Many banks cite customer management and retention as a top priority — so what’s stopping banks from basing every decision on a full view of the customer’s relationship? We posed that question recently to European risk managers as part of our European Credit Risk survey with Efma.
While the pan-European results share the same rough pattern as the Iberian and UK / Irish results — with external information proving the biggest challenge — risk managers in DACH see the lack of data integration across functional groups as the top problem. What’s clear from these results is that the problems appear to be more of a technical nature — lack of data integration, difficulty in acquiring external information — than they are related to the banks’ structure and priorities.
FICO is working with many lenders to manage customers across credit and debit products. The challenges can be daunting, but the results are undeniably impressive.