3 Keys to Improving Data Quality

Banks are investing heavily to analyze all the data they collect on their customers, but the best results from big data initiatives requires ensuring accurate data.
June 21, 2013

Linking Customer Records

Banks' data is often spread out among multiple databases and parts of their organizations. To start linking customer records across those different departments, banks should standardize customer contact information throughout the organization. If contact information is standardized it can be used to locate duplicate records across different databases, the white paper argues. And database software should be used to identify duplicate records, since doing so manually can be prone to human error.

It's also important for banks to create their own definition of an ideal single customer record or profile and what identification criteria they'd like to use. Sometimes it might be best to have a record for each individual customer, while in other cases it could be better to group one household under a single record, Experian's paper points out.

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