Customer Information File (CIF)

What is a 'Customer Information File (CIF)'

A customer information file (CIF) is a computerized file that stores all pertinent information about a bank customer's personal and account information. The Customer Information File (CIF) allows the bank to view its customer accounts by relationship and not strictly by account type. For example, information such as credit relationships, account ownership information, accounts owned etc are included. It is updated as often as daily in order to ensure accuracy.

BREAKING DOWN 'Customer Information File (CIF)'

The CIF records such information as a customer's vital statistics, account balances and transactions, type of accounts held and the like. The CIF is also often used to cross-sell various products and services to bank customers and assist in other administrative functions. It is a useful tool for bank employees in many respects.

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RELATED FAQS
  1. What is the difference between CIF and an incoterm?

    Learn the difference between CIF and an Incoterm. CIF is one of the 12 Incoterm established in 1936 by the International ... Read Answer >>
  2. Do CIF charges affect the customs duties?

    Using CIF when buying goods from abroad does not necessarily help in saving any money. There are other charges to be paid, ... Read Answer >>
  3. What is the difference between CIF and FOB?

    Learn about the differences between FOB and CIF international trade agreements and the advantages and disadvantages for sellers ... Read Answer >>
  4. Where can I find the terms governing my CIF in different ports of call?

    Creating standard terms for international trade was the main reason for the establishment of CIF and other Incoterms. Thus, ... Read Answer >>
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