What is the full form of CIF?
- What is the full form of CIF?
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The full form of CIF is Customer Information File. It is a computerized file that store all necessary information about bank customers' account and personal details. The client information file contains a unique CIF number, which permits the business to see its client accounts by relationship and not strictly by account type.
Customer information files are mainly used in the banking industry, but nowadays other sectors are also starting to utilize customer information files to store the data of their customers. By using CIF the company can easily access all relevant detail and recent activities of the specific customer.
The CIF records all statistics information of customers like account balances, transactions, and types of accounts held. It is updated daily to maintain the accuracy of the account because all information is used to assist in various administrative functions.
CIF not only stored in electronic formate, but it can be also maintained in a paper folder format that contains records that are attached by marks from clients at the time of beginning their relationship with the firm.
CIF decreased the expense of maintenance as there is no requirement for a physical place to store the paper records. Nowadays the company uses customer data for marketing purposes like cross-selling products and services, lead generation form old customers.
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