THE BUSINESS VALUE OF A 3600 VIEW OF A CUSTOMER
Retail financial institutions have always collected data on their customers. In fact, compared to many industries, they have a range of deep, granular data that other industries wish they had.
Unfortunately, these data are widely dispersed and difficult to access. Data Lake technology solves the problem of data collection and availability.
This helps focus on two key use cases.
The first is to understand the needs and behaviors of each customer to target and personalize products and services to meet these needs.
The second is to comply with Know Your Customer regulations and “ensure clarity and consistency across . . .
- Customer identification and verification,
- beneficial ownership identification and verification,
- understanding the nature and purpose of customer relationships to develop a customer risk profile, and
- ongoing monitoring for reporting suspicious transactions and, on a risk-basis, maintaining and updating customer information” (FinCEN).
Shared data in a Data Lake is the best solution for Customer 360 use cases.