The popularity and importance of data-driven marketing have led many Financial Services companies to implement a Customer Data Platform (CDP) in their businesses. This is because a CDP has the capability to break down customer data silos and create a single unified view for each customer. The unified view helps marketers in thoroughly understanding customers with respect to their behavior, preferences, buying intent, etc. These insights, in turn, enable financial marketers to drive personalized customer engagement which results in increased digital conversions.
However, marketers are often confused about one underlying question – Should a CDP be bought or built?