Jul
17
2013

Data accuracy an important consideration for financial institutions going mobile

In the intensely competitive world of financial services, companies are looking to win customers favor by designing more innovative channels for online and mobile banking. Consumers today want to manage their money quickly and efficiently, and mobile solutions provide that functionality.

Lately, it’s come to light that companies can use big data to analyze the efficacy of their mobile banking plans. Jim Marous, a marketing services leader focused on building strategic solutions for the industry, recently wrote on his blog that traditional methods of bank customer service are slowly falling by the wayside, and online channels are rapidly becoming more popular. He noted that 30 percent of service calls are now preceded by a website visit. When people want information on their banks, they look online first.

Marous offered up several other notable statistics on the growth of banking technology. He said that within the last year, 90 percent of people have checked their bank account’s status online, and 48 percent have downloaded a mobile app for doing so. Furthermore, 33 percent have been receiving text message alerts from their banks, and 26 percent have made bill payments online.

Given all the benefits of online and mobile banking, it’s no surprise that the technology has seen a rapid rise in popularity.

So where does data come in?

With online banking comes an ease in the collection of customer data. Collecting information online is different than having a staff member type it in, and both methods are prone to different types of error.

To take advantage of these online technologies, banks need to make certain they are putting steps in place to ensure data quality.

There are two steps banks can take to improve online and mobile data management.

  1. Review data collection
    It’s important to carefully consider what information is collected through online channels, especially mobile given limitations with screen size and user attention span. Stakeholders should identify the data required to complete a transaction and what information is needed to link data collected with existing information collected in other channels.
  2. Implement verification
    To prevent human error, institutions should use contact data verification software to ensure information is accurate upon entry from online channels. Try to find a solution that can optimize data entry both online and on mobile devices. More companies are creating mobile verification software that considers the user experience and can interact with the customer to collect data in the easiest way possible.

While mobile and online banking services are becoming more popular, it is important that institutions consider what consumers are allowed to do on these sites and put processes in place to ensure accurate data collection. Without accurate data, banks could hurt the user experience that they are trying to enhance with self-service options. Be sure not to overlook data quality when designing your online banking program.

For more information, review the latest Experian QAS research report ‘Unlock the power of data’ to read about data management practices across channels.

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