Addressing Financial Crimes and Compliance with a Single Customer View

Many organizations need to compliance in financial services to create and maintain a consistent, single view of customers across their enterprise with accurate and complete customer information. Attaining a Single Customer View gives organizations the ability to have a more consistent and accurate understanding of communications with their customers. In many use cases, it’s also important to understand customer information in its original contexts and how it relates to the single view of the customer. For example, businesses need to know how their master customer information relates to multiple channels of communication and transactions with their customers and prospects in order to identify and take advantage of opportunities and avoid mistakes that come from accurately knowing or not knowing with whom you are interacting.

The successful implementation can be challenging where representations of a customer are held in more than one system and customer identity and discrepancies in customer data must be resolved both within and between systems. This paper describes how the successful implementation of a Single Customer View – as well as the connected multiple views of customers that arise in different contexts – can be achieved using effective data integration, data cleaning, data enrichment, entity resolution, Master Data Management and graph database, as well as location intelligence visualization and analysis. The implementation is described in the context of a financial crimes and compliance use case.

A Single Customer View is a holistic, consolidated and consistent representation of an organization’s customer data. Customers expect interactions with an organization to reflect their current profile, history and preferences. For this reason, a Single Customer View is particularly important when organizations interact with customers through multiple channels.

However, in many use cases, it is also important to understand customer information in its original contexts and how it relates to the single view of the customer. For example, banks need to know how their master customer and external customer information relates to the customer and external customer information in the original bank transactions for financial fraud detection. External customers are the individuals or businesses that are involved in a transaction with the bank’s customers.

Download this compliance in financial services white paper and learn more about how a single customer view.