by MarkC
9. June 2010 12:12
Data governance is an increasingly important issue, with 73% of large UK financial institutions identifying compliance with legislation as a more important issue that operational efficiency. These organisations realise that they have to have accurate information on their customers in order to reduce risks. New legislation is partly responsible for driving this process forward, with Solvency II recently introducing similar requirements for insurance companies as Basel II did for banks.
Having a single customer view can help an organisation trust the accuracy of data provided in reports to the FSA, identifying where a customer may have many loans that were previously registered against different customer records. By implementing a sound data quality governance policy, these instances can be identified before they pose a risk to the business.
By implementing a few simple data cleansing procedures into your processes, you can be sure to quickly identify any duplicate records in your database and merge them together to produce your single customer view. Our powerful deduplication service will identify duplicates even with misspelt names and addresses across multiple data sources, and an improved data capture process including postcode lookup helps ensure new data is in the correct format as it is entered.