5 tips for effective consumer screening in the financial sector

Overall, the financial sector is changing because more things are digitized and automated, where competence development is a decisive factor. It is more about being able to think wise and be able to act quickly, as consumers are becoming more accessible and easier to influence.

You can see it in the light of the dwindling loyalty that, for example, is for banks compared to just 10 years ago.

Therefore, companies working within the financial sector must streamline and automate where possible. One of the places where there are opportunities for optimization is in the consumer screening process.

The 5 tips for a more compelling consumer screening

1. Access consumer data in one place and simplify your data management

There is a growing need to modernize the IT infrastructure in the financial sector. With the Creditro-platform constantly being developed, there are opportunities for just this.

A top new system that helps you collect your consumer data in one place that is easy to access. Whether you operate in 1, 3, or 10 markets, Visma Creditro A/S will manage your data in one place to quickly overview your company.

It helps to simplify the entire data handling, and it makes the data maintenance process more efficient.

We help you here to save you several different integrations from different providers, local costs, and diverse data updates.

2. Work with a unique person ID across all internal systems and break down data silos

Often companies don't share their internal systems within the company. The secrecy makes it nearly impossible to understand the individual customer fully.

It is essential for effective consumer screening and the customer experience that you can link information across systems such as ERP, CRM, marketing automation systems, and case management systems.

Most companies work on average in +10 systems. We, therefore, recommend that you work with a unique personal ID and that you use the ID for data maintenance. This way, you ensure that you have correct and up-to-date information about the customer.

3. Work smart with consumer types and hit the spot in your communication

By working with statistical person types, you can substantiate your background knowledge and gain an even more detailed understanding of your customers' life phases, interests, and purchasing behavior.

You will also gain further insight into your customers by linking external variables such as children, buildings, finances, and cars to your existing contacts. This knowledge can be an asset in your campaigns.

It can target the right customers with the right message at the right time, so you get as high a response rate as possible.

4. Meet the customer's right to be forgotten and avoid GDPR pitfalls

The GDPR is a set of EU rules that constitute the most critical data protection initiative in 20 years.

According to the GDPR, consumer information must be updated, correct, and current. This also means that you must not store the contact data of some consumers with whom you no longer cooperate.

It is also required that all data is transparent. This means that the individual customer can have all information about them disclosed or deleted at any time.

5. Create a streamlined onboarding process and automate the maintenance of your contact information

Regardless of your role in your company, your work tasks will be negatively affected if your company does not proactively secure your onboarding process. In virtually all companies within the financial sector, there are clear guidelines and controls for how customer creation and onboarding of new customers must occur.

However, it is often seen that this is done manually, which is enormously time-consuming. If the customer is not created correctly and based on the exact procedure each time, it will probably cause challenges later in the dialogue with the customer.

With Creditro, you also get access to a system that automatically creates KYC for your customers and potential customers. Here you save some of the time it would otherwise take to do this manually.