Making big business personable with customer data platforms

03/14/23 • 27 min

Most financial institutions are well beyond the mom-and-pop store stage of their journey. And while this greater scale is good for business, it does make knowing their customer base almost impossible. And knowing the people an organization serves is essential if they are to continue offering the right products and services. But how does an institution get to know thousands of customers?

The answer is simple - they need a customer data platform.

In this episode of Financial Futures, we find out how customer data platforms are helping financial institutions (and indeed a whole host of businesses) to once again reconnect with their customer base. We'll learn how data is helping to shape new services and strengthen customer engagement, plus we'll hear about some of the out-of-the-box strategies organizations have utilized thanks to the insights they've gained through their CDPs.

Joining us today are senior director of full-stack solutions at TEKsystems, Peter Thum, and senior director of strategy and decision & data solutions at FIS, Brandon Richardson. Join us as we find out how CDPs fit into an organization's data strategy and how institutions can adopt the technology.

We'll also ask:

How do customer data platforms differ from traditional data warehouses?
Why do organizations need to understand their customers better?
How should organizations approach their customer data platform efforts?
Which organizations (and departments within those organizations) can benefit from a CDP?
What do institutions need to ask themselves before adopting a customer data platform?
How will CDPs continue to evolve?

The answer is simple - they need a customer data platform.

We'll also ask:

How do customer data platforms differ from traditional data warehouses?
Why do organizations need to understand their customers better?
How should organizations approach their customer data platform efforts?
Which organizations (and departments within those organizations) can benefit from a CDP?
What do institutions need to ask themselves before adopting a customer data platform?
How will CDPs continue to evolve?

Previous Episode

Bringing banking core capabilities to the cloud

At the center of every bank’s operation is its mainframe. These computing behemoths power all of a bank’s core processes, allowing institutions to function day to day. But mainframes the world over are facing some challenges. They’re becoming difficult to maintain with the talent pool of specialists qualified to keep them operational dwindling each year. Plus, the yearly cost of running them is high and likely to keep rising.

Banks need to upgrade their cores to a more sustainable and cost-effective technology - and the solution everyone is turning to is the cloud.

In this season of Financial Futures, we’re examining a new generation of intelligent tools that are making financial services fit for modern institutions and their customers. And in today’s episode, we’ll learn how banks are taking on the task of migrating their cores from the mainframe to the cloud.

We’ll be joined by banking cloud leader for North America at Accenture, Nicole Lanza, and division executive of modern banking platform business at FIS, Rick Foresta, as we find out why banks are choosing to move their cores to the cloud and how they’re de-risking the transition.

We’ll also ask:

How important is it for banks to move their cores to the cloud?
What are the benefits of having a cloud-native core?
Should banks opt for a public, private, or hybrid cloud model?
What are the risks involved in migrating banking cores?
How should banks approach the task?
What does having a cloud-native core look like?

Next Episode

Keeping customers loyal with modern rewards

Time is the nemesis of the rewards program. Because as society's taste for streamlined processes has grown, the long minutes spent signing up for cards at checkouts and remembering logins online have become decidedly more inconvenient. However, those clunky loyalty program processes will soon be a thing of the past thanks to a very modern rewards solution, underpinned by tokenization and fuelled by superior data collection, making its way into the mainstream.

In this episode of Financial Futures, we learn all about the future of loyalty and rewards programs and how these solutions are working for consumers and merchants alike. We'll find out where modern rewards programs can offer the most value to customers and businesses, and we'll find out why the benefits of tokenization aren't solely monetary.

So, join us as we speak with managing director at PWC, Doug Dwyer, and director of loyalty at FIS, Mladen Vladic, all about the technologies helping to set organizations apart from the competition all while keeping customers coming back for more.

We'll also ask:

What is tokenization?
How can modern loyalty programs be used to benefit charities?
What makes modern rewards programs more financially beneficial to merchants?
How is tokenization helping organizations to personalize their rewards programs?
What do rewards programs mean to customers and why are they important?
How can organizations adopt modern rewards and loyalty programs?
What does the future of loyalty look like?