FSA Single Customer View
FSCS directive requires Single Customer View from all UK deposit takers
The UK's Financial Services Authority (FSA) has identified a need to provide more effective compensation arrangements to customers of closed banks and other 'deposit takers', including building societies, savings organisations, investment managers and credit unions.
The FSA has announced several new requirements to support the new Financial Services Compensation Scheme (FSCS), one of which is the implementation of a Single Customer View (SCV). The implementation deadline is 31st December 2010.
Challenges of the Single Customer View
The demands the FSCS places on the financial industry are significant – not only are there extensive technology changes required to create the SCV, but the associated changes to processes and controls will affect many parts of an organisation. The short timeframe is also challenging.
OpenSpan can help to significantly reduce the cost and lead times associated with the creation of a Single Customer View.
Why OpenSpan?
- Non-intrusive: OpenSpan's unique integration capabilities are deployed on the desktop, bypassing complex and costly architectural overhauls
- Flexible: OpenSpan offers an economical subscription-based model, allowing organisations to expeditiously achieve SCV compliance while back-end integration projects are completed
- Customer successes: Proven expertise helping global financial organisations securely consolidate their customer data into a SCV
Position Papers
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Learn more about the FSA's Single Customer View directive, and how OpenSpan can help banks and building societies quickly achieve compliance. |
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Designed to promote consumer confidence, what does the FSA policy mean for banks, building societies and credit unions? |
Customer Successes
Building a single customer view in retail banking
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This client is a full-service bank with a presence in 100-plus countries. The client had bottlenecks common in the retail banking industry - cumbersome manual business processes that required bank employees to toggle through multiple screens across a range of legacy applications. OpenSpan created a single customer view through a consolidated user interface. |
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This company provides investment management, retail and commercial banking, consumer finance, and investment banking products and services around the world. Its retail banks' disparate applications and complex back-and-forth, screen-switching operations impacted several performance areas. OpenSpan integrated its applications into a single user interface. |
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