The innovative tool draws upon Equifax’s comprehensive data asset to analyse, cleanse and complete customer records, assigning each account to a verifiably unique individual. This is not only a requirement of the Financial Services Compensation Scheme (FSCS) to which HSBC and all deposit takers in the UK must adhere by 31st December 2010, but it will also play a crucial role in account management strategies at every point in the customer lifecycle.
Through Equifax SCV, HSBC will gain an overview of its customers across different accounts and services, building its insight into individual customer’s circumstances which, as John Oldham of HSBC explained, is central to the Group’s growth objectives.
He said:
“The output of the SCV system will help us ensure effective and appropriate management of our customers’ relationships with each and every HSBC brand, enhancing their experience whilst also assisting us in maintaining our status as a respected and responsible lender. Combined with the new suite of RN4 scores and attributes, SCV gives us the most insightful method of managing our entire customer base.
“We have selected Equifax based on their ability to deliver customised solutions that fit with the operational needs of HSBC. HSBC found Equifax to provide the best quality SCV solution that takes advantage of leading proprietary matching tools.”
Commenting on the new contract, Shawn Holtzclaw, Managing Director, Equifax said:
“Equifax is delighted to have been awarded such a contract by the one of the world’s major banking groups. This partnership further illustrates the power of Equifax’s customer management and risk management solutions and we are proud to be working with HSBC on this initiative.”
