of customer or prospect data in financial institutions is considered to be inaccurate in some way.
of financial institutions see data as an integral part of forming a business strategy
of financial institutions believe being data-driven gives their organization a competitive advantage.
For both strategic and regulatory reasons, financial institutions collect a lot of customer information. While most customer contact information is self-provided, inaccuracies are frequently introduced during capture due to human error. Incorrect, incomplete, or duplicate customer data can prevent your financial institution from providing an excellent customer experience and may even open the door for fraudulent activity or regulatory infractions.
Due to the variety of channels through which contact data enters financial institutions, monitoring the quality of such information can be a challenge. As more financial services companies move toward an omnichannel experience, online forms, mobile apps, call centers, and retail branches have all become sources of customer information, and each channel needs data quality solutions to ensure accurate customer information is being collected and maintained over time.
Improve your customer experience
Our email, address, and phone verification solutions work seamlessly during the data entry process across any channel to resolve any incorrect or incomplete information before the transaction is finalized.
Drive customer analytics
Profile full volumes of data to discover valuable relationships, unusual values, and outliers
Reduce regulatory risk
Data management solutions enable you to profile and standardize your data across disparate systems -- using more than 200 attributes to assess data content, structure and quality to meet compliance.
Streamline migration projects
De-risk your data migration projects, and ensure that they are completed on time and on budget -- tasks that typically take hours or even days of effort can be executed in just seconds.
Acquire more customers
Enrich your first party prospect, customer, or member data with Experian's 3rd party attributes. By learning more about your customers, you will give them a better experience, and enable finding more customers like them.
Increase operational efficiency
Increase operational efficiency by reducing hard costs and eliminating wasted time spent working with poor or incomplete data.
Understand your financial customers by appending and enriching relevant data through Experian Aperture Data Studio, seamlessly integrated into Experian’s ConsumerViewSM database. With unique data bundles specific for your financial business you can get data on such elements as mortgage responsibilities, credit card usage, investment strategies, and many more. Our data enrichment service, driven by our data quality management platform, will allow your business to:
Interested in enriching your financial customer data with tailored data bundles?
If your financial institution regularly reports consumer credit account information to credit bureaus, the Fair Credit Reporting Act (FCRA) requires you to make sure that the data is accurate. We can help you comply with the Metro 2® format with our data management solution, Data Arc360™
Tackling CECL, or current expected credit loss, is no small feat, but one thing’s clear: the road to getting compliance-ready starts with data quality. Accurate, relevant, and complete data empowers you with confidence in the data you are using now and in the future. Download our tip sheet to learn how we can help you get started.Get the tip sheet