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Repatriation of funds for customers who may be ‘deceased’ or there has been no contact with for a significant period of time
Informate UK Limited are the leading supplier of compliant customer data for customer campaigning, either by telephone, mobile, email and post
These campaigns are generated from our access to comprehensive datasets which include compliant trace datasets together with historical data and information going back over 20 years.
We were contacted by one of our longstanding Banking Clients to work with them on a ‘Proof of Concept’ project to assist in the repatriation of customer funds.
The scenario was that the Bank had a growing number of customers there had been no account activity (withdrawals) or contact for over 36 months, the reasonable assumption was that these customers had either moved and not provided up to date contact details, or were deceased.
From an operational risk and compliance perspective, together with a duty of care the Bank had to locate their customer this left the Bank with a situation that could not continue with and they needed to address.
A file of c.a. 35k account was generated for the Proof of Concept
Through an investigation and structured analysis of trace datasets and the historical Electoral Roll information held, we were able to develop a fully compliant solution which provided the following:
Confirmed new address for Customers who the Bank had lost contact, with but also,
Automated access to databases confirming if the customer was deceased and if so then a date if death or date notified was obtained
The name and date of death enabled the identification of the person who was also resident at the address at the time of death of the account holder
The aim of this was to try and connect them with the next of kin or Executor of the Estate.
Validation that other party details obtained are still valid and they are still showing on current Electoral Roll
The ‘’Proof of Concept’ was a huge success for the Bank and we are now moving to a monthly ‘business as usual’ process.
For further information on how this service could benefit you please contact us.