The full form CIF is Customer Information File. The entire linked account information as well as the personal details of bank customers are contained in this electronic file. It centralises client account information, purchasing history, etc. and adds the essential demographic data to it to get a current snapshot of the customer. It provides a thorough account of how a client has previously interacted with the bank. We can presume that it provides the company with a list of all the activities performed by a specific person.
- It is a component of efficient banking application packages that largely use current knowledge to assist operations within a bank rather than relying on previous data.
- The bank gathers information from many sources to create a more centralised picture of its customers and their purchasing behaviour in order to create a CIF.
- CIF is also a component of CRM, which is the process through which businesses create plans to maintain and improve their client connections.
- Additionally, it enables banks to assist with other administrative duties and cross-sell a variety of goods and services to clients for commercial reasons.
Excel in IELTS with India’s Top Online Coaching
Leap has helped more than 1 Lakh students achieve 7+ IELTS band.