In the financial services industry, customers expect a complete omni-channel experience. They want access to their banking information from anywhere and on any device, with the ability to make deposits, transfer money, and even apply for lines of credit without having to make the trip to their local branch.
A recent article from Banking.com states, “It should come as no surprise to any financial institution that digitization is the biggest disruptor for any business at the present time. Today’s range of digital tools offers banks great opportunities to boost the level of service they offer and optimize their costs through effective use of the latest technology. As more customers become digitally-focused across everything they do, banks must react accordingly in order to meet consumer demands.”
To bring customers a fully digital experience, financial institutions need to deliver data in real time to their customers on their preferred channel. The caveat being, without quality data, they risk delivering inaccurate information that can frustrate the client, harm the bank’s reputation and jeopardize regulatory compliance.
The Importance of Data Quality
Financial institutions need to deliver an integrated and seamless experience to their customers. When they make a deposit, in person, at their financial institution, it should reflect on their mobile app immediately. When they make a withdrawal at an ATM it should reflect on their online portal right away. Without quality data, customers may experience a plethora of issues including misstated financial statements, inaccurate billing or late payments, resulting in dissatisfied customers, customer churn, and ultimately loss of revenue.
Additionally, with multiple digital channels available to customers, financial organizations now have the opportunity to deliver personalized messages and offers to individual customers in hopes of selling them new products or services. Without quality customer data, it will be difficult to accurately track and analyze customer behavior and execute successful marketing promotions and campaigns.
Ensuring Data Quality
To ensure data quality, financial institutions need a solution that institutes a deliberate and repeatable process to automatically validate 100% of financial institutions data for accuracy. The solution should verify data in legacy environments, but should be able to scale to big data environments that are needed to process volumes and formats prevalent in many new channels.
A comprehensive solution suite should continually monitor data to ensure that bad data is immediately flagged and reconciled before it impacts digital customer interactions and programs. Checks that will accomplish this include completeness, conformance and reasonability along with basic count and amount validations between channels – and even back end operational systems. Cross-channel data integrity validations will guarantee financial institutions that all of their operational systems and channels are in sync. By ensuring that a transaction passes from one process point to another within a specific time period, all customers’ banking information stays up to date guaranteeing that omni-channel customer experience and marketing efforts are optimized for success
To learn more about ensuring data quality, download the eBook below.
For a deeper dive into this topic, visit our resource center. Here you will find a broad selection of content that represents the compiled wisdom, experience, and advice of our seasoned data experts and thought leaders.