Under utilised technology and security risking my security
I am amazed sometimes at how major corporations are under utilising their IT systems. Banks have been telling me how they are trying to create what is known as a single view of customers. This is where they know who the customer is when the contact them regardless of which product or service they are using.
For example this comes in very useful if a customer applies for a loan or a mortgage for example. At the push of a button the bank knows all this customers details and how much they can afford. Automatic verification and risk assessment.
Well you would think so.
I had to change my address with Barclays when I moved house recently. I lost my passport a couple of weeks before and was told by the bank that in order to change my address I would have to write a letter and sign it for verification.
I wrote the letter. In the meantime a statement was sent to my old address (containing lots of personal details). A week or so later I received a reply saying they could not verify my signature (they have one from my university days years ago). Please fill in a form, asking for personal details, and write and sign ANOTHER letter.
So I call customer services and explain to them that I actually have a mortgage with (Barclays/Woolwich) at my new address. This is what is known as a mortgage current account where my mortgage details appear alongside my current account details on my online banking.
Why can’t the bank just transfer my new address to my other bank details? It knows I am the same person.
Guess what? “The system will not let us. The only way to do it is…….”
Funny that, only in February Barclays told me it was weeks away from completing a two-year IT project to link legacy systems to frontline applications using Java-based web services.
The goal of this is to make all customer data available from one place.
The project also cuts the cost of processing customer applications, reduces the risks associated with selling additional financial products to existing customers.
Traditionally, customer information in different businesses (Woolwich per chance) units was kept separate (and isn’t now?). For example, the credit card business was not integrated with the retail business, and the mortgage, insurance and brokerage businesses used separate systems.”