Maintaining data in a highly regulated industry
For companies operating in a highly regulated industry, maintaining data is an essential part of complying with regulations. Regulatory compliance will often involve submitting routine reports and retaining licences and permits to operate – analytics, reporting, and metrics are all underpinned by the quality of the data. Consequently, your data must be as clean as possible. Some of the most regulated industries in the UK include the Gaming, Finance, and Insurance sectors.
Having accurate contact information is a regulatory requirement in the Gaming industry –the ability to efficiently identify customers is essential in meeting the conditions of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations. Loqate’s address verification software is a data parsing, standardising, cleansing and enhancing solution that delivers the most complete and accurate data available. The software enables you to capture valid address data at onboarding, ensuring your database is clean from the start, so you meet regulatory requirements for data quality and AML regulations.
On average, consumer data degrades by 15-20% and business data by 30-40% every year. Incorrectly formatted addresses and names, as well as duplicated records in your customer database, can have financial, operational, and regulatory ramifications. It can lead to one person receiving repeated communications, potentially fraudulent activity, and makes it challenging to identify an individual’s records. Loqate’s Data Cleansing and Maintenance software has a range of features that assist compliance, help you identify duplicate or fraudulent accounts and increase the effectiveness of your communications. For example, the software’s data deduplication and address formatting and correction features ensure your database is free of duplicate records. The software prevents multiple, repeat communications from being sent and makes sure you have high-quality data to analyse accurately to comply with GDPR.
The Rank Group is a vital player in the gaming sector committed to embedding a safer gambling ethos across its business – to do this, they needed to enhance and maintain data quality. Loqate worked with The Rank Group, implementing a large-scale data cleanse, monthly maintenance service, and address verification. The data cleanses have improved the company’s customer communications, reduced marketing expenditure, and is helping facilitate faster detection of fraudulent accounts.
You can find out more about how Loqate has helped the Rank Group here.
As with the Gaming sector, accurate, high-quality data is crucial for financial institutions. Poor data can lead to deficient audits, unreliable insights and violations of regulatory compliance.
Loqate’s Data Maintenance solutions can become the backbone of your data analysis efforts. Our Data Maintenance protects you against fraudulent activity, enhance customer experience, and facilitating data-driven decision making. The contact validation >feature identifies what contact information is usable and what information is missing or needs replacing so you can reach the right person at the right time. It also ensures you meet Article 5 of the Data Protection Act 2018 by enabling you to identify inaccuracies and ensure they are quickly corrected, appended or suppressed.
Within the Insurance industry, organisations rely on accurate, clean data to produce a single customer view (SCV) and inform business intelligence (BI) reports. Loqate’s Data Maintenance services can help you cleanse and maintain your data, so you can make informed business decisions and build lasting customer relationships.
Consumers’ circumstances change – from changes of addresses and names to new phone numbers and emails, undoubtedly keeping customer records up to date with valid, usable information is challenging. In the Pensions sector, it is a regulatory requirement for policyholders to receive annual statements. Considering the fleeting nature of customer data, your customer profiles must be complete with valid data so you can contact them.
Using Loqate’s Data Cleanse and Maintenance services will enable you to identify incomplete or incorrect information, carry out deceased suppression and re-contact customers that have or are about to move address. We can also provide moving property data to allow companies to know when customers are moving home. By contacting customers during this period, you can ensure your communications reach the right customer, enhancing communication effectiveness, maintaining compliance, and protecting your brand’s reputation. Additionally, this helps you avoid goneaways and ensure that your mailing list is up to date.
This blog has touched on the importance and value of maintaining data quality in some of the UK’s highly regulated industries. When considering the valuable insights data provides as well as the consequences of poor data, keeping data regularly cleansed and maintained should be a business priority.
With Loqate, you can choose a fully managed service or individual solutions that complement and support your in-house activity – we’ll tailor-make a reliable, compliant solution.
Do you know how accurate your data is? Why not take our free data HealthCheck to find out?