According to CDP institute, “marketer-managed system that creates a persistent, unified customer database that is accessible to other systems”
A CDP is not a DMP nor CRM or any other marketing tool.
CDP is a packaged SaaS (software-as-a-service) product that is designed to build a unified customer database for an organization. A CDP is a tool that stores all customer data into one platform that helps marketers to analyze customer behavior.
Implementing a CDP can help achieve consistent customer engagement, increased loyalty, and higher sales. A CDP collects and unifies all customer data and make them directly usable by an external system. Without CDP, this data will remain in silos, making it difficult for marketers to understand customer behavior. It is a tool for bringing together all of this customer data into one database for marketers responsible for these personalization efforts.
Customers these days want service providers to interact with them in the most personalized manner. They want companies to know them, what content they are looking for the most on their website, how happy they are with customer support, and so on.
The CDP Institute defines a Customer Data Platform as “packaged software that creates a persistent, unified customer database that is accessible to other systems.”
The financial services and the banking sector has gone under tremendous transformation in this digital era. Customer data platform for banking and financial services has been in demand. CDP helps marketers to understand the customer data and unify it into single view.
Customer Data Platform and its uses in financial services sector 