The Financial Services Compensation Scheme (FSCS), a UK regulatory agency, protects customers in the unlikely scenario of the failure of financial services firms by compensating the eligible depositors and policyholders of the firm suitably. Financial services firms are obligated to submit a Single Customer View (SCV) report, encompassing personal information, account particulars, and compensation eligibility criteria, within 24 hours of its failure.
SCV reporting is essential for ensuring regulatory compliance, minimising the risk of errors and fraud, and processing claims in a timely and accurate manner. SCV data must be updated regularly by financial services firms. Understanding the FSCS and SCV reporting helps firms comply and protect customers.
Top Challenges faced by financial institutions
Without having a Single Customer View application and real-time insights in place, organisations struggle to deliver renown outcomes and may even result in dissatisfaction and even churn.
Let us look at the top 3 challenges and the resultant bottlenecks faced by the financial institutions.
Relying on Legacy System
This is first and topmost challenge that most of the businesses today have access to an unprecedented amount of customer data.Infrastructure Complexity
The absence of proper infrastructure is preventing banks from effectively managing the situation, in turn seriously affecting the performance of business-critical applications.Operational Effectiveness
IT departments spend 60 to 90% of their budgets managing and maintaining older systems, leaving little left over for new initiatives.
Impacts of Data Quality in SCV reporting
Data quality is of utmost importance within the framework of the Financial Services Compensation Scheme (FSCS) to ensure accurate, consistent, and reliable customer information.
As it determines the efficacy of validating customer data from various sources and connecting customer touchpoints, data quality is critical to maintain a Single Customer View (SCV).
The presence of inaccurate or inconsistent data may hinder the FSCS’s capacity to identify and consolidate customer information, thereby impeding its ability to deliver compliant and efficient services.
Navigating the Customer Data: Common Challenges
Guaranteeing data integrity frequently poses an immense challenge that includes:
Poor data quality
Characterised by inconsistencies, missing information, and obsolete entries.Data Privacy and Protection:
Characterised by improper control of customer data, risk of unauthorised access leading to data breach.Data duplication
Multiple data entries for the same customer, causing confusion and improper analysis.Inaccurate account holder and customer information
Customer’s names, addresses, and contact information that are not accurate can also impede communication and result in lost opportunities.Inaccurate account segregations
Makes it hard to track key metrics and generate insightful reports.Poor data aggregation
Inability to integrate and structure data from multiple sources hamper the development of a comprehensive customer perspective and hinder decision-making.
Improving data quality impacts various aspects of business operations, such as
- Ensuring timely submission SCV reports
- Achieving compliance with global regulatory privacy standards
- Managing fraud by preventing fake accounts
- Leveraging business intelligence for informed strategies
- Gaining valuable customer insights
- Increasing productivity by streamlining operational processes
Automate your SCV Report Generation
Our FSCS SCV Audit & Automation solution helps you tackle the challenges around gaining a Single Customer View and develop data quality to promote efficiency in operational readiness and improve accuracy in FSCS SCV Regulatory reporting.
We will be able to help you in whatever the stage of your regulatory reporting programs and we are sure you will not be disappointed rather surprised with our offerings and customer success stories. Here is how our all-in-one FSCS SCV Enterprise Solution Suite helps financial institutions to overcome data issues.
Poor Data Quality:
Our SCV Forza – FSCS SCV Automation platform will engage only cleansed data for SCV output generation using Gap study and staging area data.Data Privacy and Protection:
All the SCV related information will be kept in the FSCS SCV server and the SCV output files will only be allowed for authorised users. SCV output files for FSCS submission are highly encrypted and protected with complex password mechanism.Data Duplication:
Data Duplication which is the high-risk issue in SCV files which are managed by the SCV Forza – FSCS SCV Automation platform by using AI based fuzzy logic validations and mechanism.Inaccurate Customer & Account Holder Information:
Customer and Account information are taken from the Core Banking Solutions or staging area in order to comply with the minimum data requirements in SCV files.Poor FSCS standards followed on SCV files generations:
All the FSCS specified standards are strictly followed within our SCV automation platform and the reports are produced with high level accuracy and full compliance.Inaccurate Reporting and Less Informed Decisions:
FSCS SCV Data output at the FSCS SCV report submission will only be carried out after successful validations and mandatory conditional validations demanded by FSCS.Inaccurate Account segregations:
Account segregations are carefully managed using linked accounts and relationship datasets and an accurate reporting is carried out ensuring utmost data integration.Poor Data Aggregation:
Data aggregations will be managed by our SCV Forza – FSCS SCV Automation intelligent platform and an accurate reporting to the satisfaction of FSCS will be ensured.
Our Competitive Advantages
Scalable
You can access customer data of any size.Optimised
Highly customisable API and the single customer view reporting application is well optimised for your data environmentInsights
Our consultant’s combined Subject Matter Expertise is 70 plus years and you can fully rely on the quality and integrity.Screen Data
We help you to screen data with FCA, Royal Mail, Company house, ISO, Charity Register.Classified Risks
Well classified SCV audit risks – High, medium, low risk flags for prioritising remediation efforts.Compare
You can easily compare past single customer view audit reports into benchmark actionable items.Analytics
Dozens of reports which ticks every box for FSCS regulatory compliance requirements.Data Orchestration
Generic Plug-in API’s to any core banking system or data pointsFulfilment
We engage start to finish of your FSCS journey with complete handholding.
SCV Alliance
FSCS SCV Audit Platform
