The innovative tool also helps meet the latest financial services regulations.
The Equifax SCV solution uses the company’s comprehensive name and address histories data to provide unique levels of accuracy and confidence in forming a Single Customer View. This will not only help the financial services sector meet the latest FSA requirements, but enhance customer retention and cross-selling opportunities.
The latest changes to the Financial Services Compensation Scheme (FSCS) come into force on 31st December 2010, when the FSA will expect all UK deposit takers to be able to produce an up-to-date single customer view on each customer. In addition, a renewed focus on responsible consumer lending means the need for a view of customers across an organisation’s suite of products and subsidiaries is going to become an essential part of business operations.
The Equifax SCV Solution has been designed to help banks and financial retailers do just this.
Steve Taylor, Consulting Director of Equifax, says:
“New regulation may be viewed by some as an unwanted expense in already difficult conditions, but the potential benefits could be far-reaching.
“Organisations are seeking more efficient and effective ways to manage their customer base, particularly for deposit and current account customers and SCV offers a welcome solution to this challenge. Quality data is the key to successful SCV and Equifax is in the perfect position to bring organisations access to the potential benefits.”
Equifax’s SCV solutions are underpinned by an exclusive evidence-based system, which has been created by the Equifax Predictive Sciences team. Organisations simply supply a file of names and addresses and Equifax returns it with a Unique Reference Number (URN) appended to each customer record.
This process is particularly useful when a customer’s accounts are held at different addresses and may have used different versions of their name. It also tackles commercial entities and the FSCS commercial eligibility rules.
Steve Taylor concludes:
“Having a holistic view of a customer relationship and all their accounts, offers the broad spectrum of financial services organisations an opportunity to differentiate themselves with a superior service, while allowing them to control credit risk.
"A single view of customer relationships means organisations can drive up customer service levels and identify cross selling opportunities. The Equifax SCV Solution has been designed to meet the changing needs of the financial retail market at a challenging time.
"The quality of Equifax data offers an unrivalled foundation for this SCV solution, exploiting the depth of our consumer and commercial databases to help organisations gain a comprehensive view of their customers and manage that relationship across all their accounts.”
