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Customer Data Platforms Will Boost Loyalty and Lifetime Value for Retail Banking Customers

Publisher IDC
Published May 28, 2024
Length 6 Pages
SKU # IDC18822480

Description

Customer Data Platforms Will Boost Loyalty and Lifetime Value for Retail Banking Customers


This IDC Perspective highlights the importance of customer data platforms (CDPs) in creating seamless customer experiences and leveraging GenAI for personalized advice, as well as the necessity for banks to adopt a digital-first approach to remain competitive while improving their overall efficiency. Customer data platforms are increasingly vital for retail banking, offering a comprehensive view of customer behaviors, enhancing loyalty, and helping generate more lifetime value. By addressing challenges like data latency, compliance, and fragmentation, CDPs enable banks to deliver personalized experiences across the omni-channels."Embracing CDPs in banking isn't just about data integration; it's about unlocking unparalleled customer loyalty and lifetime value," says Marc DeCastro, research director, IDC Financial Insights.

Please Note: Extended description available upon request.

Table of Contents

6 Pages
Executive Snapshot
Situation Overview
CDP Overview
Trends and Challenges Managing Customer Data
Advice for the Technology Buyer
Learn More
Related Research
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