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Kerli Gabriloviča, Country Manager of Luminor Latvia
We can frequently hear frustrated people, because they again have to update their customer data at the bank. For example, such updating of data is requested at the bank branch, when you apply for any service, or when connecting to the internet bank, and sometimes you feel that right now you don't have time for it. However, banks do not ask this information for nothing and, being aware of the reasons, why you have to be reachable, it will be easier to spend a few minutes to update this information.
For security of your finances
Security systems of banks operate without interruption, on a 24-hour basis, automatically analysing credit card transactions and paying attention to suspicious transactions. If it is detected that a transaction is suspicious, the card is temporarily blocked in order to find out, whether the card holder has really initiated this transaction, contacting the card holder. It is a significant reason to ensure once more, whether correct contact information is indeed available to the bank, which will also allow to avoid any inconvenience.
Needs-based services
If a customer has given consent, the available data can be used for personalised offers, so that a customer can receive the most appropriate solution at the given moment, when it is necessary. Moreover, by analysing information about activities, used channels and requested services, it can be concluded, what has to be improved or offered anew. Customer habits show that already now majority of Luminor customers choose online services, ensuring of which is one of the main issues of our development strategy.
For more convenient solutions
Nowadays, customers want to spend as little time as possible for receiving services, and they also highly appreciate the possibility to receive services exactly at the moment, when such a need arises. Data allow to analyse customer habits of using services, for example, whether they prefer the bank's mobile application or online services. For example, 50% of Luminor customers already choose to receive their payment cards by mail instead of visiting a customer service centre. In order to be able to ensure it, the bank needs contact information, including the current mailing address and phone number.
Compliance with regulatory requirements
There are a lot of important regulations that banks have to comply with within the framework of regulatory enactments of Latvia. For example, the principle “Know Your Customer”, which is intended to prevent money laundering. If the bank has not received this information from a customer, it cannot provide its services to this customer. The bank also has to know, whether a customer or any close relative of this customer is a politically exposed person.
How to update your customer information?
The most convenient way of updating one's customer information is digitally – for example, in the internet bank's section intended for this purpose. It is the most convenient and safe method, because a person's identity is already verified during connection to the internet bank. Luminor bank also offers to download a personal data form on the homepage, to fill it in and sign with an e-signature, sending it to the bank via e-mail. If a customer wants so, data can be updated also at customer service centres, where also on-site consultant's assistance will be available.
Additional information: Inese Kronberga