Financial Segmentation System Launched

Credit information supplier Experian and financial specialist First Manhattan Consulting Group (FMCG) have joined forces to develop a profiling tool, Financial Personalities(SM). The tool aims to help financial services firms target customers and prospects.

Financial PersonalitiesSM enables marketers to analyse scores (gathered from direct consumer market research and combined with credit and demographic data) that predict a consumer's needs and attitudes towards specific financial products such as credit cards, home equity and mortgages. The product also helps profile consumer attitude to issues such as rates and fees, discipline with finances, perceived financial security and their use of financial products.

For example, the tool can help identify the profile of someone who sees a home equity product as a good way to finance purchases or decrease credit card debt; or in contrast someone who avoids home equity debt, is disciplined with finances and tends not to use credit. Marketers can then use these insights to tailor their offers, and subsequently their marketing campaigns, to appeal to prospects.

'Faced with ever-increasing competition, financial services companies need to market smartly and make sure every offer sent is targeted to that consumer's needs' says Experian's President Kerry Williams. 'Financial Personalities(SM) provides a great combination of consumer-driven insights, technology and data that help both identify the best prospects, and align the products and messages that resonate with those prospects.'

Experian and FMCG can be found online at www.experiangroup.com and www.fmcg.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.