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


Adding Outside Information

Many of the respondents in Experian's survey used third-party data for a number of purposes such as searching for prospective clients, modifying ad campaigns and making business decisions. But effectively using third-party data has to begin with identifying the uses for it early on and tailoring processes for those uses, the paper says. And gathering information that is not pertinent to the intended use is a waste of resources, the paper points out. Lastly, banks need to figure out how they want to append the information from third parties. If a bank is trying to segment their customers then information can be added in bulk, where as if the goal is to adjust a marketing campaign, it would be best to add the data in real time.

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