Why is using a customer data platform in finance crucial? Because it enables you to create a single source of truth—one that can be integrated with other platforms and emerging technologies. The results of such integrations are usually better-polished systems that enable you to deliver excellent customer experiences. Therefore, such platforms are a must. Do you want to learn more? Then keep reading!
What Is a Customer Data Platform for Finance
A finance data platform for managing customer-related information is an IT solution that gives you a full overview of your teams’ interactions with the customers. The main role of such a platform is to unify the data and give you a full overview of it; however, many such solutions come with additional features.
Modern customer data platforms for finance include AI prompters, AI assistants, intelligent product recommendations, and even biometrics and tools for digital onboarding. Thus, they become more than just platforms—they are the weapons in the arsenal of the best customer service teams.
The Impact of Customer Data Platforms on Finance
How do such platforms enable your finance organisation to grow? What benefits do they offer? Let’s answer all these questions by showing you the list of advantages of such platforms.
Single Source of Truth=Better Decision-Making
The first natural advantage of using a finance data platform to manage customer information is that it integrates all the data from other systems into a single source of truth. Why does this matter so much?
With all the pieces of information in one place, your teams will always work on the most accurate, up-to-date data. Thanks to this, they will make much better decisions, as they’ll be able to take into account everything, at least regarding the customer.
Personalisation=Better Customer Experience
The second advantage of such platforms is that they enable you to personalise customer journeys and experiences—some even come with tools for this purpose. After extracting all the data related to the particular customer, you can feed it into an AI model responsible for data analytics to receive personalised product or content recommendations and information on customer satisfaction (this does not occur directly, but such systems may, for instance, predict the intention to churn).
Automation=Faster Processes, Higher Productivity and Improved Customer Satisfaction
With all the data in one place, you’ll be able to introduce automation across many more fields in your organisation than before. Therefore, the benefits of using customer data platforms for finance are the same as for using automation in general, namely:
- higher productivity,
- improved customer satisfaction,
- accelerated processes.
Naturally, the better the platform, the more such functions are already installed in it, so sometimes you won’t even have to invest in additional predictive analytics AI models or automation tools.
The Takeaway
Customer data platforms are solutions that deserve the number one place in any finance software ranking. They enable you to eliminate data silos, enhance productivity across the organisation and make significantly better, data-driven decisions. Therefore, such platforms are a must in any bank of the 21st century.
