Cross-Device Personalization and Customer Data Platform

Posted by ujwal on May 6th, 2019

Consumers in the Financial Services industry are increasingly using electronic devices such as smartphones, laptops, tablets, smart watches, etc. for interacting with their service providers. If financial marketers could find a way to leverage this cross-device usage to better engage with customers, it would immensely benefit their businesses.

Since the past two years, marketers have been focused on implementing personalization in their marketing campaigns. Targeting customers with personalized offers and messages have reaped great rewards in terms of user engagement and conversions.

The Rise in Cross-Device Personalization :

Today, the average financial consumer owns at least two electronic devices. It is estimated that around 80% of consumers switch between various devices while performing research on some topic on the web. 40% of consumers purchase a product/service on a device that is different from the one on which they started their research.

Financial consumers typically use their smartphones to research about some financial product and then end up completing a digital transaction on their laptop or vice versa. As a result, the data is siloed across multiple devices.

This problem of fragmented data sources is quite difficult for financial marketers to crack. According to an Econsultancy study, the top priority of 74% of marketers was to map customers across multiple devices. They are hard-pressed to look for ways to create an effective customer engagement strategy by deriving meaningful insights from this siloed data.

Digital technologies like Customer Data Platforms (CDPs) have been key to overcoming this siloed data experience and helping financial marketers deliver personalization on an individual basis. Achieving it on multiple devices will further help marketers in keeping the customer continuously engaged with their brand.