FSCS – SCV Reporting Challenges & Bottlenecks for Banks and financial institutions in the UK.

During any large marketing conference, you could hear marketers across the audience and dais discussing regulators knocking on all bank doors for aggregated data to support Single Customer View and comply with the broader spectrum of regulatory reporting.

The SCV is not a new concept in financial services, having thrived on this core premise for nearly three decades with constant recasting and aggressive regulator revisions. On the other hand, the global market is confronted with the difficulty of not having a perfect SCV solution and support system in place to meet the high-level bar set by regulators.

Organizations struggle to offer desired outcomes without a Single Customer View application and real-time information in place, which may result in discontent and even churn.

Let us look at the top three difficulties and the resulting constraints that financial institutions encounter.