Identity Resolution in These “Interesting Times”
By Robert Barker, Infoglide Senior Vice President & Chief Marketing Officer
Judging from recent remarks by Dr. Leonard Schaefer and Edward Lull Jr., the need for identity resolution is heightened by the turbulent economic circumstances of the “interesting times” we find ourselves living in. While specifically referring to name analytics in a recent article in Bank Systems and Technology, the point applies equally to the identity resolution solutions which encompass name analytics. The authors state that:
As big enterprise applications such as CRM are no longer the center of the IT universe, more attention is being focused on the information itself. Banks today have now become more reliant on customer information—independent of applications and business processes to make faster and smarter business decisions in response to changing market conditions.
They go on to detail four factors in international financial service organizations that drive the use of new software technologies to resolve identities using name information: compliance, customer data consolidation and quality, CRM assets review, and continuity of service.
Compliance – Key banking initiatives are anti-money laundering (AML) and know-your-customer (KYC) compliance that seek to prevent money that flows into financial institutions from ending up in the hands of prohibited groups.
Customer data consolidation and quality – The prevalence of large mergers between multi-national banks is driving requirements for name-validation “at the moment of capture” to prevent bad data from entering business systems.
CRM assets review – Combining millions of accounts from more than one bank risks overwhelming existing CRM systems, so resolving identities early in the process can mitigate the risk of future problems.
Continuity of service – Not anticipating the impact of merging large customer databases can interrupt customer service, leading to negative consequences from customer dissatisfaction all the way to losing large blocks of customers.
In Identity Resolution Daily, we’ve often written about the growing market requirement for sophisticated identity resolution technology, and we like to share relevant information from other sources. The referenced article is worth the read.
As always, let us hear your thoughts and comments.
