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Single View of Customers in Banking

12 Compelling Reasons Why You Should Have a Single View of Customers in Banking

Vinith Kumar

Vinith Kumar

General Manager

We keep talking about having a single view of the customers to provide better customer experiences and enhance customer loyalty and revenues.

What is the Single Customer View in Banking?

Single customer view in banking refers to the comprehensive and the latest view of your customer information and all the activity across channels, products, and customer interaction within the bank.

A single customer view is essential for banks to provide high-quality customer service and to make informed decisions about products and services.

It will also help banks with smooth internal processes and also improve efficient operations. By removing repetitive data and ensuring accurate, complete customer information, banks can save time, reduce errors, and increase productivity.

Single customer view is a critical component of modern banking operations. It enables banks to provide superior customer experiences, makes data-driven decisions, and stay competitive in a rapidly evolving industry.

Benefits of Single Customer View Banking

What tangible benefits does having a single view of the customer bring to you r bank?

  1. Improves customer experience – helps capture customer feedback across channels and act upon them. Besides, it helps in establishing a personalized relationship with your customers. This will help banks identify new customer segments and develop products that appeal to those segments.
  2. Increases revenue – gives the ability to reach out to your customers proactively by delivering personalized offers and experiences. With personalized offers, banks can gain about 30% more revenues 
  3. Grows business through upsells, cross-sells, and data-driven marketing – knowing the customers is the key to understanding how best they can be served. Assume that you have a customer with a savings account who uses your credit card, and if they check out your auto-loan section, you know what needs to be promoted. Send them a pre-approved auto loan based on their financial history, and you are likely to win.
  4. Reduces costs – banks can save time, effort, and money by using one system to reach out to their customers via every channel. You can reach out your customers from your central system, and you can choose their preferred channel in which it gets delivered.
  5. Banks can seize the opportunity to be digital-first while enhancing their reach across geographies. Currently, the banks focus mainly on high-value customers, but with products structured for tier-2 and tier-3 cities, the banks would want to reach them. Having a single view of the customer across channels, including physical, means you are digitally strong. This would allow you to provide the desired customer experiences to all your customers irrespective of geography.
  6. 360-degree view of your customer – transactional, behavioral, and predictive
  7. Offering relevant products and services – building a 360-degree view of the customer enables financial institutions to better understand their customers and structure their offerings. If your customers want low-ticket short-term loans and if that would provide volumes, then you as a bank should look at those offerings.
  8. Reduced customer acquisition cost – banks can determine if there are customer segments that are not being reached. The bank can then tailor its marketing efforts to reach these segments.
  9. Reduce customer churn – A single view of the customer can help reduce customer churn risk
  10. Compliance – improves regulatory compliance
  11. Training – Enhances training of your resources to better address the customer needs proactively
  12. Improves sales focus – enables your sales team to focus on high-value customers. While all low-value sales can be made using digital channels, your sales team can handle the high-value complex sales.

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