Building a Complete Customer View
Financial institutions are organizing around the consumer – focusing on the consumer relationship to drive long-term profitability. Know Your Customer initiatives have to extend beyond compliance with industry regulations. Acquiring the right customers is part of the equation, but equally important is the ability to build loyalty and grow accounts over time. To better protect and expand their businesses, financial services companies are looking for business insight into the complete customer relationship, across all channels and touch points:
- Determining the right customers at the point of account opening
- Managing customer service interactions using best practices
- Identifying opportunities to increase profitability through cross-sell and up-sell
- Spotting and preventing fraudulent activity
Key to achieving a complete customer view is the ability to harness the power of data across the enterprise – data about individual transactions, about fraud cases across channels and about day-to-day cardholder behavior. Putting the customer account at the core means that all payments and fraud management activity needs to be neatly arranged in support of the single customer view and success depends on capturing, analyzing and responding to all the valuable information held in the back office. |
