Data management

The one thing underpinning your business is data. If your data is of poor quality, then it has a knock-on effect throughout your business. By employing the right tools and solutions, you can ensure your data isn’t simply audited for quality and compliance but is also enhanced with rich third-party datasets.

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Data management

The one thing underpinning your business is data. If your data is of poor quality, then it has a knock-on effect throughout your business. By employing the right tools and solutions, you can ensure your data isn’t simply audited for quality and compliance but is also enhanced with rich third-party datasets.   

If you’re relying solely on your own data to build a picture of your customers, then you’re missing out on a huge resource. The democratisation of data has led to greater sharing between institutions using initiatives such as Open Banking – by combining these rich data sets with your own records, you can greatly improve your customer insight to help make smarter decisions across your entire portfolio.

Choose the right data sources

Where can you go to unlock all the missing information from your customer records? Credit bureaus are a useful source for assessing customer risk and creditworthiness, but don’t overlook other datasets: Experian offers a wide range of records that can be used to both validate and deepen the data you already hold.

Understand your customer finances in detail

Open Banking unlocks access to a wider financial picture of your customers, but how do you convert all that raw data into meaningful insight? One solution is to harness algorithms that can identify and categorise transactions to reveal spending patterns and uncover potentially vulnerable customers. One example is Experian’s Categorisation as a Service (CaaS), which can be used to analyse both your own transactional data as well as consumer-consented data from Open Banking.

Deepen your customer understanding

A customer’s financial data tells only part of their story. Look for ways to add colour and depth to the view of your customers by calling on services that are capable of tapping into demographic, lifestyle and non-financial product information as well. Experian’s Open Data Platform (ODP) has a repository of over 150 API endpoints that you can use to connect to numerous data sources.

Merge records from other sources

The best data bureaus will allow you to mix their rich sources of data with your own, so you can link records and build a more complete picture of your customers and prospects. To avoid errors, look for a tool that can accurately match the right customer to the right records. Experian’s ExPin references over 2 billion pieces of data to minimise duplicate records, for instance.

Unlock wider customer insight – fast

You’ve created a detailed picture of your customers, but how do you go about using that information to make better decisions? Consider the benefits of an automated analytics system that can process all that extra data in seconds to reveal the insights you need. Experian Ascend is a good solution for this. It’s a complete analytics platform that lets you build a range of scorecard, benchmarking and customer management analysis in real time.

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