Customer Due Diligence (CDD) is the ongoing process banks and credit unions use to understand a customer’s identity, ownership structure, business purpose, and risk profile throughout the life of the relationship.
In banking, the term “customer financials” is commonly used to encompass a variety of documents that are utilized to determine the creditworthiness of a borrower. Banks utilize data from the customer financial statements to make prudent decisions and avoid unnecessary risk during the lending process.
Customer Identification Program (CIP) is the set of required procedures banks and credit unions use to verify the identity of customers at account opening.
A CRM is a technology solution that helps banks and credit unions centralize customer and member information, track interactions across channels, manage sales and service activities, and deliver more personalized experiences that improve retention, growth, and operational efficiency.