{"id":1722,"date":"2020-05-08T19:20:46","date_gmt":"2020-05-08T13:50:46","guid":{"rendered":"https:\/\/www.lemnisk.co\/blog\/?p=1722"},"modified":"2020-05-08T19:20:46","modified_gmt":"2020-05-08T13:50:46","slug":"cdp-use-cases-for-banking","status":"publish","type":"post","link":"https:\/\/www.lemnisk.co\/blog\/cdp-use-cases-for-banking\/","title":{"rendered":"6 CDP Use Cases for Banking Marketers"},"content":{"rendered":"

Banking marketers want every customer touchpoint to be a potential selling point. But,\u00a0in order to do that, they need to have in-depth knowledge about the customer which\u00a0would help them in delivering the right offer on preferred customer channels. However,\u00a0when it comes to banks, there are millions of customers. It is practically impossible to track and understand each customer\u2019s buying propensity, behavior, and purchases.<\/p>\n

 <\/p>\n

One good thing about banks is that they are quite rich in first-party customer data. If\u00a0banking marketers can find a way to leverage this data to know customers thoroughly,\u00a0they can glean valuable insights that can be used for customer targeting. This is where a\u00a0Customer Data Platform<\/a> or a CDP comes in.<\/p>\n

 <\/p>\n

A CDP is the perfect martech tool that can help banking marketers manage their customer\u00a0data efficiently. It does this by accumulating data from various data silos and then unifying\u00a0them under each customer\u2019s profile. With this single customer view<\/a>, marketers can clearly\u00a0discern a customer\u2019s journey right from the beginning of their interaction with the brand\u00a0to their latest activity. Armed with the knowledge and insights from the CDP, marketers can target personalized messages for every banking customer at the right time and on\u00a0the right channel.<\/p>\n

 <\/p>\n

Here are 6 CDP<\/a>\u00a0use cases that banking marketers can implement for their respective organizations:<\/p>\n

 <\/p>\n

6 CDP Use Cases for Banking Marketers<\/h2>\n

 <\/p>\n

1. Repeat Website Visit<\/h3>\n

A user decides to re-visit a bank\u2019s car loan page to check his\u00a0eligibility. As this is his second visit, he can be welcomed with a\u00a0personalized homepage banner of the car loan which when clicked,\u00a0takes him back to the page from where he dropped off earlier. This is possible because the user’s past website activity is already recorded in the CDP. The marketer can, therefore, tailor a personalized message based on the customer’s buying intent.<\/p>\n

 <\/p>\n

\"repeat<\/p>\n

 <\/p>\n

2. Online Loan Application<\/h3>\n

A prospective user visits a bank\u2019s website to look for a\u00a0personal loan. She checks out the interest rate\u00a0and drops off. The bank\u2019s marketers can bring her\u00a0back to the website by sending her a personalized message\u00a0via a browser push notification regarding the loan.<\/p>\n

 <\/p>\n

\"loan<\/p>\n

 <\/p>\n

3. Pending Documentation Reminder<\/h3>\n

A prospective user is midway in the buying journey for a home loan. He\u00a0has filled in his details and has to upload his documents. But he\u00a0decides to drop off from the site. This website behavior of the prospect is stored in the CDP. Using this information, marketers can then urge him to\u00a0complete the documentation process via personalized email or SMS messages.<\/p>\n

 <\/p>\n

\"upload<\/p>\n

 <\/p>\n

4. Birthday Offer<\/h3>\n

A customer visits the car loan page on the bank\u2019s website\u00a07 days before his birthday. He receives a birthday special offer\u00a0personalized for him via a notification bot or a homepage banner. A CDP’s unified user profile can be used by banking marketers to craft a hyper-personalized birthday offer that increases digital user engagement.<\/p>\n

 <\/p>\n

\"birthday<\/p>\n

 <\/p>\n

5. Up-Sell\/Cross-Sell Offers<\/h3>\n

A customer who has a good credit score is shown a personalized\u00a0free upgrade on his existing credit card via an onsite notification\u00a0or a homepage banner. Using the CDP, a bank’s marketers can easily identify customers who have a good credit score. Based on their interests, 1:1 personalized credit card upgrade offers can be pushed to each individual customer.<\/p>\n

 <\/p>\n

\"upsell-banking\"<\/p>\n

 <\/p>\n

6. Calculated EMI<\/h3>\n

There will be users who revisit a bank\u2019s website after having\u00a0previously calculated their home loan eligibility. These users can\u00a0be shown a personalized homepage banner that displays their\u00a0calculated EMI. Clicking the banner will take them back to the\u00a0loan application page. In this use case, the CDP makes it easy for banking marketers to shortlist users who have dropped off after calculating their EMIs. Each user can be targeted with their own personalized EMI message via their preferred channels.<\/p>\n

 <\/p>\n

\"calculated<\/p>\n

 <\/p>\n

Get access to 14 more CDP use cases for the banking industry by downloading the following e-book:<\/h4>\n

 <\/p>\n

DOWNLOAD E-BOOK: 20 CDP USE CASES FOR BANKING<\/strong><\/a><\/h4>\n

 <\/p>\n

By Bijoy K.B | Senior Associate Marketing at Lemnisk<\/h5>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Banking marketers want every customer touchpoint to be a potential selling point. But,\u00a0in order to do that, they need to have in-depth knowledge about the customer which\u00a0would help them in delivering the right offer on preferred customer channels. However,\u00a0when it comes to banks, there are millions of customers. It is practically impossible to track and […]<\/p>\n","protected":false},"author":4,"featured_media":1733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,2,71,58,95,70],"tags":[5,16,19,84,47],"class_list":["post-1722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-blogs","category-banking","category-cdp","category-customer-data-platform","category-customer-engagement","category-personalization","tag-banking","tag-cdp","tag-customer-data-platform","tag-financial-marketing","tag-personalization"],"_links":{"self":[{"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/posts\/1722","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/comments?post=1722"}],"version-history":[{"count":6,"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/posts\/1722\/revisions"}],"predecessor-version":[{"id":1735,"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/posts\/1722\/revisions\/1735"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/media\/1733"}],"wp:attachment":[{"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/media?parent=1722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/categories?post=1722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lemnisk.co\/blog\/wp-json\/wp\/v2\/tags?post=1722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}