Creating a Single Customer View allows financial institutions to make calculated, smarter decisions on how to analyze, target, and engage a customer. Obtaining a single view is difficult due to the mass amount of information collected from applications and databases that flow together making it sometimes impossible to find the data needed. A Single Customer View consolidates this data and showcases the essential information like relationships, accounts, and patterns, which make targeting a customer manageable.

Understanding the data that has been compiled isn’t always easy. Single Customer View provides a transformational graph-database that allows bankers to see a 360-degree view of their customers focused on valuable information that can be used for cross-selling and targeting. Older data management systems lack the tools to provide consistent, complete, and accurate data making them difficult to use. A Single Customer View allows the user to create data silos to break apart credit card, loan, and banking data to keep information neat. A recent study by Gartner estimates the average impact of poor data on businesses to cost more than $9.7 million per year.

“It’s clear traditional banks need to embrace digital advances, such as those under the FinTech umbrella, to drive opportunity. Not only will this improve efficiency and help to manage risk; it’s critical to sustainable success,” said James Turner, managing director of Turnerlittle.com. “In fact, it is understood embracing digital innovation will provide banks with the key to reach their goals in 2018 and to appease fed up consumers. It’s time to move with new advances, rather than wasting energy, money, and custom fighting the tide.”

To learn more about Single Customer View and what it can do for businesses across any industry, watch this webinar.