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Informative Article | Finance | India | Volume 10 Issue 4, April 2021
A Comprehensive Review on Demystifying Customer Data Platforms in Financial and Healthcare Services
Priyal Borole [6] | Ashok Shankar
Abstract: In the dynamic landscapes of financial and healthcare services, the integration of Customer Data Platforms (CDPs) has emerged as a transformative force, reshaping data management and customer engagement strategies. This research endeavors to elucidate the nuanced applications, challenges, and implications of CDPs within these pivotal sectors. Our comprehensive literature review navigates the evolving role of CDPs, defining their core features and delving into sector - specific implementations. The financial services sector harnesses CDPs to enable real - time data processing, CRM integration, and targeted marketing, resulting in heightened customer engagement and cross - selling opportunities. Challenges encompass data security concerns and regulatory compliance. In healthcare services, CDPs prioritize unified patient profiles, Electronic Health Record (EHR) integration, and patient engagement strategies, yielding improved care coordination and enhanced patient satisfaction. Privacy concerns and interoperability challenges pose notable obstacles. A comparative analysis highlights both commonalities and distinctions in CDP implementation between financial and healthcare services. While regulatory compliance is a shared challenge, differences in integration focus and staff resistance underscore sector - specific nuances. Financial services pivot towards precision for targeted financial services, whereas healthcare services emphasize accuracy for personalized healthcare plans. These findings contribute not only to the demystification of CDPs but also provide actionable insights for industry practitioners, policymakers, and researchers navigating the intricate landscape of data management and customer engagement.
Keywords: Customer Data Platforms, Data Analytics, Personalization, Customer Experience, Risk Management, Regulatory Compliance, MarTech, Communications, Customer Lifecycle Data, Customer Journey
Edition: Volume 10 Issue 4, April 2021,
Pages: 1379 - 1384