Neustar and Equifax Partner on Segmentation Solutions for Financial Services
Equifax and Neustar today announced a strategic agreement designed to deliver segmentation solutions to the financial services industry.
Together, Equifax and Neustar are bringing to market a segmentation solution that does not use protected class information, such as age or gender. Designed specifically for financial services companies, the solution includes Equifax financial insights, including average assets and liabilities, asset composition, propensity to buy certain financial products and services, and other variables that provide unique insights into consumer financial behavior. These Equifax data assets are then linked to Neustar's identity graph to describe the financial profile for U.S. households.
"Companies of any industry need reliable market and consumer intelligence to identify their most valuable customers and lines of business. This helps them to optimize their marketing to retain customers and then build custom segmentation to identify their most valuable prospects," said Neustar's senior vice president and general manager of marketing solutions, Michael Schoen, in a statement. "Partnering with a leader like Equifax to develop a segmentation schema for the financial services industry that's absent of any protected-class variables will give Neustar's financial services customers the ability to unlock a number of new potential use cases that have been previously unavailable due to compliance concerns. These include custom audience targeting, activation, site planning, market sizing, offer optimization, as well as measurement and attribution by customer segment."
"Financial institutions rely on Equifax to provide them with the most complete picture available of consumer financial behavior," said Ian Wright, chief data officer for data-driven marketing at Equifax, in a statement. "The combination of our unique data insights and Neustar's respected expertise in the creation of segmentation solutions is a powerful one. Together, we are giving bank marketers the opportunity to leverage segmentation solutions without using protected-class demographics."
The new financial segmentation schema will leverage Neustar's ElementOne audience intelligence solution and proprietary modelling capability, and the resulting dataset will be rolling out across Neustar's marketing solutions product-set in a phased way, starting early next year.
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