CDP : Operational Efficiency

Original article can be found here (source): Artificial Intelligence on Medium

CDP : Operational Efficiency

Customer Journey — Wealth Management
Customer Journey — Financial Services

CDP is a recent buzz word. It claims to be better and actionable then DMPs and CRMs. To understand the CDP capabilities in detail, it is important to map it with the customer journey. How CDP can help in operational efficiency and improve the process?

I have taken here a wealth management customer journey.

•A customer recently lost the spouse

•Customer login to the web portal

•He realized the beneficiary is incorrect. He has to change the beneficiary after the death of the spouse.

•He attempted to change the beneficiary on web portal but receives an error

•Customer called the contact center

•After hearing the request, the first agent transferred the call to a specialized agent

•Customer has to repeat the problem statement. The specialized agent explained the process and sent forms through email

•Customer returns the forms after filling and the agent sent an acknowledgement email

•Customer logins to web portal again after a couple of days and noticed that no change has been made

•Customer sends an email to the advisor. Advisor resolves the issue and sends an email to customer

•Customer logins and verifies the change

•After few days customer receives a survey to fill

•As the process included various touchpoints and delay in solving the problem, the customer gives a low Net promoter score.

In the CDP, with “MAP” capability, it could have avoided the customer to repeat the problem statement. The agent would have been proactive in solving the customer issue

The product team gets a message on time to do self-serve portal re-engineering.

CDP “THINK” capability would have recommended the next best action to retain customer loyalty and avoid low CSAT and NPS

CDP “ACT” capability would have proactively orchestrated the right message to the customer to avoid the frustration

How are you using CDP to improve the process?