Protecting customer data with the Nuxeo Customer Data Vault
FINOVATEFALL SPECIAL: INDUSTRY INSIGHTS FROM NUXEO
Natural and man-made disasters strike families every day. The devastation caused is often catastrophic. Adding to the pain and suffering, families struggle to restart their lives due to the loss of critical life documentation.
To avoid this, many families maintain paper files with copies of insurance documents, car titles, credit cards, passports, drivers licenses, birth certificates, and other identity documents as a backup to be taken with them should they need to vacate their homes at a moment’s notice. At the moment of truth, under great stress, these files are often left behind and destroyed.
Families need something better. At Nuxeo, we’re helping financial services organizations serve their customers with the Customer Data Vault.
The Customer Data Vault acts like a digital evolution of the traditional safe deposit box. Customers securely upload copies of their critical life documentation to their financial institution, allowing 24/7/365 access via any device. Now, families can focus on their safety in the event of an emergency – not keeping their identity documents intact.
For the customer, the data vault provides backup copies of any information they wish to secure and access at a moment’s notice. This can include bills, paystubs, correspondence, contracts, tax returns, or any type of information that would cause hardship if it were lost.
Help customers feel safer
The Customer Data Vault opens up a new avenue for financial services providers to deliver differentiated offerings and superior customer experience. Imagine offering these enhancements to new and established products:
Stop asking twice
Many financial service products require the same supporting documentation from the customer, including identification and proof of income. Rather than repeatedly asking for this information, access the data vault for this information when the customer requests a new product or service.
Certain documentation has expiration dates, requiring financial services institutions to notify customers when information requires updates. Now, notify customers automatically when they need to upload the latest renewal of their homeowners insurance policy, or that their passport is about to expire.
Some financial services products, such as mortgage lending, require proof of income. Rather than requiring customers to prove that income by uploading or manually submitting documents, financial services institutions can access tax returns or pay stubs from the data vault, and can extract or calculate income from those documents.
With artificial intelligence (AI), financial services institutions can provide unlimited, quality advice to customers. By analyzing information in the customer data vault, financial services organizations could flag high-interest credit cards and loans, and even provide tax advice.
Creating marketing opportunities
By reviewing the information in the Customer Data Vault, financial services organizations can upsell and cross-sell relevant and timely products and services. Analyzing a car title could reveal a ten-year old vehicle prompting the offer of a low interest rate new car loan, or an insurance policy due for renewal from a competing insurer could provide an opportunity to offer an alternative.
With Nuxeo, financial services organization can deliver the digital evolution of the safety deposit box providing their customers with the peace of mind that their critical life documentation will never be lost, while providing those organizations with new and innovative avenues to deliver a superior customer experience and increase revenue.
This article is also featured in the FinovateFall 2019 Supplement. Click here to read the full supplement online – it is free and no registration required. Just click and read!
Or pick up a complimentary print copy at the FinovateFall conference (23-26 September 2019, New York Marriott Marquis, New York).