Experian Data Quality, a part of Experian Marketing Services and a leading provider of contact data management software and services, today announced the release of The Top 100 Retail Banks Report. According to this report, while 70 percent of the top 100 banks take online applications for account opening, one in four has no contact data validation on its site, causing inefficiency and unnecessary costs for financial institutions.
With digital channels becoming more prevalent in the banking industry, many banks are allowing consumers to do more online. Eighty-one percent of the top 100 banks have a mobile application for online banking access, and 79 percent have mobile optimization. However, when reviewing the online application process, many are not taking real-time steps to ensure the quality of information.
“Having strong data quality is essential in the financial industry,” said Thomas Schutz, SVP general manager of Experian Data Quality. “While banks can certainly validate inaccurate information directly with a customer after the online application process, that interaction removes the automation of online banking and causes unnecessary time and inefficiency for banking staff.”
The new report reviews the level of contact data validation within online enrollment and the presence of mobile optimization within the top 100 retail banks. The report also provides recommendations for improving contact data quality practices within online applications.
About Experian Data Quality
Experian Data Quality is a global leader in providing data quality software and services to organizations of all sizes. We help our clients to proactively manage the quality of their data through world-class validation, matching, enrichment and profiling capabilities. With flexible software-as-a-service and on-premise deployment models, Experian Data Quality software allows organizations around the world to truly connect with their customers by delivering intelligent interactions, every time.
Established in 1990 with offices throughout the United States, Europe and Asia Pacific, Experian Data Quality has more than 13,500 clients worldwide in retail, finance, education, insurance, government, healthcare and other sectors. For more information, visit http://www.edq.com.
About Experian Marketing Services
Experian Marketing Services is a global provider of integrated consumer insights and targeting, data quality and cross-channel marketing. We help organizations from around the world intelligently interact with today’s dynamic, empowered and hyperconnected customers. By coordinating seamless interactions across all marketing channels, marketers are able to plan and execute superior brand experiences that deepen customer loyalty, strengthen brand advocacy and maximize profits.
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Experian® is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended March 31, 2013, was US$4.7 billion. Experian employs approximately 17,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.
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