This is the final in a 4-part blog series on banking and data maturity and the effect of legacy systems on customer experience. Check out parts 1, 2 and 3.
With advances in data analytics and technology solutions, banks are gathering more data about their customers and prospects than ever before. And as a result, they need to know how to fully leverage that data. Designed with marketers in mind, a Customer Data Platform (CDP) aggregates data from the multitude of channels and touchpoints throughout the customer journey and then provides actionable insights that can inform the complex, multi-channel journeys that today’s buyers travel on the path to purchase.
Your Own Data Hub
A CDP is unique in that it focuses on creating a central location for all customer data, including everything from buyer personas to web and mobile browsing history, email, chat, and phone interactions with the brand, social media behavior, and more. While other data-focused platforms, such as CRMs or social media analytics solutions, focus on aggregating data related to one particular channel, a CDP brings together the complete history of interactions and behaviors across all channels to provide a more robust, in-depth understanding of every individual prospect and customer.
Once you better understand your customers’ patterns of behavior, as well as what their needs are, you’ll have the knowledge to more accurately predict their next moves. Once you can predict their next moves, you’ll be able to implement targeted campaigns relevant to their needs. As you can imagine, this more strategic approach to using customer data could be the difference between a lost customer vs. a newly gained one.
Give Customers What They Want
Despite growing awareness of the need for fully integrated, multi-channel customer data, many companies are still relying on siloed, channel-focused data sources. As the number of channels through which customers can interact with brands continues to rise, in tandem with consumer demand for a seamless, cross-channel experience, these companies are failing to meet their customers’ expectations.
Entailed with algorithms, and enriched with machine learning, the CDP makes it possible to personalize marketing campaigns down to the individual. This then serves to offer customized and relevant offers, at the right time, on the individual customer’s preferred channel.
If you’ve ever wanted to garner deeper insight into your customers, the value of a CDP is unparalleled. As you can see below, we’ve simulated a customer journey and how their online actions are mapped and captured. Once they interact, a CookieID is created and that is turned into their customer DNA so a more complete profile can be developed. Each action they take helps to build a fuller picture of who they are, their potential value as a customer and even how they prefer to be contacted or messaged to as well as when! A CDP essentially offers all of the data necessary to better identify customers’ needs.
NGDATA’s CDP gives you the power to transform your brand’s customer experience. By analyzing and contextualizing customer data in real-time, you can react to the behaviors of each individual — delivering on customers’ expectations for personalized experiences. This customer-centric approach ensures a lasting impact on improved sales, customer loyalty and the highest ROI.
Learn more about how NGDATA’s Digital Transformation Services and CDP can help you ensure your transformation, while maximizing your analytics to optimize customer engagement.