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ID verification and data management best practice urged in banks
Apr 21 2009, 12:05 PM
Banks are being urged to upgrade their data strategy in an effort to ensure best practice in ID verification and data management to restore public confidence, as reform of the system becomes imminent.
In light of forthcoming technological changes in the Financial Services Compensation Scheme (FSCS) that are due to be introduced by the Financial Services Authority (FSA), banks should ensure they are fully prepared, recommends Atos Consulting.
Anticipated changes are expected to be comprehensive and expensive and will require financial institutions to make available a single customer view.
The single customer view will display information on every deposit in an FSA-registered bank each customer has.
Advantages of the single customer view include improved best practice and a more efficient and reliable way of paying out compensation if necessary.
FSCS was set up in response to the Financial Services and Markets Act 2000 and enables customers of authorised banks to receive compensation in the event that the financial institution is unable to pay.
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