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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Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio