"Journal of Payments Strategy and Systems provides a host of useful, actionable and informative articles and papers that demonstrate the extraordinary opportunities for improving the payments systems. These are written by subject matter experts: corporate practitioners; consultants; bankers; vendors and scholars. The variety of the topics and the points of view make this a must read, even for those who think they know all there is to know about payments."
Thriving in the age of privacy regulation: A first-party data strategy
Journal:
Click the button below to download the full text of the article.
Abstract: This paper reviews the recent legislative and policy changes in the area of consumer data privacy and their impact on the effectiveness of the most popular tool for tracking customers — the third-party cookie. With third-party tracking rendered mostly ineffective, the authors present the case for marketers to implement a stronger first-party data strategy to fill the gaps left by these changes. First-party data strategies provide significant advantages over third-party techniques, including broader controls for customer data capture and the ability to generate a deeper understanding of customer behaviour and intent; they are also easier to integrate into the marketing analytic and operational process. Additionally, the authors outline the advantages of a first-party data strategy for implementing real-time identification and tracking of customers — something that third-party strategies cannot deliver. All of this can be achieved while staying in compliance with changing regulations that control the timing and use of customer data. Increasingly, the future of customer digital marketing is private, respectful, in real time and first-party.
Keywords: data; regulation; privacy; digital; marketing; strategy; customer management
Lawrence Latvala is the Americas Financial Services Industry Practice Leader at Teradata. His remit encompasses such domains as customer experience, financial crime, chief financial officer analytics, open banking, pricing agility in insurance, risk analytics and payments. Prior to Teradata, Lawrence was Chief Revenue Officer for a FinTech firm. His experience also includes working in market development at Capgemini, as well as for Deloitte, E&Y and the US Defense Department. He holds degrees from the University of Chicago and the University of Rochester.
Jeff Horn is an industry consultant at Teradata, with a focus on the domain of customer experience within the financial services industry. His expertise in the field of customer experience solutions includes loyalty, campaign management, mobile applications and customer experience analytics. Prior to his current position, Jeff oversaw the implementation and customer success teams at Loyalty Lab, and led customer data strategy and implementation teams for Accenture.
Bill Bruno is the Chief Executive Officer of D4t4 Solutions. He has over 18 years of experience in the media, data and analytics sectors, and is passionate about helping clients traverse the complex customer journey to generate return on investment and create a high level of transparency across all business initiatives. Prior to D4t4, Bill spent many years as CEO (North America) at Ebiquity — the company to which he sold his analytics business, Stratigent, in 2013.