Unified Customer Data Platforms for Banks: Overcoming Data Silos to Improve Credit Decisioning and Risk Management

  ABSTRACT : Following a deep digital transformation in which the banking industry has engaged itself and this digitization has led to the development of customer data as a key strategic asset in the industry. Nevertheless, the challenge of data fragmentation is ongoing caused by legacy systems, decentralized data, and even the growing variety of digital interactions. This article discusses the case study of strategic solution of Unified Customer Data Platforms (CDPs) that can help to de-platform data silos in the banking institutions. This paper is the synthesis of existing industry practice and academic literature, examining how unified customer profiles can become a very powerful element in credit decisioning and risk management. The paper covers integration strategies, organizational implications, and emerging technologies that will define the future of CDPs through the case-based analysis and theoretical application. It leaves the research with policy recommendations and a prospective outlook on the emerging future of customer data in financial services.