banks can now focus on customer growth.
Contributors: Aditi Roy, Industry Manager, Finance, Google Singapore; Manfred Pan, Industry Manager, Finance, Google Singapore
