Financial services tech company Chime is digitally mature due to the safety and regulatory compliance required within the sector. However, when taking a look at CDPs and other high-end solutions to boost their data capabilities, the corporate opted for an easier data activation platform or “composable” CDP as an alternative of a standard CDP.
“We know personalization matters,” said Natalie Miles, Chime’s head of selling technology and personalization, at The MarTech Conference. “We needed to deliver more one-to-one personalized experiences. The blocker quickly becomes data activation because without all of that wealthy customer and behavioral data, you’ll be able to’t power those one-to-one engaging member experiences.”
New products and changing customers
Chime issues Visa debit cards and provides credit-building programs and other services to those living paycheck-to-paycheck. They accomplish that without charging fees to their members. To remain competitive in a marketplace that features 80% of Americans, Chime’s marketing team is charged with developing recent products and go-to-market strategies.
“This push towards offering more products and features means we even have to have the flexibility to ensure that our experience isn’t one-size-fits-all,” said Miles.
She added, “What you could have come to Chime previously for is likely to be evolving, and the use case you wish to solve for may vary depending on the person.”
Data activation platform
Chime decided to implement a data activation platform from Hightouch as an alternative of a standard CDP. Hightouch’s platform prompts data directly from the data warehouse while traditional CDPs store and manage data in a separate location. The data activation platform also connects to CRMs, email platforms and other tools where customer data is activated to drive personalized messaging.
“We went on the CDP journey and we were taking a look at loads of traditional off-the-shelf CDP’s where there have been loads of limitations,” said Miles.
Chime balked on the event-volume pricing for a lot of CDPs, which made scaling up personalization too costly.
A CDPs implementation time — up to six months — was also not ideal for Chime. Chime’s marketers wanted to activate personalization quickly.
And they wanted to keep the data warehouse as the only source of truth, as an alternative of adding a CDP because the source of truth for marketing, while other departments within the org worked off of the data warehouse.
“Data portability and security was a very big factor for us as well, being in a heavily regulated space,” Miles said.
Dig deeper: What is a CDP and the way does it give marketers the coveted “single view” of their customers?
Paid promoting and one-to-one messaging
The first use case for Chime’s recent activation platform was paid promoting. The team wanted to use customer data to goal the proper consumers with the proper message while keeping ad spend low.
“We needed to be smarter about who we’re acquiring, and acquiring them more cheaply,” said Miles. “An enormous a part of that requires first-party data passed back to these ad-bidding platforms to do things value more highly bid optimization.”
Data is also activated through the Hightouch platform to send personalized emails and push notifications to drive retention.
Down the road, Chime is also planning to use the platform to activate data for support teams in customer support.
“I don’t see this strictly as a marketing tool,” said Miles. “I don’t think marketing is the end-all-be-all when it comes to creating a strong, meaningful member experience. Things like your support teams — you’ll be able to empower them with data to deliver a greater support experience. There are a complete host of use cases for us to delve into.”
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