The Need for a CDP in the Asian Financial Services Industry

  • January 25, 2019
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Customers in the Financial Services industry want personalized experiences. They, in fact, expect and demand them from their service providers. They prefer to stay loyal to a company as long as they receive this special treatment. As a result, personalization has become the number one priority for marketers in the industry today. They are waking up to the realization that delivering personalized experiences highly depend on understanding customer data.


Very few companies have the means to understand this data and use it to enrich the customer experience. The technology that has been recently making waves in every industry is known as the Customer Data Platform (CDP). A CDP is a packaged SaaS (software-as-a-service) product that is designed to build a unified customer database for an organization. Implementing a CDP can help achieve consistent customer engagement, increased loyalty, and higher sales.



David Raab, CDP evangelist and Founder of the CDP Institute, was invited as a chief guest at the Customer Data Summit 2018 event organized by Lemnisk.


David is a widely recognized thought leader in marketing technology and analytics. He was one of the first people to recognize that digital marketing systems were not just proliferating but also the data that these systems were throwing up were getting grouped into silos, making it really hard for marketers to understand customers holistically. David also realized that there was a tremendous opportunity if he could bring these disparate systems together.


Around this insight, David coined the term Customer Data Platform and founded his institute in 2016. The CDP institute’s work has been seminal in helping marketers understand the need for a CDP and the ways that they can derive value from it.


David’s thought-leadership session imparted the following key insights:







It is still early days for a CDP in Asia. Many organizations are still at the stage of learning for themselves why options such as DMP (Data Management Platforms), Enterprise Data Warehouses, and marketing clouds won’t solve the problem that a CDP addresses. The core technologies used in Asian financial institutions can support any level of marketing sophistication that their users are ready to deploy. The early CDP adopters are touted to have an advantage over others in the industry.




By Bijoy K.B | Senior Associate Marketing at Lemnisk


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