Why is this a problem?
Bad customer experiences aside, why else is this a problem? A pending European regulation relating to data protection stands to make large amounts of unstructured data, split across a legal entity, a risky business.
The European Data Protection Regulation stands to hit firms with fines of up to £500 million should they be deemed responsible for privacy breaches. With multiple, decentralised records, firms are more at risk of contravening the regulation. They will also need to conform to rules which mean they will have to be able to delete an individual’s data in its entirety, or retrieve everything that they have with only 72 hours’ notice.
But from an operational perspective, possessing a single customer view is desirable in that it allows a business to track its customer engagements across every channel by which they may contact them.
And, of course, customers expect that businesses have a joined-up view of communication. What does it matter to them if their Twitter account is run by a different team to the one that answers the phone? If a customer has just entered their information online but encountered problems, why should they have to explain it again to the contact centre?
A single customer view combines the dynamic data which consistently updates customer’s interactions with a financial institution and other bodies with less changeable, static data to ensure that contact is also informed by up-to-date, contextual data that ensures contact takes into account a customer’s latest activity.
Having all the data an organisation holds about its customers in one place is also of huge benefit to sales and marketing teams. This allows for more accurate pinpointing of potential leads for new product promotions, easier cross-selling and up-selling, as well as conforming to customer expectations around how they are communicated with and how their data is handled.
After all, as it costs five to ten times more to win a new customer than it does to retain current business, retention should be a key focus.
Equiniti helps build a single view
Equiniti will be at the Customer Insight and Analytics Exchange at Wembley on 27-28 January 2016, talking about how we can help customers develop a single customer view.
For more information contact Duncan Stevens at firstname.lastname@example.org.