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Now is the time for financial institutions to get consumer data right

Jun 24, 2020 / Consumer Banking
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During the economic disruption, more consumers will miss payments on financial products. Institutions with the most up-to-date consumer data will be better prepared to make contact efficiently and arrange payment effectively.

However, consumer data on record goes out of date quickly, impeding collection efforts. None of the three most common approaches to updating consumer data—in-house, credit bureaus, and third-party vendors—provide the full clarity needed.

Now is the time to implement a strategy that ensures consumer information is consolidated, complete, and dynamically updated. The more complete and accurate CRM data is, the more effective consumer interactions can be.

Join Neustar to learn how to contact consumers more effectively with records that update automatically as consumer identifiers change.

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How Intelligent Customer Data Drives Revenue & Reduces Risk

Organizations across a wide range of industries already know the importance of making a personal connection with their customers, because that’s what the modern customer expects. That means providing customers with timely information, whether it’s through text alerts, automated messaging, or interactive voice response. These sophisticated technologies, however, are only as good as the quality of the consumer contact data a company is working with.

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