HOW TO: Get to grips with single customer view
The notion of 'single customer view' (SCV) has been at the forefront of financial institutions' minds as the deadline to comply with the Financial Services Authority's (FSA) Financial Services Compensation Scheme (FSCS) approaches.
The scheme ensures that, in the event of a deposit taker (e.g. a bank or building societies) failing, compensation is paid out within 20 business days. What is key however - and this is where the SCV comes in - is that overpayment to depositors in the scheme should be minimised, so an individual or company with multiple deposit accounts with the same institution is only paid once, up to the maximum compensation of £50,000. In addition, by creating a robust SCV, the institutions can also quantify and report on the volume (and value) of customers that are able to claim compensation.