A new contact data quality benchmark has been unveiled by Experian QAS, revealing the importance of data verification.
The paper, which focuses on the top 100 retail banks, highlights the key practices and provides tips about how to improve data cleansing.
Thomas Schutz, senior vice-president and general manager at Experian, commented: "Inaccurate contact data can affect a variety of bank departments, from customer service and branch operations to compliance.
"It is not surprising that contact data quality is a priority this year."
He added that costs can be lowered and efficiency can be improved by working on data accuracy.
This will help the banks improve their bottom line without negatively impacting the customer, the expert advised.
The benchmark report allows banks to compare their address and email verification practices with those of the industry leaders.
One way of improving contact verification is to include a multipronged approach to data cleansing.
Staff training, address and email verification can all be tackled alongside the use of third-party data.