According to DataIndonesia.id, the growth of the Fintech industry in Indonesia has increased sixfold. This is evident from the initial count of 51 Fintech companies in 2011, which has now escalated to a total of 334 companies as reported in 2022. For the general public, this data might seem inconsequential or even advantageous, since the proliferation of players in this industry necessitates each Fintech company to offer benefits or promotions to attract customers to use their services.
However, for players in the banking industry, this surge could be seen as a less favorable development. Given that people will choose services that are more easily accessible and offer greater benefits, this could pose challenges to traditional banking institutions. A compelling use case involves one of Meiro's clients, a prominent presence in the Southeast Asian market and recognized as one of the most trusted banks.
The client faced challenges not only from nimble fintech competitors who swiftly provide alternative banking options via seamless digital experiences but also from the shift in consumers' expectations regarding speed and omnichannel experiences. With a customer journey fragmented across online and offline touchpoints and the client's website ecosystem, understanding customer preferences and needs to optimize their experience posed challenges. Simultaneously, complying with stringent data and security regulations in the financial sector was an additional hurdle.
To address these challenges, Meiro proposed solutions:
🔺 Flexible Hosting and Customizable Architecture: Meiro ensured compliance with Indonesian Data Protection regulations by hosting the Customer Data Platform (CDP) on-premise and behind a firewall. The implementation of local storage between the bank's sensitive data and the CDP met security requirements.
🔺 Optimizing Marketing Efforts with Personalized Experiences: Meiro leveraged sophisticated identity tracking to hyper-personalize content and reengage with users. Personalized web banners targeted anonymous website visitors, capturing their data and converting them into leads. Meiro, as a consultant, created data-led digital marketing strategies for the client's marketing department, assisting with campaign logic, reporting, and benchmarking.
🔺 Identity Resolution and Single Customer View: Meiro's tailored identity management system enabled tracking and matching customer profiles across various IDs, consolidating cross-device and cross-channel data. This allowed for enhanced visibility into the customer journey, facilitating granular segmentation, personalized activation, and analytics.
By implementing these solutions, the client gained a unified view of customer profiles and their engagement across different touchpoints, empowering them to make data-driven decisions and enhance customer experiences.
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