Full Form of CIF : Customer Information File

What is the Full form of CIF?

No:1. The  CIF stands for Customer Information File.
No:2. It is a computerized file containing all the related account information and personal data of bank customers.
No:3. 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.
No:4. CIF is a detailed snapshot of how a client has worked in the past with the bank.
No:5. We may assume that it offers the organization with a list of all the operations of a single employee.

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Some more points about CIF

No:1. 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.
No:2. The bank collects data from various channels to build a more centralized picture of customers and their buying activity to construct a CIF.
No:3. CIF is also part of the administration of customer relationships (CRM), where organizations develop plans to preserve and strengthen their customer relationships.
No:4. Besides, it also allows banks to cross sell multiple products and services to customers for commercial reasons and to support with other administrative tasks.

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