There is a rising number of financial services implementing a CDP. Over the last few years, disruptive forces like financial technology, cryptocurrency and the uncertain economic impact of the pandemic have shifted the financial services industry forever. In response, financial services firms are turning to CDPs in 2022 to redefine the terms of customer engagement.

In our 2022 State of the CDP Report, improved digital experiences, new uses of artificial intelligence and predictive analytics all ranked very highly as priorities for utilizing a Customer Data Platform (CDP). Respondents indicated increased interest in unifying audience management across the technology stack and improving data quality. Financial firms are also heavily invested in digital transformation, with 95% citing it as a factor for onboarding a CDP. 

All this energy being driven toward CDP adoption also calls for more information on how to best onboard and implement a CDP for financial service firms. Tealium is hosting its annual Digital Velocity – the premier CDP event of the year – with industry specific virtual events, including financial services.

Digital Velocity ’22

The Ultimate Financial Services CX Event

Thursday, May 5th 

9:00 AM PT | 12:00 PM ET

Attendees will hear from industry experts on how to power the CDP for financial services specifically, including how to:

  • Achieve a single view of your customers
  • Optimize ad spend for cost savings
  • Employ sophisticated data collection and privacy strategies  
  • Create amazing acquisition, retention, and loyalty campaigns
  • See a complete and consistent view of your customers
  • Use customer behavior to create real-time retail experiences

Register Today!

Beyond the event, financial institutions should also follow these best practices when implementing a CDP.

5 Best Practices for Financial Services Implementing a CDP

1. Harness All Available Data

Your customer data holds the key to driving competitive advantage and increasing your customer lifetime value. A comprehensive data strategy that aligns all available data sources and then organizes said data into a single view of each customer will allow your organization to activate powerful, highly personalized campaigns at the flip of a switch. Relying on basic data points will leave your CX strategy in the dust while your competition accelerates their customer journey and user experience.

2. Keep Pace with Changing Customer Expectations

The pandemic, the pendulum of the global economy, and the rapid acceleration of digital transformation have all impacted what customers expect from their financial institutions. On the one hand, they want clarity, compassion, and protection. On the other hand, they want creative ways to maximize their portfolios and strategies for investing. They also expect financial institutions to have top notch technology – easy to use applications, functional and comprehensive websites, tuned in customer service, and cross-channel communication that streamlines service. You need a data platform that will enable your organization to easily activate customer data in an omni-channel strategy to meet – and hopefully exceed – customer expectations.

3. Embrace Innovation

Innovation is the nature of the world these days – across all industries. New products, services and platforms are being announced every day. Your financial institution needs to look for ways to continuously innovate its own business model. Customer data platforms enable massive amounts of innovation – from connecting invaluable customer insights across the organization that can unlock new product and service ideas, processes that will enhance the customer experience, and insights on how customers want to do business.

4. It’s Not (Just) Personal, It’s Banking

In financial services, you’re not just providing a simple solution, you’re helping your customers achieve life goals. You have access to some of their most intimate truths and trials. Your customers are turning to you for help in the choices that matter most – helping them build the life of their dreams, or overcome its toughest challenges. 

“The picture we’re getting is that consumers don’t consider personalized, digital self-service to be personal service,” explained Panos Archondakis, EPAM’s Global Head of Banking and Wealth Management, in response to their Consumer Banking Report 2021. “If I can provide personal interaction — whether it’s a call, or some other way of interacting in a real-time way with another human being — that’s a service that consumers indicate they are interested in.” With a CDP, financial institutions can create unified and accurate customer profiles, build better CX across the customer journey and drive real-time insights at the customer’s moment of need that are personal, not just personalized.

5. Maximize Opportunities Created By Customer Data

The digital transformation within the financial sector has created amazing opportunities for institutions that are primed to capture them. It’s not that new opportunities are cropping up that didn’t previously exist, but that customer data, and customer data platforms, help financial institutions to meet the customer in real-time during their moment of need, instead of missing the signal (sent through customer data) and thus missing the chance to capture the business. People make financial decisions during pivotal life moments, like marriage, divorce, a new child, graduation, and retirement. Setting up your customer data profiles to catch these key moments will open the door to capturing your customer’s business – and also their trust. 

For more information on how to unlock new opportunities with your CDP, make sure to attend Digital Velocity ’22 – The Ultimate Financial Services CX Event, Thursday, May 5th at 9:00 AM PT / 12:00 PM ET. 

Register Today!


Post Author

Hilary Noonan
Hilary is Director of Content at Tealium.

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