What is the Full form of CIF?
The full form CIF is Customer Information File. It is a computerized file containing all the related account information and personal data of bank customers. It centralizes customer account details, purchasing history, etc., and applies the customer’s necessary demographic information to it to create a customer’s current snapshot. It is a detailed snapshot of how a client has worked in the past with the bank. We may assume that it offers the organization with a list of all the operations of a single employee.
- It is a part of effective banking application packages that, rather than depending on historical information, is primarily used to help operations within a bank utilizing existing knowledge.
- The bank collects data from various channels to build a more centralized picture of customers and their buying activity to construct a CIF.
- CIF is also part of the administration of customer relationships (CRM), where organizations develop plans to preserve and strengthen their customer relationships.
- Besides, it also allows banks to cross sell multiple products and services to customers for commercial reasons and to support with other administrative tasks.