Leveraging BFSI Data for Improved Sales Prospecting

Sales | 5 minutes to read

26th Apr, 2022

Prospecting in the BFSI domain can be difficult. It’s stressful, and unpredictable. The most pressing challenge is finding the right database. Enterprises should make sure that the data they are using will give them the maximum leverage.


    • One of the key struggles for BFSI companies is to identify and capitalize on the right type of data they need for sales prospecting

    • The right data can help them in understanding target market and optimising sales prospecting for better results

    There are multiple ways for financial institutions to approach their customers and deliver the tailored treatment they expect. Also, the experiences across every stage of the customer outreach cycle must be insightful, engaging, and relevant to a customer’s pain points. And to achieve this, financial companies, like any other company, need high-quality and accurate data.

    The challenge

    Today, financial services companies have to catch up with the rising customer expectations for personalized experiences. They must identify new ways to deliver more value to their target audience as the market dynamics around them continues to evolve. This is where BFSI data can help these companies to stay agile and in tune with changing customer demands.

    BFSI is a hypercompetitive sector where creating a marketing strategy that stands out can be an uphill challenge. Customers in this sector expect more personalised experiences. Another relevant challenge is operational silos which makes it difficult for maintaining brand consistency across different channels. Keeping up with the emerging marketing techniques to raise the game is another big challenge for BFSI companies. Financial marketers can conquer most of the challenges with BFSI data.  With the right data, they can target key retention segments, highlight at-risk relationships, understand customer preferences and transition towards a behavior-based targeting model.

    There are several challenges that prevent BFSI companies from accessing the right data. Companies today capture swathes of data from various disparate sources, which must be standardized before integrating with the CRM. It can be a struggle for BFSI companies to identify ways for capitalizing on the types of data they need. Also, a lack of data management expertise and automated technology stacks can make the process even more challenging.

    One of the fundamental challenges for most companies is obtaining the right BFSI data. While a lot of data is available for the financial services company, there are huge chunks that aren’t exactly relevant. And, with the sheer volume of information available, companies find it difficult to identify the most valuable data for their operations. This problem typically manifests if data is coming unfiltered and unstructured through multiple channels.

    Wondering how to beat-back the challenges of data decay? Read this Blog

    How can BFSI companies make the best use of data to advance their sales prospecting strategies?

    As financial service providers, companies walk a fine line between being personable when selling or cross-selling and being overly intrusive or downright creepy. Fortunately, data can make it easy for companies to be personable.

    Data may be the fuel for the modern demand generation engine, but that doesn’t mean that companies should trust their data right away. Of course, every company has had a bad campaign or list in the past- it is one of those unavoidable rites of passage that every organization must go through. But even with that, 70% of BFSI revenue leaders reveal that data management is a high priority.

    So, how can enterprises navigate the rising complexities around the B2B landscape and make the most out of their customer lists to drive sales in the long run?

    Financial services: Mapping the market

    The first step in sales prospecting for BFSI companies is to map the total addressable market. At this stage, companies need not source contact information and should look to get a feel of their market size. They must leverage technographic, firmographic, demographic, and financial information to segment their account lists based on various denominators like company size, job titles, location, etc. Based on their total addressable market size, enterprises must work out their B2B database marketing & sales prospecting.

    Let’s look at the three fundamental strategies for leveraging BFSI data to build a sustainable sales enablement engine for banking and financial companies:

    1. Building a cross-departmental data strategy

    Banking and financial companies must begin by establishing a formal data strategy and governance process. Also, the marketing team must participate in key data processes and system upgrades. Unfortunately, many enterprises view data in silos across departments. This segmentation only provides a partial picture of the customer story. The marketing teams must align solutions in consonance with the company strategy and map out measurable KPIs to have a clear ROI projection.

    Recently, companies have started to look for more than one line of business solutions from their database service providers. However, implementing too many data solutions will create a vague picture of their ROI. Additionally, there are problems related to data inconsistency, lack of a singular source of truth, and improper BI analytics. Therefore, BFSI companies must have standardized data used across all solutions and tools. It will ensure a unified data view across all departments and establish a “Singular Source of Truth” for all.

    Rather than starting from scratch, BFSI companies must mine data across multiple customer touchpoints to stay aligned with customers’ journeys. Every piece of customer information must be stored and analysed to deliver frictionless experiences.

    2. Aligning the data strategy with measurable outcomes

    Banks and financial institutions must avoid using multiple disparate tools to gather and track data. If an ongoing data strategy does not deliver measurable results, it is not a good strategy. Companies are now using data to improve customer retention, gather granular insights, and product development. Vanguard organizations are also using data for real-time risk analysis.

    Evidently, a corporate database is a make-or-break factor for BFSI companies today. The success and productivity of financial marketers will depend on their ability to gather, analyse, and clean data and act on it. They must invest their resources to standardize and validate data. Also, they should vet different database service providers to obtain a high-quality, accurate database for data-related campaigns.

    3. Establishing a multi-channel data approach

    Merely defining data sources is only half the battle. BFSI companies striving to improve their data usage must implement the right tools in the right channels to take full advantage of their corporate database. Let’s look at the main channels that a financial institution should leverage to capture customer data:

    Core system data: All the transactional data is captured within a company’s core banking system. These systems house an abundance of customer data, from account balance to transaction history.

    Digital banking information: It captures customer information across various digital channels like mobile apps, social media channels, customer complaint emails, etc. Companies must accumulate and integrate digital customer information with their core data.

    CRM data: CRM data differs from other data sets because it is non-transactional. CRM data offers insights into existing customers and can be used to enhance the customer experience. The behavioural data obtained from CRMs can prove to be valuable in campaign management and increase cross-selling opportunities.

    Non-core data: This kind of data provides details on investments, insurance, wealth management, etc. Such data is important to gain a complete picture of a customer’s financial relationship with a company.

    Meet customer expectations by delivering a holistic experience

    Having good, clean, accurate data gives deep insights into existing and potential customers helping BFSI enterprises to meet customer expectations. Sales teams can leverage customer intent and buying behaviour information to personalize their sales pitch based on individual customer requirements. Data can also help them streamline their sales processes and optimize brand messaging to suit larger market requirements. Deep sales intelligence helps businesses identify high-value clients and determine which accounts are worth pursuing.


    Data does not have to be complicated; companies simply have to know how they can apply it in their overall demand generation strategy. Instead of establishing an internal engine, BFSI companies can collaborate with the best B2B database provider. Reliable data vendors can help build key account lists so that companies can target them with personalized, key messaging and drive everyone to customized landing pages. Data is an essential part of financial service companies’ go-to-market strategies.

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