Neustar, Equifax Bring Segmentation Solution to Financial Services Markets

Michael Schoen, Neustar

Michael Schoen, Neustar

Equifax Inc. and Neustar Inc. have joined forces to bring to market a first-of-its-kind solution that allows financial institutions to gain insights into potential markets while still complying with federal requirements on protected information.

Many financial services companies in the past used targeted marketing solutions with built-in tools that segmented data based on age, income, marital status and other variables that became protected under the Fair Credit Reporting Act and Fair Housing Act — making the solutions unusable. 

The new solution has been designed specifically for financial services companies. It links Equifax data assets — 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 — to Neustar’s identity graph to describe the financial profile for households in the United States.

The solution helps companies optimize their marketing to retain customers, and then build custom segmentation to pinpoint their most valuable prospects, said Neustar Senior Vice President and General Manager of Marketing Solutions Michael Schoen. 

Neustar’s ElementOne audience intelligence solution has provided segmentation capabilities for over a decade. The new schema will leverage the same proprietary modelling capability, with the resulting dataset phasing into Neustar’s marketing solutions beginning in the first quarter of 2020.

Ian Wright, Equifax’s chief data officer, data-driven marketing, said the companies together are giving bank marketers the opportunity to leverage segmentation solutions without using protected class demographics. 

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