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Customer Data Platform for Financial Services

As the public-health and economic fallout of COVID-19 creates profound challenges for consumers and businesses alike, perhaps no industry has a higher hurdle to clear than financial services. 

Financial brands are in the business of promising consumers and businesses a secure, healthy future. But when so many expectations are upended in the span of a few months, it becomes difficult to make promises about the future.

Successfully navigating this fraught new reality will look different from one business to another. But throughout every individual business’s path, one thing will remain the same for all financial services brands: Your customers will reward you for helping them when they need it most, and they may remember if they’re neglected.

How can a CDP help?

Earlier this year, ActionIQ hosted executive panelists in a virtual forum on CX during COVID-19, where one financial services executive discussed the profound effect brick-and-mortar shutdowns had on business. With the most vulnerable demographics of the population also the most dependent on branches—the shifts in behavior were immediate. Call centers were slammed.

The company needed to respond quickly by deploying new processes, messaging and training to call center teams, developing training videos aimed at teaching offline customers to use online services, and more.

Ultimately, the company’s digital transformation was put to the test, and many thousands of hard-earned customer relationships were at stake. As these tests continue to mount for financial services companies, customer data platforms (CDPs) promise a foundation for organizations to make customer data from across channels easily accessible with the goal of delivering humanizing customer experiences.

A CDP like ActionIQ provides a critical system for brands to centralize all offline and online customer data sources in a single environment. This enables financial services teams to easily gain omnichannel customer insights that help them understand what customers expect and improve customer experience by designing thoughtful, connected experiences.

ActionIQ enterprise customer data platform

Below, we highlight three components of CDPs that can provide critical support for financial services businesses managing customer experiences.

For a full overview of CDPs, visit our What Is A CDP? page or download our Evaluation Guide.

customer data platform evaluation guide
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Evaluate a CDP based on its ability to unify data, analyze your customers, and activate personalized experiences

Secure customer trust while driving growth with expert data governance

As brands embrace the value of putting relationship data at the heart of customer experiences, they also need to embrace a growing responsibility to balance customer data collection and management with strong protocols to protect sensitive customer information and comply with data security & privacy regulations.

The threat of a data breach looms large for financial services organizations in particular, who hold sensitive personally identifiable information (PII) on customers. Not only does a breach have costly repercussions for your organization, it can also erode hard-earned customer trust and harm your public image.

As management systems of customer data, CDPs have critical roles to play in data governance. Not only do they have to help enterprises fulfill their responsibility to protect sensitive customer data, but they have to do so while helping brands grow and scale their use of customer data in decisioning and outreach.

ActionIQ embraces its role as a key partner for enterprises meeting their responsibility as shepherds of sensitive customer data while achieving growth through data-driven personalization. Part of that commitment includes consultations and workshops during every implementation led by ActionIQ data security professionals with decades of experience in financial services.

Additionally, the ActionIQ platform is built from the ground-up with security measures appropriate for the largest and most vigilant enterprises, including protocols like: 

  • Compliance and certifications – SOC 2® Type 2, EU Privacy Shield, CCPA with inherited certifications from AWS and GCP
  • Encryption Everywhere – Data is encrypted in transit using Advanced Encryption Standard (AES-256) and at rest
  • Enterprise admin tooling – Designed to support your organization’s data, user and security management policies. This includes role- and team-based user permissioning, multiple authentication methods, logging and tracking, data purging and more.

For more information, visit ActionIQ’s security page.

Build loyalty with personalized, connected experiences

For many financial services organizations, the customer experience is a complex journey that spans sales, services and marketing touchpoints – and one that changes dramatically based on customer life events like marriage, homebuying, family planning and more. Brands that can master these customer journeys stand to earn loyalty for generations.

Identity Resolution

The foundation of personalized, connected experiences at scale is identity resolution. Identity resolution describes products and features that help businesses reconcile customer data into unique profiles across multiple channels and devices. In doing so, companies can start to build the much-touted single customer view that underlies consistent, trust-building customer experiences.

Many financial services companies are heavily invested in solving this challenge with in-house technology teams. In other cases, CDP features like ActionIQ’s PersonMatch can provide a critical ID resolution capabilities for financial services. Unlike many ID resolution features in the market, PersonMatch uses both deterministic and probabilistic matching to build complete customer profiles across channels and touchpoints.

Journey Orchestration

Building holistic customer profiles enables financial brands to orchestrate engagement across touchpoints with the confidence that they’re delivering humanizing experiences. 

Many CDPs, some of which began as digital personalization tools, will often excel at managing experience delivery on a particular channel. ActionIQ provides native orchestration capabilities focused on delivering a data-driven experience to customers across channels – whether that’s email, SMS, direct mail or elsewhere – through connected journeys, real-time triggers and more.

For financial services brands, journey orchestration can open up a new set of use cases that drive growth and build relationships, like:

  • Providing educational resources and guidance to customers based on unique life stages in the channel of their preference
  • Designing customer journeys based on churn risk (low NPS, CSAT, CES) and improving retention with proactive outreach
  • Integrating sales & servicing systems to centralized customer data, enabling the display of customer relationship data that can improve the quality of outreach & care

Ultimately, financial brands choosing the right CDP to orchestrate personalized journeys across channels can deploy use cases that reduce churn, lower costs and increase customer satisfaction scores.

Genworth Financial, Modern Smart Hub
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Genworth Financial: Digital Transformation and the Customer Experience Video Case Study

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Act and innovate quickly with a self-service solution

Often, financial services organizations have great volumes of valuable first-party data, but it may be siloed across multiple databases, managed by IT teams, and subject to strong data governance oversight. As consumer behavior continues to rapidly evolve, the teams responsible for customer experience need a solution to readily access those valuable data assets.

Many CDPs can play a critical role in solving this challenge by unifying data in a compliant manner and providing a toolset for analytics and orchestration that’s designed with business users in mind. That means drag-and-drop features for key workflows, the ability to manage customer attributes and audiences without IT intervention, configurable admin UIs for managing user controls and more.

Although a single client may centralize tens of millions of customer profiles and execute tens of billions of activations per month on the ActionIQ platform, the UX is designed around drag-and-drop usability that makes data, analytics and orchestration workflows accessible to the teams responsible for customer experience – not just technical users.

Ultimately, by deploying a CDP financial services organizations can take a step towards being a customer-first organization and remove the obstacles between marketing, services and sales teams and the data that will make a difference in the quality of customer experiences.

The ActionIQ team and our industry-leading CDP have helped financial services brands build high-performing organizations that deliver exceptional, growth-oriented customer experiences. If you’re looking to do the same, we’re ready to help.


Contact us today for a complimentary consultation with one of our experts.

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