Demand side platform. Real-time bidding. Open internet. Cross-device targeting. Chances are, amid all of the vast and varied responsibilities involved in the day-to-day running of a credit union, you may not be familiar with these terms. But you should be. It’s likely your competitors are. The terms are important when discussing the different types of advertising and marketing that can be specifically targeted to segments of account holders and potential consumers. In a credit union, that means your members.
As anyone in the finance industry knows, it’s a jungle out there filled with fintech products that seem to pop up constantly, luring members away from their traditional primary financial institutions to the highly competitive fintech universe. How are people learning about these instant-approval mortgages and zero-interest balance transfer credit cards from institutions that don’t even have four walls? Likely from ads on their smartphones or other mobile devices as they’re browsing online.
Spending by U.S. financial industry on these types of digital ads continues to rise. It is projected to reach $349B in 2022, an increase of 13% over 2021. FIs are realizing they need to advertise where their account holders and members spend most of their time. Online.
Hence the need to know this new advertising lingo and take advantage of the power it promises. Here’s a quick primer.
Demand side platform, or DSP, is advertising software that is used to buy ads from a clearinghouse or marketplace type of situation in which publishers, like websites, list spots available for advertising. This distinction may be too advertising-specific, but if you’re managing your advertising through Google or Facebook Ads Manager, that’s only targeting those platforms. A DSP is independent of that, so it allows you to purchase ads across several networks and platforms at once. Cast a wider net for your advertising buck, in other words.
Real-time bidding is just like it sounds. With a DSP, advertisers target who they want to reach and their ideal ad spend, and then enter into a bidding auction with other advertisers for remnant ad space. It seems like this process might take awhile, right? It doesn’t. It’s nearly instant.
Open internet is the concept of “net neutrality.” It means an internet that is free and available and open to everyone, regardless device, platform, or the financial motivations of providers.
Cross-device targeting delivers advertising to a targeted audience on all of their devices. Also called an omnichannel strategy, it allows marketers to reach their target audience however that audience is using the internet: computer, tablet or smartphone.
What does it mean for credit unions?
It’s about using targeted advertising to reach the right members at the right time with the right message. In order to compete with other credit unions in the area and especially fintech that is lurking everywhere, reaching members with relevant, timely messaging couldn’t be more important.
Working with the right vendor, CUs can securely deliver highly-targeted messages to members on any device they choose to navigate the open internet. Remember, the opportunity to deliver targeted engagements is bid on and sold instantaneously through a programmatic auction. Upon successful win, your message is securely served.
This type of advertising allows credit unions to:
- Increase opportunities to reach members who are navigating the open internet on any device
- Increase your member touchpoints
- Drive members back to relevant content on your public website
- Complement the messages you have on your own digital and traditional channels
- Access automated account opening and click reporting so you know how it’s working
This type of targeted reach really illustrates the power of digital advertising and marketing. When you have a campaign set for, say, personal loans, it’s possible to target a single member who might be in the market for a personal loan based on their transactional behavior. When they navigate the internet on any devices, the DSP can identify them, bid for ad space, win the online auction and get that ad to the member in real time. It’s amazing to think we’ve come this far. But it’s here today.
In the end, it’s all about connecting with members. And that, for credit unions, is nothing new.
Need Help? Segmint’s unique integration with an industry-leading demand side platform (DSP) allows our clients to securely deliver highly-targeted messages to account holders on any device they choose to navigate the Open Internet. The opportunity to deliver targeted engagements is based on the member’s first-party data, including transaction data, making it the most unique targeting in the industry. Upon successful win, your message is securely served through Segmint’s patented One Way Trust integration, ensuring no account holder data is exposed.