Competitive pressures, as well as a growing requirement to manage customer risk, are driving financial institutions to seek more comprehensive levels of understanding and management of complex corporate relationships. Meridien Research predicts broad-scale adoption of more modern customer identification technology, according to a recent report, “Customer Identification Solutions.”
This 23-page report describes the complexities of identifying whole corporate customer relationships across multiple product lines, as well as the way that business drivers and even segmentation definitions can shift among financial institutions of various sizes and types. The report also explores the business value of integrating customer relationship information, including calculation of overall customer relationship value, identification of customer and product overlaps and gap opportunities, and early detection of changes in risk profile.
The solution elements in corporate customer identification systems include components for storing and accessing information, as well as integrating with multiple data sources. The report provides in-depth analysis of interrelation and technical issues associated with elements such as data models, workflow and messaging among applications, interfaces and security, record-keeping and reporting systems, and decision support requirements. In addition, the report explains the role of data integration functions such as matching, editing, and cleansing, which are necessary to merge various account records and eliminate duplicates.
Meridien also looks at the vendors of software solutions, data integration and consulting services with special attention to the vendors’ focus on and experience with financial institutions. The report provides detailed case studies on two institutions, BankBoston (USA) and a large super regional bank, who have functional but continuously evolving customer identification systems.
Meridien Research of Newton, MA, provides analytical research services to users and providers of financial technology. Meridien Research targets three technology segments of strategic importance to financial services firms: Electronic Delivery, Risk Management and Customer Management. Each practice delivers quarterly reports and monthly briefs, detailing new issues and challenges in the area, while keeping the realities of legacy core systems in mind.
Meridien Research is located at 2020 Commonwealth Avenue, Newton, MA 02466, USA, and can be reached by telephone at 1.617.796.2800, via fax at 1.617.796.2850, or by visiting their Web site at [www.meridien-research.com].