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.