MoneySmart unlocks greater revenue and ROI through a CX transformation

Challenge:

MoneySmart is Southeast Asia’s leading personal finance portal, empowering customers on their journey to achieve financial goals. Every month, over 2.1 million customers engage with MoneySmart’s platform, seeking guidance, research, comparisons and tailored solutions to meet their personal finance needs.

In 2022, MoneySmart embarked on a transformation journey, solidifying their commitment to being a truly customer-centric business. This endeavour involved a strategic pivot towards scaling first-party data collection and reducing dependence on third-party cookies for media activation. The shift aimed to elevate the customer experience (CX) and foster deeper, more meaningful relationships to lay the foundation for long-term customer engagement, repeat purchases and loyalty.

Solution:

To position itself as a business that can consistently exceed customer expectations, MoneySmart recognised the need to transition from an inefficient data management platform (DMP) to a dynamic and scalable customer data platform (CDP).

To spearhead this transformation, MoneySmart partnered with global CDP pioneer, Tealium, to consolidate and unify an extensive array of data sources, whilst establishing capabilities that would enhance cost-efficient media activation.

Results:

With Tealium CDP in action, MoneySmart was able to harness the power of more precise customer segmentation to yield a notable 40% decrease in the cost per acquisition. The company could also identify prospects with a higher purchase intent, and deliver messaging tailored to customers’ needs to improve sales velocity. MoneySmart’s journey with Tealium not only grew revenue, but also streamlined data management, elevated marketing capabilities and drove greater media efficiencies. The company’s strategic alignment in generating data-driven insights embodies their commitment to being a data-centric organisation.

From Data Divided to Data Unified

MoneySmart provides a comprehensive marketplace, comparison and content platform to enable customers to make informed product choices across a range of banking, insurance and investment products. Across the organisation, data was being collected from various touchpoints, ranging from online transactions and customer behavioural data to site analytics, offline sales, partner reports and research data.

Unifying data from disparate sources was not a straightforward task. The process of extracting and connecting the data dots required extensive manual effort. Lists had to be painstakingly created before they could be uploaded and shared across different platforms. This fragmentation of data posed a significant challenge to MoneySmart, limiting their capacity to extract invaluable customer insights and drive greater marketing activation efficiency.

Transforming Challenges into Opportunities

In addition, MoneySmart was grappling with a dual challenge posed by tightening privacy laws and intensifying competition. The company quickly recognised that escalating acquisition costs and inefficient media spend allocation against customer re-acquisition would be unsustainable in the long run. This called for adaptive thinking and innovation to thrive in an evolving landscape, setting the stage for a transformative and sustainable customer-first journey.

Evolving to the Next Stage of Data Maturity

To position itself as a business that can consistently exceed customer expectations, MoneySmart recognised the need to transition from an inefficient data management platform (DMP) to a dynamic and scalable customer data platform (CDP).

To spearhead this transformation, MoneySmart partnered with global CDP pioneer, Tealium, to consolidate and unify an extensive array of data sources, whilst establishing capabilities that would enhance cost-efficient media activation.

The implementation enabled MoneySmart to create an enriched, real-time single customer view. This pivotal shift eliminated the need for manual, inefficient and time-consuming data extraction, leading to greater efficiency and productivity across the organisation.

Modernising the MarTech Stack

Tealium CDP’s vendor-neutrality and flexibility provided a unique advantage that enabled MoneySmart to seamlessly integrate its existing technology architecture to modernise its martech stack. The CDP enabled real-time insights generation, audience identification, segmentation and channel activation.

Equipped with accurate and actionable customer data, MoneySmart was able to significantly reduce media acquisition costs by identifying the customers and segments with a higher propensity of purchasing.

With challenging market trends and a constantly evolving landscape, it was critical for MoneySmart to advance our marketing capabilities and enable our acquisition efforts to become more efficient, agile and dynamic in a highly competitive space. We selected Tealium as our vendor of choice due to their platform capabilities and team expertise. Tealium has supported us as a trusted technology partner, and their commitment to understanding our business and supporting our growth ambitions has already paid back in early-stage results. We look forward to scaling our shared success as we continue to develop our path to CX-driven growth.

David Harling
Managing Director — MoneySmart

Increasing Revenue and ROI through Paid Media

MoneySmart and Tealium’s collaborative efforts led to the prioritisation of paid media as an initial use case, yielding remarkable results. MoneySmart observed a notable 40% decrease in the cost per acquisition. This reduction highlighted the speed, efficiency and efficacy that data-driven strategies can bring to acquisition efforts.

Data unification paved the way for MoneySmart to benefit from an enriched single customer view, with accurate predictive insights. This transformation enabled the delivery of tailored messaging to the right audience, at the right time, and through the right channel.

MoneySmart’s journey with Tealium not only grew revenue, but also streamlined data management, elevated marketing capabilities and drove greater media efficiencies. The company’s strategic alignment in generating data-driven insights embodies their commitment to data centricity.

Building the Data-Driven Organisation of the Future

With success in both revenue generation and cost-efficiencies from paid media endeavours, MoneySmart is poised to usher in a new era. The company’s vision entails democratising data capital to optimise performance across all marketing channels.

With newly acquired real-time customer insights, MoneySmart is on a journey to enhance and develop their cross-selling capabilities. This strategic initiative aims to elevate first-party data to become the primary distribution mechanism, whilst continuing to reduce reliance on paid activation.

The road forward involves leveraging AI to predict individual- and segment-level behaviours. MoneySmart is also poised to fully automate its email marketing efforts, ensuring communications are dispatched at the most appropriate and opportune moments – be it at the education, purchase or post-purchase stage.

Scaling with Governance for Improved Insights

Tealium CDP unlocked greater capabilities in gathering real-time customer insights for MoneySmart, enabling profile enrichment and activation. Building on this foundation, MoneySmart is collaborating with Tealium to launch a series of email surveys for NPS collection. The process, streamlined by Tealium CDP, eliminates the need for manual list extraction.

As the era of dynamic data unfolds, MoneySmart has established a Tealium-enabled first-party data foundation to power innovation that leads to continuous CX-driven growth.

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