Bill Bradway makes an astute observation in a recent Bank Systems Technology article: customer centricity and risk management are different views of the same challenge, knowing the customer.
Banks tend to address these two challenges from very different angles, and often they don’t really align. Many Customer Information File (CIF) initiatives seek to create a facade on top of a set of heterogeneous data sources. For risk management the challenge is to again aggregate and correlate disparate sources and move data from heterogeneous systems to create a uniform view of activities and entities.
These are realistic solutions given the core systems realities that most banks face, but this is not the ideal way to solve these problems — the focus for true transformation should begin and end with the customer: from customer experience to a view of risk associated with customer behaviour and relationship.
Most core transformation efforts focus on revenue uplift or tackling aging processes and systems, but I think there is a case for data homogeneity and all of the benefits associated with the simplicity and order that go along with that.