Industry Case Study: Financial Services – Revealing the emotional intent behind insurance and financial services decisions

Industry Challenge: 

When it comes to decision-making within the Financial Services industry the assumption is that decision making is based on logic alone. Financial Services is typically characterised as a ‘sterile’ industry that focuses on promoting products and services based on financial gain – such as interest and APR.

Consumers have more choice and more power in their financial decision-making than ever before. In the modern world other factors, such as life events, digital presence, customer service, sustainable agendas and rewards can lead to emotionally driven decisions and play as much of a part in the decision as the financial metrics.

Whilst FS brands have access to rich data, their data is focused on mainly transactions, meaning it can be hard to understand the emotional reasons behind decisions and therefore how to stay relevant with customers 

How can FS learn from retail and other industries to engage customers at the right time and understand the emotional reasons behind making an FS choice?

Starcount Solution:

The Starcount approach is able to combine multiple unique data sources such as social media behaviours, with transaction data in a privacy-first manner to reveal what customers love and care about and what the motivation is behind their choice. 

By understanding what is important to each consumer – whether health, technology, family, their home, or sustainability, FS brands can use this information to tailor messaging and product propositions to reflect these narratives to their customers and be more relevant for existing customers.

Locating and attracting new customers requires providing something different. Starcount’s solution helps you to both; understand what is important to prospects so you can ‘win’ more; and also identifies where you can locate prospects across the UK through our social to postcode IP. Identifying and targeting prospects by geography will greatly improve acquisition efforts.  

Starcount Example:

We worked with a Pension brand to understand the lifestyles of their 65+ market. We found that not all of this age group want to see a “grey-haired” person enjoying a cruise or golf in FS comms. Starcount data showed there were various audience groups within this market…some were still very active, some were into property, and some into philanthropy. Tailoring messaging to each individual group proved effective.

Popular Activation Channels for this industry (including but not limited to): 

Digital, CRM