A post relating to this item from Finextra:
24 October, 2012
European FS industry not making most of customer data - Finextra survey
Customer data is still a misunderstood and underused asset at European financial institutions, seen by many as a purely compliance issue rather than a potential source of revenues, according to a Finextra survey commissioned by Capco.
Customer data remains one of the biggest sources of customer complaints and issues for retail banks and insurers, despite the regulatory requirements of programmes like Know Your Customer (KYC) and Solvency 2. Often the customer proposition and 'so what
does this mean for the customer?' gets lost, as the rush for compliance deadlines gains momentum.
Customer Information systems are often resident in product/services systems and the real time nature of Generation X's use of many self service solutions and their communication with friends and family means there is plenty of complexity for IT and business
people to manage. But the prize of happy customers providing referrals for the business is greater than ever.
Bob Thomson, Certeco