Creating highly personalized campaigns with anonymized customer database
A leading U.S. bank needed an anonymized customer database to help improve their cross-selling and prospecting efforts, while operating in a highly regulated privacy environment. Since migrating to Epsilon PeopleCloud Customer, our cloud-based customer data platform, the bank has a more complete view of their customers and can be nimbler with more efficient and effective campaigns.
increase in campaign production efficiency
Credit Bureau expense savings
increase in campaigns executed
Anonymizing customer data with PeopleCloud Customer
Like many financial service companies, our client, a leading U.S. consumer and wholesale bank was operating their marketing efforts under strict privacy regulations. The Fair Credit Reporting Act (FCRA) limited their access to Credit Bureau data, contributing to slow processing and execution timeframes and highly expensive bureau cost. The bank was also outgrowing their on-premise customer database which lacked scale, flexibility and ability to integrate with their marketing cloud.
When the client initially engaged Epsilon, we replaced their existing process for prequalifying clients with our custom-built database solution. More recently, we migrated them to a cloud environment with Epsilon PeopleCloud (EPC) Customer to deliver the scale and flexibility needed. This included an anonymized database that serves three main purposes:
First, it maintained an FCRA-compliant environment. With built-in identity capabilities, PeopleCloud Customer houses consolidated, anonymized and enriched existing client profile with credit data—all of the data necessary to pre-qualify clients for product offers combining Relationship Data/Scores, Credit Bureau Data and dynamic targeting criteria—meaning the bank no longer has to rely on the Credit Bureau to segment their data and execute the campaign.
Next, it enabled credit, analytics, and predictive model development teams to analyze current and historical credit and behavioral performance on clients, build and validate models leveraging client relationship, performance, credit and 3rd party data in a manner compliant with all regulations.
And last, EPC’s scalable infrastructure provides increased agility and efficiency today and will ultimately expand to meet increasing client engagement demands. This will enable the bank to prospect for future clients using a variety of data elements (credit risk, proximity to branches, and wallet share).
By having the full customer view from PeopleCloud Customer, we’re able to understand our client’s capacity for lending. Before it was more of an educated guess. Now we’re able to broaden our approval criteria and open up our lending products to a larger group without taking on additional risk. We can make safe credit decisions.Senior VP of Analytic Modeling, leading U.S. bank