Dormant Accounts
Utlise gather360 innovative data gathering and enrichment process to identify, score and prepare your dormant account register.
Utlise gather360 innovative data gathering and enrichment process to identify, score and prepare your dormant account register.
Gather 360 is an easy-to-implement SaaS tool, that solves one of the most urgent data problems facing banks today – the need for the quality and accuracy of customer data to be validated, consistent, aggregated, certified.
Since 2011, the UK’s 30 biggest banks and building societies have been voluntarily transferring money left in dormant bank accounts to a unique scheme – Big Society Capital. So far more than £600m has been redistributed to charities with plans now under way to raise a further £2bn by expanding it to unclaimed insurance pay-outs, share sales and other UK-domiciled financial products.
Banks and building societies can transfer funds to this central fund from accounts which have remained untouched for 15 or more years, and when the customer is no longer contactable. This provides reputational value as well as reducing the administrative burden of managing dormant accounts.
To transfer with confidence, banks & building societies must ensure that all avenues to find the customer have been exhausted. They must document and be able to demonstrate these efforts.
Gather 360 enables banks, building societies and insurance companies to;
Unlike most data tools, gather 360 is designed for business users, not the IT team. It's easy to configure & deploy via a web-portal and comes with a bespoke dashboard.
Gather 360 is secure. It’s hosted on Azure cloud, but it can also reside within internal infrastructure.