IDC MarketScape Recognizes Oracle as a Leader in CDP for the Financial Services Industry

October 24, 2023 | 4 minute read
Atif Zubair
Product Marketing Manager, Oracle
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In today's rapidly evolving financial services industry (FSI), organizations face numerous challenges, including data silos, outdated systems, and compliance complexities. Financial institutions need a robust, innovative solution that can address these challenges head-on to stay ahead of the competition and meet customer expectations.

CDPs have become an essential tool for financial service providers to manage customer data and enhance customer experiences. "IDC MarketScape: Worldwide Customer Data Platforms Focused on the Financial Services Industry 2023 Vendor Assessment" evaluated nine CDP vendors based on their product offerings, market position, and strategy.

According to the report, “Oracle's Unity CDP combines customers' online, offline, and third-party data to create a single, dynamic, real-time view of each customer and applies machine learning to prescribe the next best actions.”

With its robust FSI data model, AI-powered recommendations, innovations, and advanced compliance and consent management features, Oracle Unity CDP empowers financial institutions to unlock the true power of their customer data and drive innovation. Read Oracle's excerpt from the IDC report.

IDC MarketScape Recognizes Oracle as a Leader in CDP for the Financial Services Industry

CDPs are essential for financial services firms to deliver positive end-to-end customer experiences." David Wallace, Research Director, Customer Data and Analytics Research, IDC

The Importance of Effective Customer Data Management Financial Services

Effective customer data management is crucial for financial institutions to thrive in today's competitive landscape. With the rise of digital technology and evolving customer expectations, organizations must harness the power of their data to gain valuable insights and provide personalized experiences.

By implementing a robust customer data platform like Oracle Unity CDP, financial institutions can break down data silos and consolidate customer information from various sources into a 360 view. This comprehensive view of customer data allows organizations to understand their customers better, anticipate their needs through AI, and deliver tailored products and services.

Furthermore, effective data management enables financial institutions to ensure compliance with industry regulations and protect customer privacy. With advanced features like consent management, customer data platforms like Oracle Unity CDP, help organizations maintain transparency and strengthen customer trust.

Learn more about Oracle Unity CDP for Banking

Features and Benefits of Oracle Unity CDP for Financial Services

Oracle Unity CDP offers a range of powerful features specifically designed to meet the unique needs of financial institutions. Let's take a closer look at some of these features and their benefits to the industry.

  1. Data aggregation is a key strength of Oracle Unity CDP. With turnkey integrations and FSI data models, Oracle Unity CDP enables financial institutions to consolidate customer data from multiple sources, such as online interactions, mobile applications, and branch visits. By bringing all this information together into FSI-specific data models, financial institutions can gain a comprehensive and holistic view of their customers, allowing for better decision-making and personalized experiences.
  2. Oracle Unity CDP provides advanced AI and analytics capabilities. Its machine learning algorithms and predictive models analyze customer data to deliver valuable insights. Financial institutions can use these insights to improve targeting, cross-selling, and upselling strategies, ultimately driving revenue growth and customer satisfaction.
  3. Oracle Unity CDP has robust security and compliance features. It ensures that customer data is protected, helping financial institutions meet regulatory requirements and maintain customer trust. Features like consent management and data encryption enable organizations to demonstrate transparency and accountability in their data management practices.

Furthermore, Oracle Unity CDP is a dynamic platform that evolves with time. Oracle consistently rolls out new enhancements to its CDP. Looking ahead, Oracle is poised to introduce a host of additional FSI use cases to Unity CDP in the coming year, making it a future-ready choice for FSI professionals seeking innovative data solutions.

The Bottom Line

Oracle Unity CDP offers financial services industry a powerful solution to manage customer data effectively and deliver personalized experiences. We believe this IDC MarketScape recognition underscores Oracle's unwavering commitment to vision and execution as it continues to pioneer innovative solutions that address the evolving CX challenges of financial services companies, including data fragmentation(silos), lag in enterprise customer data infrastructure, dependency in leveraging AI for marketers, precise targeting and managing compliance and consent effectively. With Oracle Unity CDP, you're not just staying ahead; you're pioneering the future of FSI.

Read Oracle's excerpt from the IDC report.

Additional resources

IDC MarketScape: Worldwide Customer Data Platforms Focused on the Financial Services Industry 2023 Vendor Assessment, doc #US51211923, September 2023

IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor product, go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons. Copyright 2023 IDC. Reproduction is forbidden unless authorized. All rights reserved.

Atif Zubair

Product Marketing Manager, Oracle

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