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Why are banks and insurers embracing CDP technology?

Published: Monday, 25th June 2018 by Joe Cripps, Product Manager

As Customer Data Platforms grow increasingly prominent, at long last the question I'm most frequently asked is no longer 'What is a CDP?'. Now that CDPs are a hot marketing technology topic, people want to know who is using CDP technology, what they are using it for and what the benefits are?

To answer as directly as possible, financial services organizations seem to be leading the way. Here at Celebrus, 90% of our clients are either leading retail banks or main stream insurers who have recognized that they need to address the abundance of customer data, which in many cases was strewn across various systems and databases, etc.

In simple terms, banks and insurers need to improve the accuracy and quality of the data that they capture. As financial services organizations provide their customers with more ways to engage, they need to find a consistent way to capture behavior and experience data from customer interactions.

They need a consistent, accurate, complete view of customer behavior and experience. A single source of truth which can only be achieved by dismantling the data silos that exist when multiple systems and platforms are used to house customer data.

But, why are banks and insurers embracing CDP technology? Rather than answer that question ourselves, Celebrus commissioned the Customer Data Platform Institute to shed some light onto this subject. They will be hosting a webinar entitled Customer Data Platforms in Financial Services which will analyze not only the reason for CDP adoption, but common use cases as well as identifying the capabilities that banks and insurers require from a CDP.

This 40 minute webinar will be held on Thursday 28 June at 4pm UK time. The CDP institute has also created a thought leadership paper with a detailed outline of the findings which will be summarized on the webinar. Click here to register and to download the paper.

Screenshot: Customer Data Platforms in Financial Services

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