Spreadsheets are out: addressing the challenges of income recognition
Saffron Walden Building Society’s Maurice Mills and Whistlebrook’s David Webber discuss how to approach the challenges of income recognition in the face of changing customer behaviour.
Customer behaviour is changing in retail banking as customers switch their current accounts, mortgages and credit cards more frequently.
Savvy customers are now more likely to shop around for the best rates, meaning teaser rates no longer necessarily lead to standard rates and predictable income recognition.As a result, retail banks and building societies are required to be more dynamic in recording their income, so changes can happen daily rather than monthly.
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