New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

Why focusing on CRM data quality is critical for business performance

Why focusing on CRM data quality is critical for business performance

In this article we will be discussing how essential an integrated data quality solution is for the success of your organisation.

 

A significant investment that sits at the heart of an organisation

 

Organisations spend countless hours deliberating over which CRM system to implement. They then spend even longer planning and executing a painstaking strategy to imbed it within their current infrastructure (which probably included a painful migration). The focus then typically turns to people and adoption, ensuring the correct training and resources were available to ensure a successful launch. And yet, all too regularly organisations struggle to maximise their CRM investment and get serviceable, actionable data to flow around their organisation.

 

The CRM sits at the heart of an organisation and is therefore best placed for implementing data quality best practices which, in turn, will help retain customers, win new ones and run a tight ship operationally.

 

Data quality within a CRM system shouldn’t be an afterthought. It should be a key piece of the planning and implementation cycle when investing in a new CRM.

 

The world moves forward but also stands still

 

For the last decade Experian has conducted a survey into global data management trends, and this year’s research, like all that have gone before it, presented key issues that will just not go away. Organisations believe that up to one third of their CRM data may be inaccurate and fifty-five percent of business leaders say they lack trust in their data assets, hurting their ability to be fully data driven.*

 

Poor quality data negatively impacts organisations across industries, regardless of their maturity. While data can be inaccurate for a wide variety of reasons, such as human error or natural data decay, the impact is the same. We find 95 percent of businesses have seen impacts related to poor data quality* (and the other 5% lack the ability to see that it’s hurting them too!).

 

Wasted resources is often cited as the most common issue relating to poor CRM data quality, closely followed by poor decision making due to damage caused to the effectiveness of analytics and the reputational issues that inaccurate data can throw up for businesses. Not to mention the daily inter-departmental headaches caused by missing or invalid data.

 

Tackle bad data up front and head on

 

So what is to be done? Below are some tangible tips that can help organisations tackle the issues related to poor data quality in their CRM applications:

  1. Make data quality a priority when planning and implementing a CRM system - From the beginning adopt a data quality-first mindset. Research and understand what can be done and how. Make sure to build a business case for data quality by showcasing the impact of bad data with the leadership team.
  2. Let technology do the heavy lifting - Utilise the ability to safety check data as it enters and flows through the CRM. Data quality tools for addresses, mobiles and emails readily exist, as does the ability to periodically cleanse the database of duplicates and errors. Integrated tools have the ability to validate data in real time, and prompt users for corrections, or make the corrections on the fly.
  3. Train CRM users, then train them again - Human error or the lack of human intervention is the single biggest factor affecting the quality of CRM data. Making sure the team is adequately prepared to use the CRM effectively is absolutely crucial to the downstream effectiveness of the system.

Hopefully, we’ve given you some considerations to support any upcoming CRM migration or, if an implementation has been completed and you’re not seeing the benefits, we would be happy to run a free audit on your data to identify areas of improvement.

*Experian - 2021 Global Data Management Research

 

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Experian

By Experian 05/21/2021

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