Information solutions company Experian Group Ltd. and financial services consulting firm First Manhattan Consulting Group have launched Financial Personalities, a segmentation and scoring system for specific types of financial services, including credit card, home equity and mortgage.
Financial Personalities is a combination of consumer-driven insights, technology and data that enables marketers to identify and target prospects using scores that accurately predict a consumer’s needs and attitudes toward a specific financial product, according to both companies.
Financial Personalities is an exclusive offering of Costa Mesa, CA-based Experian and New York-based First Manhattan Consulting Group. First Manhattan Consulting Group’s marketing services practice developed the Financial Personality framework and the associated Financial Personality scoring systems.
Financial Personalities was created to meet the needs of financial services companies, faced with ever-increasing competition, that want to market smartly and make sure every offer sent is targeted to a particular consumer’s needs, Experian said.
Along with a Financial Personality score for each consumer, a framework reveals critical aspects of each Financial Personality, such as the importance of rates and fees, discipline with finances, perceived financial security and their use of financial products.
For example, a consumer identified as a “Home Equity Enthusiast” considers home equity products as a smart way to finance a variety of purchases such as making home improvements or paying down credit card debt. This is in contrast to another consumer identified as a “Home Equity Averse Skeptic” who avoids home equity debt, is disciplined with finances and tends to not use credit. In addition to targeting, marketers can use these insights to tailor their offers and then execute what has proven to be high-performing marketing campaigns.
Financial Personality scores are based on consumers’ needs, attitudes and actual behavior data gathered from direct consumer market research. This information is combined with credit and demographic data.
Scores are available for credit card, home equity and mortgage, and additional categories will be available in 2007.
Financial Personality-enabled prospect acquisition, cross-sell or retention programs can be executed through a variety of channels including branch, direct mail, and telephone.