Many have tried, and many have failed to deliver a “Single Customer View”. Well now it’s a regulatory requirement – at least for UK Deposit Takers (Banks, Building Societies, etc.).
The requirement to deliver a Single Customer View of eligible deposit holders indirectly affects every man, woman and child in the UK. Their deposits, large or small, are covered by the UK Deposit Guarantee Scheme. This scheme played a key role in maintaining confidence in the banking system during the dark days of the world financial crisis.
UK Deposit Takers must not only deliver the required Single Customer View data, they must provide clear evidence of the data quality processes and controls they use to deliver and verify the SCV data.
The deadline for compliance is challenging. Plans must be submitted to the regulator by July 2010, and the SCV must be built and verified by Jan 2011.
To help UK Deposit Takers, I have written an E-book explaining how to cost effectively deliver a Single Customer View. You may download this free from the Dataqualitypro website:
While the document specifically addresses the UK Financial Services Requirement for a Single Customer View, the process steps will help anyone planning a major data migration / data population project.
If you are in any doubt about the need for good data quality management processes to deliver any new system (e.g. Single Customer View, Solvency II, etc.), read the excellent Phil Simon interview on Dataqualitypro about why new systems fail.