Customer Data Platform (CDP) – Core To Marketing For BFSI Companies
Gartner defines Customer Data Platform (CDP) as “A customer data platform is an integrated customer database managed by marketers that unifies a company’s customer data from online and offline channels to enable modeling and drive customer experience.”
This diagram provides a simple visualization of a typical CDP.
Three important things that a CDP does are:
- Aggregates large volumes of data from multiple first-party sources
- Allows creation of segments(manual and predictive) basis unified data
- Activates segments on multiple channels both onsite, offsite and different devices
Situation of Financial Services Industry
Data is rich, yet not directly usable
Financial Services industry is highly advanced in terms of investment in technology. Millions of dollars are spent every year by companies on various forms marketing technologies like CRMs, search, display, email service providers etc.
Due to such advanced technologies, large volume of data is easily collected and stored. Moreover, the beauty of this data is that it is diverse and rich. Hence, financial services companies are sitting on gold of data which is a perfect ingredient for customer-centric marketing.
However, this data is very distributed across servers and service providers. Furthermore, in its stored form, the data cannot be used for marketing. The data has to be cleaned, deduped and merged to make it useful.
Marketing is advanced, yet not completely hyper-personalized
Research showsthat nearly 70% of marketers expect their data to be shared across channels. But in reality, marketing is still done mostly in siloes. Customers are now available at multiple touch points. Marketers need to understand the exact need of each customer and reach out to each customer with the right message at right time on the right channel.
Personalization is the need of the hour because customers are not spoilt by choice in Financial Services industry. Decisions are made in seconds, and hence marketers have to use best-in-class tools for marketing.
Customer Data Platform(CDP), Core to Marketing for Financial Services companies
CDP needs to be at the core of marketing of FS companies. The reasons are:
- Every data point of every customer – existing or new – can be pushed into CDP: This becomes one single source of truth for all the customer data
- CDP can scale both in terms of data points per customer and number of customers
- All the marketing channels can be easily integrated, and they can now talk to each other – Channel response data can be stored back into CDP
- Data can be easily accessed both at user-level and bulk exports
- All types of marketing activities can be activated through one platform – onsite, offsite, programmatic, email, mobile etc
Vizury’s CDP is already used by many Financial Services companies. They have already seen the benefits of the platform. Example of this includes leading BFSI companies in the APAC region such as HDFC Bank and Coverfox.
To know more about Channel Orchestration and its use cases relevant to your business, please feel free to reach out to me at email@example.com
Associate Vice President, Product Management at Vizury