Equifax SCI Solutions
White Paper What is Equifax Customer Insights?
Single customer Insight describes the ability of an organisation to view every aspect of its relationship with a customer. As a result, the relationship can be managed based on the widest and most informed perspective.
Many organisations either have a group or multi-brand structure or multiple disparate databases. To create a holistic view of the customer relationship requires merging account records at a customer level. In the absence of a universal ID number in the UK, this usually involves matching name, address and date of birth, with their many known inconsistencies.
Having a single view of the customer relationships not only helps the financial services sector meet the latest FSA requirements, but also enhances customer retention and cross-selling opportunities.
How do Equifax's Single Customer Insights solutions (SCI) work?
Equifax holds data on almost every adult in the UK. Utilising our market leading data management and matching capabilities, uniquely underpinned with our comprehensive, evidence-based name and address histories system, the Equifax Customer Insights solution's deliver an optimised view of every aspect of your organisation's relationship with each individual customer. Equifax will validate and, where necessary, enhance and complete your customer information. 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.
Financial Services Compensation Scheme (FSCS)
The FSCS coordinates the provision and delivery of the UK deposit guarantee scheme. In the event that a bank or other deposit taker fails, eligible deposit holders are guaranteed their money back, together with interest, up to a maximum of £85,000 with any one financial institution.
From 1st January 2011, all deposit takers (with more than 5,000 customers) are required to provide a "Single Customer Insights Report" to the FSCS within 72 hours with details of each eligible deposit holder, with the net value of the deposits held by each deposit holder, and the total compensation due. This legislation covers deposits for consumers, sole traders, partnerships and small companies.
Equifax offers a compelling FSCS solution. You can trust our experienced team to support you at every step to ensure that all FSCS regulatory requirements are addressed cost-effectively, with the minimum of impact on internal business resources.
What can Equifax SCI Solutions bring to my business?
- Meet regulatory needs
- Enterprise credit management
- Improved insight for customer value
- Better risk management / debt recovery
- Fraud detection (& ID verification)
- Efficient marketing
- Integrating new portfolios
Equifax has considerable experience in operating Single Customer Insights Solutions and has developed a range of processes and techniques that enable organisations to bring the full advantages of Single Customer Insights to their businesses.
To find out more about how the Equifax SCI Solutions can help your organisation, give us a call on: 0845 603 6772 or email: ukmarketing@Equifax.com
United Kingdom - English
Argentina - Español
Brazil - Português
Canada - English
Chile - Español
El Salvador - Español
Peru - Español
Spain - Español
United States - English
Uruguay - Español