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PERSONALISATION AND THE IMPORTANCE OF PRIVACY IN THE POST-COOKIE LANDSCAPE

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Carolyn Corda, CMO at ADARA

 

Personalisation is critical for financial brands, both in acquiring new customers and driving further value from existing ones. As the financial market becomes increasingly competitive following the emergence of digital challenger banks like Monzo and Starling, alongside digital payment solutions such as Klarna, it’s clear that financial institutions need to personalise messages in order to compete.

The de facto process for targeting and executing personalised messages, the third-party cookie, however, will soon be phased out in January 2022. Apple and Firefox have already stopped using 3rd party cookies on their browsers, meanwhile Google Chrome – with nearly half the market share of web browser usage – is soon set to follow.

Without the insight and information that third-party cookies provide, financial brands will find it much harder to personalise messages to consumers. Data in a post cookie landscape will be limited to walled gardens and first-party information such as purchases, name and location. With consumers coming to expect personalised content as the baseline in most communication, the loss of third-party cookies will put financial institutions at a disadvantage, and make it harder to send the most relevant promotions to the right person at the right time.

It is imperative that finance brands fill the gap left by the death of the third-party cookie by finding new data sources that allow marketers to execute personalised marketing efforts.

 

Putting privacy first 

Lack of transparency and infringements upon consumer safety were the main reasons behind the death of the cookie. Any replacement, then, needs to be privacy safe.

However, finding a privacy safe solution that also generates results is easier said than done. Replacements such as Google’s cookie alternative, FLoC, and walled gardens like Facebook and Amazon don’t give advertisers the flexibility to tailor data sources to their own specific wants and needs. While walled gardens do have the scale and log-ins to track and target billions of users with deterministic insights, they don’t allow financial brands to use insights outside of their ecosystem. For example, financial brands can’t use Facebook, Google and Amazon to find specific audiences based on  travel habits, real estate plans, preferred credit cards, mortgages and other financial products and then reach these audiences on other platforms. This means that any advertising campaigns using just these walled gardens as a source will lack the info needed to deliver highly personalised messages to consumers across every channel.

While financial marketers will still undoubtedly want to work within Google and Facebook’s first-party environments, it’s crucial that financial brands also seek ethically sourced, privacy-centric data from elsewhere. Brands should be developing their own targeting and measurement strategies that go beyond walled gardens.

 

Data sources and tokenisation 

Financial brands should be looking to replace the gap left by third-party cookies by utilising their own first-party data (payment history, credit score etc) in combination with data from external partnerships. Data partnerships give financial brands a broader view of their consumers, allowing them to send highly relevant messages in a privacy-centric manner. In other words, they can give financial brands insight into how people interact with a group of other companies and therefore data into a wider set of behaviours and patterns.

At Adara, we’ve developed a future-proof solution to the third-party cookie that combines data partnerships with strong data rights management capabilities and our Privacy Token – a secure way to obtain and share customer data that doesn’t rely on third-party cookies. With the ADARA Privacy Token, all shared data is obscured in a way that no external party would be able to reconstruct. ,

Adara’s tokenisation solution is purpose-built for safe data sharing and allows for brands to share and receive data, secure in the knowledge that sensitive information won’t be leaked to external sources since it never leaves the firewall. Analytics or data science teams are then able to provide the best and most relevant insights for marketing and customer experience teams. This enables them to send personalised messages through extensive and validated identity graphs. So even as ecosystem policies and privacy regulations constantly change, financial institutions can ensure a privacy protected digital business without sacrificing performance.

As we approach the death of the third-party cookie, financial brands need to prepare themselves for the seismic change in personalisation and digital marketing. Those that adapt by utilising first-party data and entering into data partnerships will find that they are able to fill the gap left by the third-party cookie while remaining privacy safe. They will also ensure that they are competitive by delivering the right message at the right time to existing customers and potential new ones.

 

Business

STREAMLINE YOUR BUSINESS FINANCES AND SIGNIFICANTLY INCREASE PROFITABILITY

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Every successful and professional business owner knows and truly understands that there is nothing more important and worthy of investing significant time in than the state of their company finances.

Continue reading to discover how to streamline your business’s finances and subsequently significantly increase profitability and cash flow.

 

Invest In Employee Training Courses and Business Mentors

The initial monetary outlay required to invest in employee training courses and even an in-house business mentor scheme will be quickly absorbed by the overall improvement in employee efficiency and productivity. Training courses will bond your teams, improve their morale and sense of belonging to your company. They should also make every individual worker feel significantly more valued and will open up opportunities for individual progression, promotion and advancement. Both quantity and quality of performance are proven to increase within a business that offers employee training courses and business mentorship.

 

Conduct A Thorough Business Energy Audit

As a business professional, you will be all too aware of the sheer amount of money spent every month on your energy bills. To counteract this and potentially significantly reduce the amount you are paying, you should conduct a thorough energy audit throughout the entirety of your business. Water rates for businesses are far more competitive than one may believe and employing the services of an established and experienced company who can compare and consolidate your energy bills would be exceedingly prudent.

 

Outsource Your IT Operations

Contrary to several business ‘experts’ beliefs, there is never the exact right time to outsource your information technology operations and whenever you make the move you will inevitably need to deal with several unexpected issues. However, the benefits of doing so far outweigh any minor inconveniences you may or may not experience.

There are several crucial questions and polite demands you must make to your supplier and, naturally, your soon-to-be business partner, and it is vital to set out clear goals and targets before you begin. It would be extremely pertinent to source an IT business associate who has as few intermediaries as possible to insure a smooth and problem-free collaboration as well as ensuring your new collaborator is up to date with the very latest in technology that is specific to your industry.

 

Use Payroll Software

There are a multitude of benefits to investing in a company payroll system which include, but are in no way limited to:

  1. Fewer, if any, mistakes regarding paperwork
  2. Ensuring your year-end is as stress-free and unproblematic as possible
  3. Fulfilling your moral and ethical responsibilities to your hardworking employees
  4. Simplifying the overall payroll process from start to finish
  5. Saving significant time and subsequent money
  6. Ensuring you are fulfilling your legal obligations to the government

As your business goes from strength to strength, naturally you will gain a significant increase in the number of employees on your payroll and if your payroll is currently done in-house, there is an increase in the risk of human error the higher the employee count.

 

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HOW SMEs CAN EMBRACE CONTACTLESS, WITHOUT DITCHING CASH

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By Tsuyoshi Notani, Managing Director, JCB International (Europe) Ltd.

 

Already popular, the past year has accelerated the usage of contactless payments in lieu of cash transactions – even for very small purchases. As well as using cards with contactless abilities, the ease of using digital wallets such as Apple Pay has increased take-up across the UK, representing 32 % of online payments[1]. Digital payments have the advantage over notes and coins at point of sale because it facilitates a more hygienic experience and speedier transaction.

Meanwhile, in the UK, the contactless cost limit has been raised from £ 45 to £ 100 for a single ‘tap and go’ transaction, compounding moves by consumers to rely on contactless as the payment mechanism of choice. In fact, Link Scheme Holdings Ltd, which oversees the UK cash machine network reported that the number of visits to ATMs dropped by 43 % for the year to March 2021 on the previous year[2], although it does note that some ATMs may have been inaccessible due to pandemic restrictions.

The appetite for paying without cash is huge – and we know that a large proportion of cashless payments are also contactless. For SMEs this can present a challenge. Providing multiple ways to pay can be an administrative obstacle, and often SMEs prefer to operate with cash only, to avoid incurring additional fees and costs. However, there is good reason to offer digital payment methods alongside cash.

Business benefits to offering contactless payment solutions include reduced costs associated with cash handling, and the convenience for customers in offering multiple ways to pay for goods or services. It is also a very secure way to receive payment. A simple and fast way to transact, contactless is the ultimate convenience for customers. For retailers competing in today’s landscape, it is essential to ensure that customers have access to their preferred payment method.

However, this must not come at the total exclusion of cash until a solution has been found for the ‘unbanked’ – those without access to digital payments for one reason or another. For now, solutions are nascent, and SMEs looking to reach all potential customers would do well to offer cash payments but also enable cashless and contactless. For SMEs who increasingly find themselves faced with competition from mega entities, focusing on a convenient and frictionless customer experience is paramount.

At JCB, we take financial inclusion seriously, recognising our role as a key player in the global financial ecosystem to ensure nobody is left behind by the digitisation of payments. We, for example, partnered with FE Credit, to launch two credit cards in Vietnam that are packed with benefits to meet the needs of the unbanked. A few examples of these unique offerings are the Oi Plus Program – a flagship loyalty program that rewards cardmembers on their everyday spending, and EasyPay – one of Vietnam’s largest 0% retail installment programs, and Selfie PLUS – one-click mobile-to-card image upload solution[3].

Luckily, the ‘how’ in enabling contactless and cashless payments is very simple. When picking a card reader, ensure you choose one created by a company which enables multiple cards, as this will enable your business to accept a wide spectrum of payments – and means no sale is lost because of an issue around how to pay. From a JCB acceptance point of view – Lloyds Bank plc, Barclays plc, and Zettle all accept JCB Cards in the UK. Viva Wallet, which supports around 80,000 merchants in Greece, more than 3,000 merchants in Belgium, and more than 6,000 merchants in the United Kingdom and beyond also accepts JCB Card payments[4].

Losing out on customers who do not carry cash is a no-go for SMEs looking to build back business after a difficult year. Enabling card and contactless payments is a surefire way to appeal to customers looking for convenience, removing one big obstacle to purchase for the on-the-go shopper. That is why at JCB, we encourage SMEs to both enable contactless, and accept cash – for the biggest opportunity to enable purchases and to ensure nobody is left behind.

 

[1] WorldPay, The Global Payments Report February 2021 https://worldpay.globalpaymentsreport.com/en/

[2] BBC, ATM withdrawals drop by £37bn during year of Covid 17 March 2021 https://www.bbc.co.uk/news/business-56413993

[3] FE Credit to Issue JCB Card in Vietnam, 19 November 2020, https://www.global.jcb/en/press/2020/202011180001_alliance.html

[4] JCB and Viva Wallet’s Expanded Collaboration Across Europe, 25 August 2020, https://www.global.jcb/en/press/2020/202008240001_alliance.html

 

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