How Fintech Co. Refinitiv Jumpstarted Growth by Focusing on Digital Experience
by Christopher Young
posted on 05-26-2020
In 2018, a new player entered the financial data space, looking to arm decision-makers with insights they need to drive performance in the global markets. Founded as “Refinitiv”, the company’s name pays homage to its history as part of Thomson Reuters, combined with its commitment to serving those in the world of finance. The company now counts over 40,000 institutions as customers, in approximately 190 countries.
From the start, a focus on empowering users with targeted information, data and technology has proven to be a successful strategy for the company. Within a year of launch, Refinitiv’s value had increased by $7 billion. This methodical focus on the customer and their needs also extends to other parts of the organization, including the experience it delivers in areas like the website. With apps in Adobe Experience Cloud, Refinitiv has been able to build its digital channels with a focus on consistency and data-driven personalization, ensuring a quality experience that helps keep the company resilient to consumer or market shifts.
As a company, Refinitiv ingests, refines and deploys massive amounts of data to its customers and helps them make informed decisions. A portfolio manager for instance, can use the Eikon product to analyze whether their assets are in line with their investment objectives. When it had come time to define its own digital experience, Refinitiv needed to build a presence that was equally data-driven and personalized.
The company launched one of its first efforts through a new website, powered by Adobe Experience Manager. Gone were the multiple sites and inconsistent customer experiences were in place previously. And in its place was a single destination where financial leaders can quickly find solutions to their problems, learn about the latest in the future of fintech and get the resources to drive ROI.
With an audience of over 40,000 institutions, Refinitiv also needed to make the experience for each visitor more customized. With Adobe Analytics and Adobe Target, the company is able to analyze website signals and customer segments to better understand needs and tailor each interaction. For instance, a customer who needs to implement Refinitiv’s API could be directed to the landing page of the developer portal. In contrast, a senior executive could be engaged with the latest blog post on the rising value of data in financial markets.
The results to date have been encouraging. One test showed a 28% increase in conversion by implementing more personalization. Refinitiv has also seen customer satisfaction scores for its digital properties improve by 60%, doubling the revenue driven by digital channels.
According to Richard George, Global Head of Digital Marketing at Refinitiv: “Our business is based on the promise of data, so when we built our digital strategy, we required a partner with a similar orientation. Our work with Adobe Experience Cloud has played a role in helping us understand what makes our customers tick and how to engage them in a way that is intuitive and relevant. We are not a mass consumer product and so personalization is really critical. We want every person who engages with us to feel like they are having a custom experience and that we are anticipating their needs. Looking ahead, we plan to leverage even more technology and are exploring ways in which AI and machine learning can help us get smarter about customers and deliver better experiences.”
Topics: Digital Transformation
Products: Analytics, Experience Cloud, Target