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Data quality for financial services

Acquire more customers, improve experience
and reduce risk

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Data quality statistics from the finance industry

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.

* Source: 2018 global data management benchmark report

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.

Improving your data quality will help you:

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.

Learn more about our contact data quality solutions

Drive customer analytics

Profile full volumes of data to discover valuable relationships, unusual values, and outliers

Learn more about data profiling on our data quality management platform

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.

Learn more about our tools to meet regulatory 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.

Learn more about our tools to support your data migration

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. 

Learn more about our data enrichment tools

Increase operational efficiency

Increase operational efficiency by reducing hard costs and eliminating wasted time spent working with poor or incomplete data. 

Learn more about our tools to increase efficiency

Better understand your financial customers

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:

  • Develop general predictive information about households and individuals
  • Personalize and segment communication based on a better demographic understanding of your customers
  • Use scores to act on the likelihood of purchase or investment behavior like online trading, or opening a new credit card

Interested in enriching your financial customer data with tailored data bundles?

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Example data bundles for your financial customers

Enrichment data for finance

Data quality- Address, email, and phone validation solutions ensure that you have the most accurate and complete contact information for your customers and members. 

Data quality management- Our data quality management platform is a powerful data management tool that helps with data profiling, cleansing, standardization, enrichment, and monitoring. Developed with both business and technical users in mind, this intuitive solution enables your business to leverage its data more quickly and efficiently than ever before.

Data matching- Make smarter decisions and build a single customer view with data matching. By discovering links between your customer records, you can identify and remove duplicates and suppress records that you cannot use. With a single view of your customers, you can better deliver products and services while improving the omnichannel customer experience. 

Data enrichment- Learn more about your customers by appending additional information to their records in real-time. Our enrichment solutions provide a variety of information types to unlock greater customer understanding. With insight into your customers’ demographic, behavioral, household, life event, and geographic information, you can provide a more tailored customer experience.

Fraud detection- Crosscore safeguards that your financial account opening process will not allow any fraudulent accounts to be created. Crosscore will also ensure you are not experiencing false positives in your opening process, which can result in lost potential customers and revenue. 

Metro 2® compliance- DataArc 360 helps data furnishers adhere to Metro 2® standards before they submit their files to the bureaus. DataArc 360 is a bureau agnostic tool with more than 133 pre-configured Metro 2® rules to enable resolving data errors before they become disputes. 

Metro 2® compliance is easy with DataArc 360

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

Get our Metro 2® reporting software

The secret to getting CECL ready

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

Contact us to learn more!