Top 4 use cases of customer data platform in financial services

The establishment of a systematic exploitation of their enormous database across many platforms is one of the main issues confronting by banks. A customer data platform (CDP) is the solution to all financial marketers’ problems, allowing them to harness their customer data for marketing and lead generation.

Here are 4 use cases of customer data platform financial services where CDPs can be used to enhance customer engagement and increase lead conversions by SmartOSC Fintech.

Collection of data in its original form

It is challenging for marketers to plan ahead for the usage of data in their marketing strategy because the original source data is frequently modified. To ensure that the data will be relevant in the future, it is crucial to store client information in its original format. 

Data is gathered in its original format from all sources using a customer data platform created for the financial services industry. Structured, semi-structured, and unstructured data can all be consumed; they are all stored unchanged. 

Marketers have the ability to reorganize, combine, and modify this data for use in analysis and marketing campaigns. Functions in customer data platform financial services make it easier to incorporate new data sources and perform modifications.

Real-time personalization

A customer data platform financial services powers tailored consumer engagement with real-time triggers. Messages are sent to users depending on their online activity and behavioral information. For instance, a person might go to the life insurance page on an insurance company’s website before leaving the site without taking any further action. 

As a result, the customer will see offers on life insurance products the next time he visits the website based on his previous internet activity.

Call center integration

Marketers can utilize customer data platform financial services to connect their offline and online lead generation efforts. To guarantee that user engagement is optimized from both ends, data flow might be in both directions. Marketers can give a call center agent access to real-time website visits of leads so that the user can be contacted right away. 

A lead’s call center information, on the other hand, can be entered into the customer data platform financial services and utilized to send emails or browser-push messages to the user based on their most recent chat with the agent.

Leverage AI for channel marketing

Marketers can utilize customer data platform financial services to link their efforts for offline and online lead creation. For maximum user engagement on both ends, data flow might be in both directions. A call center agent can reach out to a lead by using real-time website visits shared by marketers with the agent. 

In contrast, lead data from a call center can be ingested into a CDP and utilized to send emails or browser-push notifications to the user based on their most recent engagement with an agent.

Conclusion

It’s crucial to leverage big data in conjunction with other technologies like CDP, AI, and machine learning. Banks can use the Customer Data Platform to develop forecasts, stop fraud, assess and lower risks, and safeguard customer data. SmartOSC Fintech analyzed the most significant data finance use cases in this article. If you have any questions, do not hesitate to contact us.