{"id":301,"date":"2019-01-28T10:58:17","date_gmt":"2019-01-28T05:28:17","guid":{"rendered":"https:\/\/www.lemnisk.co\/blog\/?p=301"},"modified":"2023-04-30T00:33:01","modified_gmt":"2023-04-29T19:03:01","slug":"cdp-financial-marketers","status":"publish","type":"post","link":"https:\/\/www.lemnisk.co\/blog\/cdp-financial-marketers\/","title":{"rendered":"How can a Customer Data Platform (CDP) help Financial Marketers"},"content":{"rendered":"

The Financial Services industry is highly advanced with respect to technology investment. Millions of dollars are spent every year by companies on various forms of high-end marketing technologies such as CRM, search, display, and other automation software.<\/span><\/p>\n

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Due to the implementation of these advanced technologies, a large volume of data is easily collected and stored. The beauty of this data is that it is quite diverse and rich. Financial services companies are therefore sitting on a gold mine of data that is perfect for customer-centric marketing<\/a>.<\/p>\n

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However, this data is very distributed across servers and service providers. Furthermore, in its stored form, the data cannot be used for marketing. It has to be segmented, cleaned and merged to be made useful.<\/span><\/p>\n

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Marketing is advanced, yet not completely hyper-personalized<\/h3>\n

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\"Marketing<\/p>\n

Research shows that nearly 70% of marketers expect their data to be shared across channels. But in reality, marketing is still done mostly in data silos. As customers are now engaging at multiple touch points, marketers need to understand a customer’s need and reach out to each customer with the right message, at the right time, and on the right channel.<\/span><\/p>\n

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Personalization<\/a> is the need of the hour as customers in the Financial Services industry aren’t spoiled by choice. Decisions are made in seconds, and hence Financial Marketers have to use the best-in-class tools for marketing.<\/span><\/p>\n

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Customer Data Platform (CDP) – A necessity for BFSI companies<\/h3>\n

\"Customer<\/span><\/p>\n

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According to CDP<\/a> evangelist David Raab<\/a>, “A CDP\u00a0is packaged software designed to build a unified customer database. Like a data lake, it ingests\u00a0structured, semi-structured and unstructured data and stores it without losing any details. Like a data\u00a0<\/em>warehouse, it transforms, unifies, and reformats the data to use for analysis and marketing programs.\u00a0<\/em><\/span><\/p>\n

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CDPs include functions that simplify the addition of new data sources and transformations; in most cases,\u00a0marketers can handle simpler changes for themselves while IT or vendor support is needed for major\u00a0changes. Some CDPs also provide additional functions including analytics, predictive modeling,\u00a0segmentation, and campaign management.<\/em>“<\/span><\/p>\n

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A CDP does three important things:<\/span><\/p>\n