Digital marketing has become an important proposition for the future development of finance, and the occurrence of the epidemic has once again highlighted the importance of digital marketing.
At the 2021 Financial Street Holdings Co.Ltd(000402) forum annual meeting Chengfang financial technology forum, fan Yifei, vice president of the people’s Bank of China, proposed to accurately grasp the new direction of financial digital transformation and improve the digital intelligence marketing ability. Adhere to the concept of customer-centered data management and value creation, reasonably arrange marketing channels, explore resource collaboration and scenario based marketing mode based on in-depth learning, knowledge map and other technologies, create a marketing paradigm serving customers in the whole life cycle, promote the transformation of marketing services from mass to differentiated and humanized, and improve the level of customer acquisition, living and staying.
Wu Fushi, CEO of soxinda Holdings (03680. HK), told the reporter of China Business Daily that the current business logic of financial institutions is changing to “deep customer business model”, which also puts forward higher requirements for the new generation of digital marketing of enterprises and financial institutions. Digital marketing products in the new era not only need to accurately grasp users’ psychology and needs, but also need to realize the closed loop of user experience in the whole marketing process. Through the way of integrated marketing, it can affect users’ cognition through multiple channels, platforms and frequencies, so as to create a win-win intelligent marketing system for financial institutions and users.
grabbing the digital marketing market
With the end of the era of demographic and Internet dividends, the exogenous driving force of the development of the financial industry has shifted. Today, the customer scale of the financial industry has reached the “ceiling”, and the strategy of financial institutions relying on traffic and scale expansion will face great challenges. In addition to the impact of Internet financial giants, financial institutions need to start looking for a new growth curve.
According to Wu Fushi, under the trend of digital transformation, the business logic of financial institutions is changing to the mode of “deep customer management”. On the whole, it is necessary for financial institutions to re-examine their resource endowment and customer structure with the help of a set of scientific method system, and based on this, accelerate customer research and experience management, so as to guide the formulation of marketing strategy and improve the level of differentiated services.
IDC report pointed out that in 2020, banks will pay more attention to the effective analysis and utilization of customer data in marketing. Digital marketing is closely connected with digital operation, and is becoming more and more professional and refined. From the perspective of customers, accurately grasp customers’ psychology, provide accurate services through intelligent and digital marketing means, design personalized service schemes around customers’ real needs and their own characteristics, integrate their own resources and business capabilities, provide customers with all-round and multi-dimensional service and management, strengthen customers’ stickiness, tap customers’ deep value, and use services to win the traffic entrance of the future era, It is the direction that many banks attach importance to.
Taking China Merchants Bank Co.Ltd(600036) as a typical representative, it is proposed to build a new model of retail finance 3.0 in 2020, with platform capability as the support, financial technology as the means, big data as the driver and Mau as the “Polaris” index, build a new model of online user acquisition and operation, and create the best customer experience bank.
IDC reported that from the perspective of market structure, CLP Jinxin Software Co., Ltd. (hereinafter referred to as “CLP Jinxin”), soxinda holdings, Tansun Technology Co.Ltd(300872) ( Tansun Technology Co.Ltd(300872) . SZ), Yusys Technologies Co.Ltd(300674) ( Yusys Technologies Co.Ltd(300674) . SZ) are located in the first echelon of the customer resource management solution sub market, with market share of 10.9%, 9.3%, 7.5% and 6.3% respectively. The intelligent marketing solutions provided by the bank (ecif, CRM, etc.) are widely praised by customers; Soxinda Holdings has focused on the intelligent marketing field of the banking industry for many years. Since 2013, soxinda Holdings has helped China Merchants Bank establish the whole intelligent marketing system and multiple customer operation platforms, and accumulated a full set of mature intelligent marketing systems and relevant data platforms and data analysis businesses with marketing and customer operation as application scenarios Tansun Technology Co.Ltd(300872) has a product system represented by the win-win marketing platform and win-win interactive platform, which can cover more comprehensive functions from the data tag at the bottom to the marketing activities and customer operation at the top.
According to the person in charge of Yusys Technologies Co.Ltd(300674) channel operation business department, at present, there is a large gap in the construction level of digital marketing of Chinese financial institutions. The digital marketing level of large state-owned banks has been at the leading level, but some urban commercial banks, rural commercial banks and foreign-funded banks are in their infancy Yusys Technologies Co.Ltd(300674) has the advantage of having the ability of closed-loop business. It can provide financial institutions with one-stop marketing operation solutions from system support to marketing strategy. It operates jointly with financial institutions to help financial institutions reasonably, effectively and comprehensively build a digital and accurate service marketing system.
data exchange problem to be solved
In recent years, the state has repeatedly promulgated relevant policies to promote the development of financial science and technology to regulate and govern the industry more rigorously, strictly and effectively.
The code for evaluation of financial application of artificial intelligence algorithms, the measures for supervision and rating of commercial banks and the personal information protection law have further promoted the financial industry to attach great importance to algorithm security, data security and data governance. In 2022, the central bank and other seven departments mentioned in the measures for the administration of online marketing of financial products (Exposure Draft) that to carry out precision marketing, we should abide by the appropriateness management requirements, promote financial products to appropriate financial consumers, and provide options or convenient refusal methods that are not specific to personal characteristics when carrying out precision marketing according to the interests and consumption habits of financial consumers.
Ren Liyong, product technology director of the digital marketing division of Beijing Beijing Centergate Technologies (Holding) Co.Ltd(000931) Kejin Technology Co., Ltd., said that after the official promulgation of the data security law and the personal information protection law in 2021, enterprises have given clear specifications to the application of user data, in which scenarios such as cross organizational data exchange have been strictly limited. In the field of marketing, if you want to achieve a higher customer conversion rate, the more dimensions of customer portrait labels, the better. However, the financial institutions themselves have limited data, so the previous core method of financial institutions is to exchange data across entities or organizations, so as to strengthen the user portrait, such as different industry cooperation, joint marketing and other scenes, and enhance the accuracy of user portrait through label enhancement. Previously, although the third-party platform could not directly provide individual labels of customers when doing data business, it could be replaced by rating. After the promulgation of the new personal information protection law, this way of data exchange is also inconsistent, which poses a great challenge to cross organizational data collaboration.
Ren Liyong pointed out that the current method to solve this problem is to conduct joint modeling through privacy enhanced computing and federal learning: if company a and company B want to exchange user information, they can jointly build an algorithm model through privacy enhanced computing. The essence is to optimize the local random gradient descent of the data holder on a single machine and aggregate at the central node. In short, it is to jointly train a marketing model on the premise of ensuring that the data of both parties are not out of the warehouse. Enterprises can realize precision marketing by applying the model, rather than exchanging enhanced individual labels obtained.
What the enterprise obtains through privacy enhancement computing is a model, during which no individual user information is recorded, and the data it handles is encrypted. Therefore, the solution can solve the compliance problem of data exchange to a certain extent. However, Ren Liyong pointed out that privacy computing technology is not a complete alternative solution to compliance. At present, it also belongs to a vacuum. In the long run, it still needs to wait for further legislation and guidance of the state for this scenario.
In addition, Ren Liyong pointed out that due to the opaque data of both parties, it is impossible to verify the authenticity of each other’s data. Therefore, the accuracy of the model obtained by joint modeling needs to be further verified and verified. How to legally and legally exchange data across organizations in the future needs to be further clarified by industry norms.
In addition, the personal information protection law requires the explicit consent of users in advance when storing user information, and establishes the personal information processing rules with “Notification consent” as the core. “After the promulgation of the new regulations, the user’s mobile phone number, gender, age, ID number, including the user’s mobile phone device number and browsing behavior, are user privacy data and sensitive information. If financial institutions want to collect these information, they must be explicitly authorized by the user.”
do a good job in fine management
With the increasingly strict protection of personal information, the above Yusys Technologies Co.Ltd(300674) person in charge believes that it is necessary for financial institutions to re-examine their resource endowment and customer structure with the help of a set of scientific methods and systems, and based on this, deeply tap existing customer resources and do a good job in fine management.
Wu Fushi believes that financial digital marketing can follow four strategic guidelines. One is to explore and deepen the refinement of user scenarios. Create a granular and refined data platform, explore user scenarios from a full user view, and deeply cultivate user operations with a full label management system. The second is to provide characteristic services with temperature. Build a high timeliness and multi-dimensional user portrait based on the underlying data, and enable comprehensive and temperature services with rich visual data analysis. Third, make full use of data value. Open up the business data backtracking channel, improve the data quality, drill down and perspective analysis layer by layer, mine the data value and realize data-driven decision-making. Fourth, the new operation of lightweight digital marketing. Aggregate business flow and data flow, reduce the pain points of cross business system operation, and provide business departments with convenient functional services more in line with their own business.
Ren Liyong said that the essence of digital marketing is revenue growth operation Beijing Centergate Technologies (Holding) Co.Ltd(000931) Kejin first introduced a set of system for financial institutions. Through the introduction of scientific operation and management of revenue growth, it introduced a set of multi department efficient collaboration, joint marketing goal formulation, whole link marketing process indexing, global unified user view and data intelligence technology-based architecture for customers. The second is the whole process and targeted out of the box industry SOP marketing temsector. Enterprises can efficiently realize the automatic operation of the marketing system based on their own marketing objectives and scenarios and through a small amount of user-defined parameter adaptation. Finally, based on the concept of joint revenue growth operation, provide financial institutions with a product system that directly points to the objectives and results, and systematically import the SOP operation temsector through the product combination of SCRM, CDP, map, EMP and BMC, so as to realize that 70% of the marketing is completed automatically by tools, liberate the traditional marketing personnel from the heavy execution work and focus on marketing strategies and creativity, So as to achieve the goal of joint marketing and truly improve the marketing effect.
