Oracle has been named a Leader in the IDC MarketScape: Worldwide Customer Data Platforms Focused on the Financial Services Industry 2023 Vendor Assessment.
The IDC MarketScape study analyzes the functional capabilities and go-to-market strategies of nine CDP vendors that serve the needs of Financial Services Industry (FSI) customers. Vendors were assessed on criteria such as aggregation, artificial intelligence (AI) and analytics, and activation, as well as FSI-specific capabilities such as industry segment data schemas, use cases, and customer profiles.
“CDPs are essential for financial services firms to deliver positive end-to-end customer experiences to boost customer loyalty, lifetime value, and market share,” said David Wallace, research director, IDC. “Oracle is a Leader in the market with financial service industry data models and AI capabilities; compliance, privacy, and security frameworks to help customers comply with local and industry-specific regulations; and a rapid pace of innovation with new features added every month.”
According to the report, “Oracle has FSI data model extensions for banking, many forms of insurance, financial portfolio, investment, and trading accounts. Oracle has 27 out-of-the-box AI/ML models using industry-specific attributes. Industry-specific intelligent attributes enable fast creation of audiences for insights and activation” and “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.”
“New digital channels have increased competition in financial services, placed more importance on effective customer data management, and moved the industry away from outdated systems with siloed data,” said Paul Betlem, group vice president, Oracle. “We believe this recognition further validates Oracle Unity as a leader in CDP that helps organizations leverage data to better understand customers, anticipate demand, and optimize the experience they deliver to their customers.”
Part of Oracle Fusion Cloud Customer Experience, Oracle Unity combines data from online, offline, and third-party sources to create a single, dynamic, real-time view of each customer and prescribe the best next action within any existing business processes.
