Welcome to professrsavings.com, we teach finance basics.
Today we will teach you what customer information file is in two minutes.
First, let’s talk about why you need to learn this. The reason why is because keeping an update customer information file may help you quality for special promotion and helps you possibly get better terms.
Let’s refer to it as CIF for some street creed.
A customer information file is a collection of data about a bank.
Customer’s personal information such as name, address, phone number, tax ID number and date of birth.
Also breaks down more information such as types of accounts held at that bank and its balances as well as account numbers and transactions.
The CIF is updated regularly so that banks always have current information about their customers and can handle any customer request accurately.
It may contain records of previous email messages and phone interactions with customers.
This can speed up the process of the problem.
CIFs also help banks with notification services and marketing.
They can suggest complimentary products for that customer such as a credit card or a certificate of deposit since they know how much money they have, how often they use their accounts, how old they are and where they live.
For instance, Jane is the owner of Jane’s Cupcakes.
Here CIF can even help banks figure out which customers are profitable. Since the bank can see that she has a stable revenue stream from her bakery, she can introduce her to retirement products or offer her a line of credit just in case she plans to expand and grow her business to more locations.
The bank can offer her small business loans and talk about the terms. Also, banks can introduce to her other products that they may offer such a corporate credit cards for her staff members to use.
The CIF is best used when the banker can identify needs of Jane and pair her with products or services that will help her grow her business or save money.