Banking and insurance: how data quality strengthens customer data collection
The collection of banking customer data must reconcile several requirements: digital experience at the level of the e-commerce platforms that have become the norm, collection rich enough to feed the personalization of service, and the regulatory requirements of the sector – in particular, having accurate and contactable data to inform customers at any time.
Data quality makes an essential contribution. On the one hand, it allows regular processing to validate the contactability of email and telephone data, as well as occasional processing to recover a customer’s new address. It thus addresses the need of banking and insurance institutions to have valid customer contact information in order to contact and inform them without fail. On the other hand, it reinforces in real time a key step in the customer relationship: the collection of customer data. For those who enter the data – the customers on the web and the representatives in the branches – data quality simplifies, accelerates and qualifies the task.
Boosting the customer input experience
According to a recent Salesforce study, 78% of banking customers contact their provider via a website or app, a particularly high proportion. But if the contact form entry step proves too tedious, it can lead to abandonment of the journey.
Moreover, the data entered by customers is not automatically complete and reliable. Data entry errors are common, and reluctance to give too much information is not unusual. There are also cases of attempts to defraud the contact data by deliberately providing inaccurate or outdated data.
For all these reasons, real-time data quality is required to simplify and accelerate the collection of contact information from customers, and make it reliable:
- Optimization of the digital journey starting at data entry: input help provides real-time control of data entry and, via an alert system, indicates any erroneous entries for immediate correction by the customer. In addition, autocompletion of forms automates data entry from the first characters entered, ideal for going quickly, without error.
- Simplified collection of proof of address: providing proof of address online can be tedious, especially if the document must be scanned. The process then includes several macro-steps that can be discouraging. Once again, data quality provides a solution in partnership with mobile operators. Indeed, the operators themselves have carried out various checks on the customer’s contact and residence information. It is possible to get the checked proof of residence of the customer from the operator, and to drastically shorten this step in a reliable way.
Increasing the performance of branch representatives
For branch representatives, input help and autocompletion enable a leap in performance. During an appointment with a customer, representatives can focus on listening and advising, without having to worry about tedious data entry and data verification questions.
In addition to fast and reliable data entry, data quality supports representatives on two other fronts:
- Identity verification: data quality in real time helps representatives ensure that the customer data collected belongs to the right person and that it is true. In addition to the proof of address collected from telecom operators, data quality allows for instantly scoring the concordance of the data provided by the person with the data held by their telecom operator and the brands of which they are a customer. Advisors have immediate access to a whole set of relevant data to feed the customer scoring and anticipate attempted identity fraud. In particular, advanced data quality solutions allow for checking how recently the person has actively used their operator, and the date of activation of their SIM card, but also for instantly checking and enriching the name of the current telecom operator and the portability of the prospect/customer.
In addition to these guarantees, a data quality solution has the capacity to query different repositories – in particular postal repositories, databases of politically exposed persons and frozen assets, and birthplace databases. All of these uses of qualified sources of customer data are in line with the controls required in banking and insurance.
- Service personalization: as the recent Salesforce study confirms, banking customers prioritize transparent, personalized, and efficient services. Controlled contact data contributes to this. The customer’s postal address is an example: advanced data quality solutions rely on postal repositories to identify people who have declared a move. This notification of a new address avoids failures in the customer relationship, including the blocking of payment methods when an address is not registered for several weeks by the banking institution.
Thus, data quality brings added value to branch representatives in terms of performance and availability. By freeing them from the problems of entering and controlling customer data, it enhances their mission and allows them to focus on what matters: customer relations.
About DQE
Because data quality is essential to customer knowledge and the construction of a lasting relationship, since 2008, DQE has provided its clients with innovative and comprehensive solutions that facilitate the collection of reliable data.
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April 19, 2024
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