Strong Data Foundation Helps Differentiate the Customer Experience
First Horizon Bank of Memphis, Tennessee, has been part of the community for over 150 years. It is a leading regional financial services company with more than $85 billion in assets, offering a variety of services, including commercial, private bank, consumer, small business, and capital markets. First Horizon Bank is a relationship- and human-centric brand with the purpose of helping clients unlock their full potential with capital and counsel. Everything it does from a technology investment perspective must demonstrate a commitment to being relationship centric: to listen to, understand, and deliver to clients.
Modernizing and connecting experiences for its clients and bankers were understood by First Horizon to be foundational to realizing its purpose. The bank also understood that a digital transformation was required to deliver on those connected experiences. “FirstHorizon360 is our vision to leverage industry-leading capabilities for marketing, relationship management, sales, and service to modernize and connect experiences for bankers and clients that will produce measurable growth for the business,” explained Jason Scott, Senior Vice President, Marketing Technology & Operations with First Horizon Bank. “Our transformation will connect all of the platforms and capabilities we have — including CRM and D&B-driven capabilities for our commercial banking, plus retail/consumer systems — so we can deliver seamless omnichannel experiences that can be measured and optimized.”
Centralizing and connecting information and insights across the full range of customer touchpoints is the ultimate goal of FirstHorizon360. Scott notes, “Differentiation through customer experience is important as it has been shown that companies that prioritize customer experience outperform competitors. Customer data is fundamental to delivering on the customer experience.“
With the rapid acceleration of data-driven technologies in the financial services market, First Horizon knew it had to be bold with its transformation program and knew that data was going to be central to the program.
Scott explained, “As a financial services company, we have a wide breadth of available data. We work to translate that data into relationships and interactions, all the way around to how we service interactions with our brand and how our clients use our brand. And, of course, interactions generate new data. All of that culminates around the FirstHorizon360 transformation vision that we have embarked upon.”
Clear Objectives Guide Transformation to Deliver Measurable, Personalized Experiences
To start bringing its transformation vision to life, First Horizon set the following objectives as to what it needed the ecosystem to support:
- Awareness – using digital and paid channels to constantly generate new awareness and promote the brand and FirstHorizon360’s expanding set of offerings
- Connection – capturing interest and intent shown on one channel and turning that information into something of value — for example, triggering a relevant experience based on demonstrated intent
- Orchestration – moving beyond single-channel experiences to reach clients and prospects across multiple channels through measurable, orchestrated journeys
- Personalization – providing insight on the digital visitor experience so that First Horizon delivers the right message at the right time with relevant content
- Preference – understanding how the client or business prefers to interact with the First Horizon brand and offering alternatives
- Efficiency – leveraging data at scale by consolidating it and driving a centralized segmentation strategy with multi-channel activation
- Measurement – measuring everything to support learning and optimization; comparing results per channel
- Optimization – testing content and messaging at scale to maximize value of programs
Executing on the Vision with Dun & Bradstreet Solutions — Starting With Master Data Management
With their objectives firmly in mind, First Horizon Bank began work to bring the FirstHorizon360 vision to life. Dun & Bradstreet solutions and services — especially in the master data management space — were foundational to this work.
Master Data Management enabled the solid data foundation of FirstHorizon360, which in turn is instrumental in the foundation of the First Horizon ecosystem. Trusted data is essential to deliver on the promise of First Horizon Bank’s transformation. The first thing the team worked on was leveraging the D&B Connect data management solution to structure and enrich its data. Step one was to link the account records in their databases to a unique account identifier — the Dun & Bradstreet D-U-N-S® Number. From there, it was straightforward to enrich commercial customer and prospect records with additional account, firmographic, and contact data from the Dun & Bradstreet Data Cloud. D&B Connect also allowed First Horizon to identify useful relationships in the data, such as corporate hierarchies. “This unlocked a variety of downstream use cases for us,” explained Scott.
Other Dun & Bradstreet solutions are vital to First Horizon Bank’s overall ecosystem, helping to deliver connected experiences for commercial clients, specifically D&B Rev.Up ABX and D&B Hoovers.
“Rev.Up ABX is a cornerstone for us in the commercial space, supporting targeting and segmentation,” Scott said. “It gives us the ability to resolve identities that are coming in from our different channels, including our web channel, using the [D&B] Visitor Intelligence option. Once we have a hit, a combination of fit and intent-based modelling support by Rev.Up creates good opportunities for our bankers.”
Improved campaign workflows is another benefit D&B Rev.Up ABX brings, helping First Horizon Bank improve content targeting and messaging through an understanding of audience segments and intent data.
Additionally, Scott shared that “First Horizon Bank has equipped its own bankers with the D&B Hoovers™ sales intelligence solution so they are able to do prospecting and some data analysis on their own, identifying good opportunities for themselves.”
Putting It All Into Practice
A program run in support of First Horizon’s commercial business is one example of how everything comes together:
- First Horizon generates brand awareness through a range of channels (e.g., LinkedIn, online business journals, paid ads, events), generating leads.
- Leads are invited to interact and consume content based on market-specific landing pages: “D&B is pretty heavy in that space, helping us orient, craft, and shape those market-driven experiences — feeding relevant market-level content to those landing pages,” explains Scott.
- When intent/interest is shown on market-oriented landing pages, information about each visitor is enriched with insights from Dun & Bradstreet.
- Opportunities are created in CRM, and each opportunity continues through remaining steps in the nurture stream.
- When activity scores reach a predetermined level, they are passed to First Horizon’s bankers for outreach.
First Horizon measures a range of metrics across its funnel from awareness to conversion, ultimately rolling performance up to understand loyalty, retention, and overall ROI. Underpinning all its work is a focus on efficiency, with metrics such as campaign time-tomarket, operations SLAs, and data accuracy.
“Our investment in D&B solutions has enabled us to connect customer experiences to drive measurable outcomes that span the entire funnel and create efficiencies of scale,” explained Scott.
Watch the presentation “Chaos to Clarity: Actionable Data Uniting Sales & Marketing” to learn more about how First Horizon Bank used a data-driven approach to create a seamless, omnichannel experience for anyone interacting with their brand.
Similar results are not guaranteed. Dun & Bradstreet does not validate accuracy of customer statements made in customer stories or spotlight articles.