London, January 2012 - West Bromwich Building Society has chosen leading consumer and business information expert, Equifax, to give it a greater insight into its commercial customer relationships. The new deal, which sees the West Brom accessing the Equifax Single Customer Insight (SCI) service, further strengthens the 10 year partnership between the two organisations and ensures that eligible commercial customers have protection under the Financial Services Compensation Scheme (FSCS).
The West Brom is a leading independent provider of financial products and services, notably savings, investments and residential mortgages. Equifax already provides the Society with Equifax credit reports, allowing it to conduct credit checks on new customers. The addition of Equifax SCI means the West Brom is fully compliant with FSCS requirements for deposits made by commercial clients.
“Equifax SCI is a very straightforward process, allowing us to validate corporate clients and returning our data files in the correct format for submission to the FSCS,” says Peter Collingridge, the West Brom’s Head of IT. “It’s the quality and accuracy of Equifax data that ensures we save time and enhance the efficiency of our processes.”
“Through our partnership with Equifax, we are maintaining best practice, as well as streamlining our processes when it comes to managing the relationships with our commercial customers, improving customer care and retention.”
Laurence Hamilton, Sales Director, Financial Institutions, Equifax adds: “We are delighted to be building on an already strong relationship with the West Brom. The power of Equifax SCI helps financial organisations gain access to a new level of information about their customers, as well as meet the latest FSCS requirements. This new deal with the West Brom is a clear indication of the value our innovative data and credit solutions bring to financial institutions, enhancing customer retention and increasing efficiency.”
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