Everything You Need to Know About CIF Number

Introduction

The traditional role of banks was limited to accepting deposits and giving loans. However, over the years, numerous changes have occurred within the banking industry. Banks today offer a wide range of services. They have diversified their offerings in order to cater to the increasing requirements of their clients.

Technology has set the doors wide open for innovative fintech solutions, bringing the convenience of on-the-go banking through smartphones or computers. A huge portion of the credit goes to CIF (Customer Information File), without which it would be impossible to digitise all the accounts. CIF bridges the gap existing between various localised customer information saved in different banks across the country so that account holders can operate from anywhere and at any time.

Let’s get to know what is CIF number, and the vital role it plays in banking!

Details Stored Under CIF Number

The CIF in banking terminology stands for “Customer Information File”. It consists of the details of the customer like the name, gender, date of birth, contact information, address, credit rating, account type, etc. We can say it contains the Personal Identifiable Information (PII) which is used to identify a customer.

It comes with an 11-digit CIF number that enables the bank to identify the customer and know all his or her transactions, irrespective of the location from where the transaction has originated.

When is the CIF Number Generated?

The CIF Number is a system-generated number which is enabled at the time a customer enters into any banking relationship. The CIF number is unique to each customer of the bank.

Generally, the bank follows the below process to generate the CIF Number:

• Adhere to KYC Norms, collect comprehensive information, and identification documents from the customer
• Store the collected information in the bank’s system database, which will be useful for identifying the customer in all future transactions.
• The bank’s information system will generate a unique CIF Number for the customer which will be an alpha-running serial number.
• In all future transactions of the bank’s various services, the CIF Number will be the reference point for identifying the customer.
• Typically, the CIF Number would be quoted in all correspondence by the bank with the customer.

This ensures that all authorised staff within the bank can identify a customer by reference to the CIF Number.

How to Find CIF Number?

Depending on the varied processes across the banking industry, the following are the typical ways in which your bank may allow you to access this CIF number.

• Welcome Kit: When initiating the banking relationship, your bank will send you a Welcome Kit enclosing a letter informing the terms and conditions for opening the bank account along with details of the Account Number and CIF number.
• Internet Banking: Login to your Account through an online interface. In your Profile TAB, you will find the CIF number.
• Bank App: Open your bank’s app and log in. Look through the app's account details or settings part to see whether your CIF number is there.
• Your Pass Book: The CIF Number is generally typed on the first page of your pass-book along with your other account information.
• Cheque Book: The CIF number is usually also printed on the first page of your cheque book.
• Your Account Statement: The CIF number is usually indicated at the top of the Account statement along with other Account details.
• SMS: In any SMS sent by your bank, check if the CIF number is shared.
• Email Alerts: Go through the Emails sent by your bank to locate the CIF number.
• Branch: Visit your nearby branch and ask for your CIF number. Note to carry identification documents as this information will not be shared by the bank staff unless they verify your identity.
• Customer Support: Call the customer support number for any assistance in getting the CIF number.

How Does the CIF Number Help the Customer?

• The customer gets seamless service in any branch of the bank by quoting the CIF Number.
• Once the CIF number is allotted, for subsequent availing of the bank’s services/products, the need for submitting identification documentation/going through the KYC process multiple times is eliminated.
• Faster customer service due to a reduced processing time as all required customer information is easily available to the bank.
• Uninterrupted banking service in case of transfer of account to another branch of the bank.

How Does the CIF Number Help the Bank?

• The CIF Number helps the bank to identify each customer and distinguish between a large number of customers with the help of this number.
• The CIF helps the bank to understand the dealings of the customer across its various services.
• The CIF also helps the bank to understand the customer’s preferences and use this information for cross-selling its multiple products and can be collated for use in targeted marketing campaigns.
• The CIF Number helps the bank to give better customer service as queries/disputes can be trailed most effectively.
• The CIF Number helps the bank comply with regulatory guidelines as fraudulent activity can be reduced due to better monitoring.
• Compliance with Income Tax rules is also enabled by the CIF Number as tax evasion is eliminated due to the possibility of multiple IDs of a single customer being ruled out due to technological support.
• The CIF Number strengthens security and data privacy requirements.

Highlights of CIF

• Unique 11-digit identifier
• Holds all your personal information related to your account
• Crucial for smooth banking operations
• Ensures personalized financial services and data security
•  Essential for seamless functioning behind the scenes
•   Makes digital banking possible
•  Effortlessly manage your multiple accounts and tailor services just for you.

Conclusion

This should clarify what is CIF number. It acts as a repository of data, by consolidating comprehensive information about any customer of the bank across various accounts/services of the bank. Hence, the CIF Number helps the bank to effectively manage customer information and have control over its database.

Similar to a person’s fingerprint, the CIF number thus serves as a digital fingerprint, which helps the bank maintain a single profile of a customer within the bank's ecosystem leading to large benefits to both the bank and the customer.