Hello ForesightOne FinServ Community!
I has been some time since I last wrote but this is a very interesting article. We've been engaging in some very interesting meetings lately with Innovative Marketers from national and international banks of all sizes and one of the trending keywords in our conversations have been #openbanking, #customerdataplatform, and #finservcdp.
For those of you that are not familiar with some MarTech and FinTech terms, allow me to explain so we can further investigate the benefits of this innovative era. If you are familiar, please skip to The Top 3 Benefits of CDP & Open Banking Applications.
Open Banking is ....
FinServ Customer Data Platform
A CDP is a Customer Data Platform but more than just a place to hold your customer's data. Think of a CDP as a supersized database that contains the identity of all your audience, anonymous or known individuals where you can plug-and-play any system and collect clean and actionable data for your strategy and execution of your marketing team.
A FinServ CDP, like Lemnisk, has the ability to merge data related to identity data from different marketing and financial services systems to deliver a holistic 360-degree picture of an individual allowing banks to introduce B2B and B2C Open Banking to their customers.
The Top 3 Benefits of CDP & Open Banking Applications
With the introduction of Open Banking you can capitalize in different ways when it comes to using a FinServ CDP as an identity management foundation.
1. Drive Competitive Advantage to Your Bank
Data and Trigger APIs via FinServ CDPs (elaborate here)
2. Strengthen Customer Relationships at Scale (Banking Experience)
Hyper-Personalization (elaborate here)
3. Be Prepared for the 2020 California Consumer Privacy Act (CCPA)
Is your bank or financial services institution ready for the CCPA?
Your Institution will need to be ready in a similar fashion like Organizations in the European Union and the European Economic Area (including those that do business with) had to be for the GPDR (General Data Protection Regulation).
About The California Consumer Privacy Act (CCPA)
The California Consumer Privacy Act (CCPA) was signed into law in June 2018 by Governor Jerry Brown, and it's the first United States law following in the footsteps of General Data Protection Regulation (GDPR). The CCPA requires the California Attorney General to publish the set of regulations between Jan. 1, 2020, and July 2, 2020.
About The GDPR (General Data Protection Regulation)
"The General Data Protection Regulation 2016/679 is a regulation in EU law on data protection and privacy for all individuals within the European Union and the European Economic Area. It also addresses the export of personal data outside the EU and EEA areas." from Wikipedia, the free encyclopedia. Read more about the GDPR on a Wikipedia Page.
Open Banking and FinServ AI CDPs are a reality. Banks and Financial Service Institutions should think in innovative ways to improve their banking experience, and further develop their own product roadmap before it's too late.
Companies like Lemnisk allow your financial services institution or bank to have access to an ISO certified, AI-Driven FinServ Customer Data Platform that is GDPR compliant. It's also the platform you need for for your Open Banking Project which in the very near future will be a minimum requirement for consumers to do business with your bank.
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- FinServ CDP: Lemnisk's HDFC Bank Case Study (PDF Version)
- Open Banking
- Customer Data Platforms