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Leveraging Consumer Data to Deliver Personalized UX – ReadWrite



Rakesh Soni

Consumers love a fast and personalized experience. But there’s a catch. They also look for companies to do business in a way that’s relevant for them. So, what does relevance mean in today’s scenario? 

Simple. It means aligning products and services with real-time inventory realities and sharing the right message with the right delivery requirement. 

Managing Customer Data is a Necessity

No wonder managing consumer data has become a necessity, especially to meet these evolving requirements. The roadblock, however, is that data is often siloed, disconnected, and inconsistent. Without connected data, you cannot deliver relevant consumer experiences that today’s reality expects. 

Leveraging Consumer Data to Deliver Personalized UX

This post looks at the key identity concepts that marketers need to integrate data from various sources. At the same time, we will understand how marketers are attempting to cope with the rapidly changing data and identity landscape. 

How Disconnected Data is Leading to Broken Consumer Experiences

Marketers are moving toward more personalized consumer-centric strategies and experiences. So, to connect all relevant data and information about their experiences, a comprehensive identity foundation—built across first-, second-, and third-party sources—is required. 

It seems like third-party cookies are becoming obsolete, and privacy legislation is becoming more prevalent. No wonder, businesses are refocusing their efforts on the data management capabilities of their consumers. 

These modifications, in return, are transforming legacy platforms into agile, cloud-based, scalable, and accessible solutions for all users. Furthermore, if businesses want to connect all data to a single asset, they should enable and optimize the modern data platform and protect consumer data in the process. 

So, how do you connect data while also promoting organizational growth and first-party data application? Technical integration is the answer. You can use a personal identity graph—a unified corporate asset that connects first, second, and third-party data, to get the job done. 

Here’s where the role of Customer Data Platform (CDP) chimes in.

A Customer Data Platform is a software program that collects and organizes consumer data from a number of sources and makes it available to other applications, systems, etc. CDPs take real-time data and structure it into individual, centralized consumer profiles.

Key Principles of Connecting Data in Today’s Modern Customer Data Platform

1. Analyze the Data

Connecting data into a well-organized asset requires technical and business-focused planning and strategy. Companies must devote their resources to a thorough examination of all available data from various sources. 

Volume, velocity, attributes, privacy, and compliance requirements must all be collected and integrated into clear specifications. Technical engineering and integration design, maintenance, and accessibility are all supported by these requirements. 

Furthermore, business users will need to plan how to best use the connected data asset to provide personalized experiences, protect consumer data, and value customers.

2. Apply Identity Resolution

Businesses require an identity resolution to easily connect their data at the consumer level. They mostly utilize an identity solution that can cleanse, correct, and enhance consumer’s Personally Identifiable Information(PII), along with data quality capabilities. 

To provide a foundation for customer data integration, aggregation, insights, and activation, identity resolution solutions must resolve data to a person and household level. Identity solutions that are built on a high-quality, person-based truth set usually improve identity accuracy and longevity.

These identity resolution solutions are privacy compliant and have the ability to manage both online and offline identity signals. Some also include third-party data portability as well as person-based channel and media activation capabilities.

A thorough examination of identity resolution options will help you choose the best tool for your company. Do not forget to consider the scope of capabilities, time to market, and overall investment when deciding. 

3. Create a Personal Identity Graph

Data is usually connected due to identity resolution. And, it supports both business and technical use cases. Therefore, companies should create their own private identity graphs to make identity resolution outcomes accessible to their users. 

The graph organizes the data into a master data asset that is accessible across the organization. It allows businesses to maintain control over their consumer data while also protecting and enhancing it with relevant second and third-party data.

The core of the personal identity graph is a foundation of stable, person-level data. All signals, including PII (e.g., emails, phones, addresses), digital identifiers, native platform identifiers, and relevant connections to partner systems, are then associated with identity keys. 

The personal identity graph also ensures the privacy and compliance of the core and various identity associations. Additionally, the graph serves as a central hub for connecting, reconciling, and applying consumer data to deliver personalized experiences.

4. Inform the Technology

Once the data is connected, it must be accessible across data management, orchestration, activation, and analytic platforms. What’s next? Data management components will use the corresponding data from the graph to associate consumer identity with all relevant data sets.

Earlier, platforms for orchestration and activation used data from the personal identity graph to remain updated about various consumer interactions and experiences. Analytics platforms, on the other hand, used the data to model and gain insights based on interactions and outcomes.

Today’s modern platform should be able to connect all data to create a single asset that links all relevant sources. Identity resolution is the technology that allows consumers’ data to be connected across first, second, and third-party sources. The graph should combine the results of identity resolution into a single enterprise asset that can be used to inform technical and business processes. 

Besides, with a personal identity graph businesses can also curate ongoing data and deliver personalized consumer experiences. 

A Small Guide to Customer Data Platform (CDP)

A good enterprise-grade CDP will help you better understand not only your customers but also your business. It incorporates anonymous, third-party, and first-party known data to provide a complete understanding of consumers. Below are a few more things businesses should know about CDPs. 

They include a layer of intelligence.

Enterprise CDPs include a layer of intelligence that employs machine learning to create predictive models and more powerful and actionable recommendations. The best CDPs share those insights with any other system, providing better intelligence to sales, service, marketing, commerce, field service, finance, social, and other departments. 

For example, suppose a consumer contacts a service agent to report an issue. In that case, the CRM system must notify the agent that this is a high-value customer who has recently made a significant purchase.

Similarly, if a consumer has an open support ticket, the marketing system must notify the marketer not to include that consumer in a marketing campaign until the issue is resolved. 

When you’re having service issues, getting a marketing email from a brand asking you to refer a friend or consider an additional purchase is infuriating. This strategy can help you increase consumer lifetime value, improve satisfaction, and maximize consumer engagement.

They offer a unified platform for data management.

Numerous businesses are looking for a unified platform for managing data about their online and offline clients. A CDP does exactly that. It defines appropriate marketing tactics for these segments and decreases data redundancy. 

The customer data platform market is expected to increase in tandem with the increased adoption of account-based marketing among businesses.

They abide by legal obligations.

One of the primary factors driving CDP market expansion is the introduction of severe legal obligations about consumer data privacy. Vendors are implementing GDPR solutions and a CDP to assist providers in complying with the rules. 

Vendors also combine new technologies such as machine learning and artificial intelligence with CDP to provide reliable results due to these investments. 

According to research done by the CDP Institute, roughly 4,000 businesses used consumer data platforms in 2018. All of these factors are expected to contribute to the market’s expansion.

Wrapping Up 

Managing the massive amount of consumer data available to marketers today is a challenge. However, with the appropriate processes in place, you can identify your most valuable audiences. 

A customer data platform can help you streamline the correct data, and unify it as a single layer. Furthermore, it unlocks sophistication and offers really engaging, consistent, and relevant marketing to customers across all channels.

Image Credit: chrintina morillo; pexels; thank you!

Rakesh Soni

CEO & Co-Founder of LoginRadius

Rakesh Soni is CEO of LoginRadius, a leading provider of cloud-based digital identity solutions. The LoginRadius Identity Platform serves over 3,000 businesses and secures one billion digital identities worldwide. LoginRadius has been named as an industry leader in the customer identity and access management space by Gartner, Forrester, KuppingerCole, and Computer Weekly.


Fintech Kennek raises $12.5M seed round to digitize lending



Google eyed for $2 billion Anthropic deal after major Amazon play

London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs



Deanna Ritchie

As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations



Deanna Ritchie

As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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