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What does CIF stand for in Bank

What is the full meaning of CIF in Bank?

A customer information file is a collection of data containing basic demographic  information of the customer defining his/her relationship with the bank. The bank can link all your accounts to a single CIF. 

This data includes personal as well as account information and is a key aspect of the modern banking system. 

Following are the type of data CIF contain:

  • Account information

  • Credit card relationship 

  • Types and number of accounts

  • All the previous transactions made

What is the purpose of CIF?

  • CIF is used to store customer’s personal information and account data.
  • CIF includes credit relationship of an account, the types and number of accounts owned by someone.
  • Online retailers creates CIF for better potentiality in online product selling or purchasing.
  • Commercial banks use CIF to present numerous credit products. For example credit cards used by that user or his business loan.
  • The CIF also gives data on any previous enquiry for getting targeted information to cross sell.
  • Service providers also uses CIF for future marketing by sending notices to the consumer for the services he uses like vehicle maintenance.

How does CIF work?

The CIF keeps records of the vital information of a customer’s account and keep track of the activities associated with that customer. It is regularly updated to ensure if everything is fine. 

CIF is normally held with the help of the CIF number through an electronic format. However, sometimes the banks keep CIF paper folders as well that contains important documents needed for the account opening process. 

It is also used to help in several services and administrative works. 

Is a CIF number the same as an account number?

CIF number and Account number are two different identification entities. CIF is more focused on the customer’s identity whereas account number is for account’s identity. 

In case a person has many accounts in a bank the account number for all these accounts will be different but the CIF number will remain the same since the account holder is the same. 

What is the CIF number in Bank?

Every customer information file has an unique identification number called CIF number. It is given at the time of opening an account with a bank. 

What are the advantages of Customer Information File?

Advantages of CIF:

  • CIF is used to address customer’s queries, provide targeted services and products.

  • Acts as a single source of information to know about all the transactions done by the customer

  • CIF is mainly used for marketing products to targeted consumers. The banks/financial service provider analyze the behaviour of the customers and with help of the data collected market the targeted product to them.

Also Read : What is the full form of QMS in finance? 

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