Identity resolution is a powerful tool for marketers, as it allows them to create accurate and unified customer profiles that encompass behavior and transactions across multiple channels and devices. It is also commonly known as multi-device identification and underpins the customer's unique vision. It's also known as identity verification, which ensures that the person providing information over the phone is the person they claim to be. Identity resolution is used for several reasons, but in the financial services industry, the main ones include the need to verify customer data, link customer data between different companies, and automate processes.
Identity resolution software is defined as software that integrates consumer identifiers across all channels and devices in a precise, scalable and privacy-compatible way to create a persistent and addressable individual profile. The challenge of identity resolution is that it requires integrating data from multiple sources to create a complete picture of a person. Your goal with an identity resolution system is to create a robust and accurate profile of each individual customer. Identity resolution is an innovative technique in which it is determined if two entities are the same or different.
For example, retailer FinishLine used LiveRamp's identity resolution solutions in its search and paid shopping campaigns to identify segments that included customers who made online and in-store transactions, and send them more powerful offers based on that behavior. The main use cases for identity resolution are found in advertising technology and martech applications for customer acquisition, engagement, retention and loyalty. You can also use identity resolution to recognize customers when they appear at your properties and offer personalized experiences. Sixth, identity resolution creates a unique view of the customer and improves the customer experience as part of an omnichannel marketing strategy.
Probabilistic identity resolution is a statistical model with a certain confidence interval, in which it is known with some confidence that this user will. With probabilistic identity resolution, you will have different levels of statistical confidence, depending on the models that were used in the process. Identity resolution helps them to reconcile much of their customer data, identify unique customers and personalize experiences with much more coherent marketing campaigns. For example, Starbucks uses Amperity to unite the 360 identity of customers to create more holistic customer experiences.
With strong identity resolution capabilities, marketers can easily evolve with these changes and remain relevant.