Managing Customer Preferences Using Graph Databases
Updated: Aug 27, 2022
Managing customer preferences is one of the many aspects of managing customer journeys. Customers interact with organizations across a myriad of digital channels, and being mindful of preferences can increase the trust associated with customers. Read on about how graph databases can help manage these customer preferences.
Data privacy and protection policies across geographies make it imperative that customer preferences are collected and personal data processed as per the preferences provided. For example, you may need to see how personal data moves from the moment the customer opts into the time when it gets deleted. Having this lineage of personal data enables the organization multi-fold in personalizing communication to customers.
Most customer preferences are diverse in the way they are collected and stored:
Varied products and forms within the same division in an organization
Divisions have similar purposes and processes as well as the basis for processing
Distributed purposes like marketing, analytics, offers, etc.
Diverse platforms of servicing like website, mobile, internet banking, bots, branches, etc.
Storage locations including cloud and on-premise, to name a few
Different systems including channels, core banking, master data, etc.
We can look at a variety of preferences that customers can have on purposing their personal data. Here are a few scenarios:
A customer wants to receive new offers on credit cards with their private email address.
A customer wants to receive a phone call whenever a new servicing update has happened, like an address getting updated.
Customer is interested in their personal data being analyzed to provide personalized marketing over a mobile app.
A customer wants to receive a phone call when additional documentation is required on a loan application. However, because the customer is only 15 years old, you need the consent of a parent.
Customer is comfortable having their email addresses shared with life insurance providers to receive the best returns.
A customer is interested in being contacted about any change in interest rates on personal loans over any means of communication.