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Real-time CDP: The Investment Businesses Should Make

by Joanna Lewis
in Business
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Real-time CDP: The Investment Businesses Should Make
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The investment business is in a state of flux. The rise of Robo-advisers and the increasing popularity of passive funds has led to a paradigm shift in how investors perceive their investments. Gone are the days when investors would blindly follow the advice provided by their financial advisors. Read on to learn how you can use real-time CDP for making investments:

Real-Time CDP for Continuous Customer Data Profiling

Real-time CDP (Customer Data Profiling) is the technology that companies are using to track customer behavior and gain insights into customers’ preferences.

It’s important to understand that the term “real-time” in this context refers not only to the way you collect data about your customers but also to how you analyze it. Once you have a clear picture of your customer’s behavior, you can personalize their experience based on what they like, which means better sales and higher retention rates for your business.

Enabling real-time customer profiling

As it turns out, real-time customer profiling is possible. In fact, it’s a necessity for companies that want to improve the customer experience and make more money. Customer data can be used to inform decisions at all stages of the customer journey—from acquisition through retention to referral marketing—and it’s especially useful when it comes to making predictions about future behaviors.

A Unified Customer Profile on the Fly

The other implications of this technology are more straightforward. Customers will be able to see a single source of truth for their activity across the entire enterprise. They may need to prove that they are who they say they are and then get prompted with a series of questions to capture additional information.

CDP for Business Intelligence

As per the professionals at Adobe Real-Time CDP, “CDP for business intelligence (BI) is about turning data into knowledge, which can be put to use for decision-making.” Businesses use BI to gain insights from their data and make better decisions faster.

 

Business Intelligence’s goal is to provide a high-level view of the company’s performance without requiring expert knowledge of its workings. BI helps businesses make more informed decisions by providing insights into what happened, why it happened and how they compare with competitors or historical patterns.

Facilitating real-time segmentation models

Segmentation models help businesses to find patterns in customer data, target customers based on their behavior and personalize the customer experience. The investment business is no different than any other industry in this regard: it needs to know who its customers are, what they want, and how best to serve them. In traditional CDP systems, such segmentation models have been difficult or impossible because of the latency requirements (which can be up to 24 hours) of acquiring data from multiple sources and then processing it before making decisions.

Reactive and Proactive Customer Interactions with CDP

Reactive customer interactions are based on a need for action. For example, if an inbound call comes in from a customer who is having trouble with one of your products or services, you might use CDP to search for that customer’s historical data and provide them with relevant information about their account and how to solve similar problems in the future.

Hope this post has piqued your interest in applying customer data profiling to your business. It’s important to remember that CDP is not just a tool for personalizing the customer experience. CDP can also help with business intelligence, real-time segmentation models, and predictive models in real-time. At its core, CDP aims to make better decisions by gaining deeper insights into customer behavior across all channels of interaction.

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