Data crucial to pensions shake-up

data crucial to pensions shake-upFinancial services companies are being urged to delve deeper into their investment customer data to exploit the pensions overhaul – announced in the recent Budget – or miss out on a predicted savings boom.
Consumer insight company Equifax is aiming to tap into this growth with the launch of the Equifax Investor Insights solution, which offers consumer investment purchase behaviour at postcode level.
Based on more than £345bn of actual sales of life, pension and investment products, the firm claims that, applying the solution retrospectively to existing customer data, it could play a valuable role in the changing pensions and investment landscape. Featuring more than 200 investment characteristics, Equifax Investor Insights provides the value and frequency of investment product purchases, including age, risk and products held, giving providers a better understanding of their customers.
A directory of characteristics at seven digit postcode level can be provided to organisations with analytic and modelling capabilities, enabling them to create bespoke solutions.
Equifax decisions solutions director Paul Birks said: “If, as many predict, this year will prove to be a pensions and investments game changer, then the organisations that make the best decisions now will be the ones that thrive.
“[The changes] give a clear signal to wealth and investment providers and advisers that they need to better understand their customers. Full and current customer insight must therefore be central to their activities and this requires a depth of understanding that cannot be achieved through the traditional approach of using survey data.”
Birks’ assertion chimes with the views of DecisionMarketing columnist Jonathan Spooner, who claims the new era will be a game-changer for financial services marketing.

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3 Comments on "Data crucial to pensions shake-up"

  1. @equifaxukm #data launch taps into what @spoonbiscuit calls the brave new world of financial services marketing http://t.co/BjdM8KDlqF #crm

  2. RT @DM_editor: @equifaxukm #data launch taps into what @spoonbiscuit calls the brave new world of financial services marketing http://t.co/…

  3. Financial services must delve deeper into their customer data to exploit the pensions overhaul @MarcPMichaels http://t.co/nGTszZKUBZ

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