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Comments: (2)

Melvin Haskins
Melvin Haskins - Haston International Limited - 19 October, 2016, 04:06Be the first to give this comment the thumbs up 0 likes

Surely you are assuming that customers have all of their business with one bank. I do not think that I am alone in having my principal credit card from a different supplier than the bank that I hold my current account with. I also took out a mortgage with a different bank altogether. I have Individual Savings Accounts with both my principal bank and yet another bank. How do you build a 360 degree view of people like me?

A Finextra member
A Finextra member 19 October, 2016, 09:28Be the first to give this comment the thumbs up 0 likes

Hey Melvin, to accomplish what you describe for multibanked customers such as yourself, we will have to wait for PSD II. The revised Payments Services Directive from the European Commission creates a framework for third-party access to customer accounts (XS2A), which in turn opens doors for Account Information Service Providers (AISP). Stay tuned.

Until then, indeed, a bank cannot aggregate information it does not have. Now that said, there is plenty to learn from information banks do have, even from a single customer account. This may inform product offers targeting that customer and in turn help prevent customer churn. Start with the basics: how old is the customer? Where does he live? What is his income? His credit history? Now, is he recently married? Perhaps he needs a home loan. Is he starting a family? Offer him life insurance.

With newer graph technologies, we can explore further dimensions in the connections among customer data. For instance, do several customers share an address? A phone number? These connections may be critical in detecting and preventing fraud.