HSBC banks on outsourced SCV
HSBC is to meet a key compliance objective – and enhance its customer relationships – through a new outsourced single customer view. The bank is to use Equifax’s SCV solution as well as its RN4 credit scoring system.
Under Financial Services Compensation Scheme rules, all deposit takers must be able to provide the FSCS with a unified view of its customer base by 31st December. Equifax’s SCV tool uses its suite of data assets to identify customers and assign accounts to a verifiably unique individual. This data resource will then be used for account management across the customer lifecycle.
“The output of the SCV system will help us ensure effective and appropriate management of our customers’ relationships with each and every HSBC brand, enhancing their experience while also assisting us in maintaining our status as a respected and responsible lender. Combined with the new suite of RN4 scores and attributes, SCV gives us the most insightful method of managing our entire customer base,” said John Oldham, regional head of risk analytics at HSBC.
The bank already uses Equifax for risk management services. It extended this relationship on the basis of the proprietary matching tools being offered within the SCV solution. The RN4 credit scoring system is the latest version of Equifax’s Risk Navigator scores, introduced in January, and is claimed to provide 22 per cent better risk prediction at the point of account opening.
