Risk and compliance is central to the Financial Services lifecycle. But as well as being a regulatory requirement, it also creates a fantastic business opportunity.
Find out how Target Entrust helps financial services providers to provide exceptional customer experience, while ensuring data compliance, through our data quality management services.
Building trust through regulation
In a world of ever-increasing regulation, and growing threats to data security, data officers are working hard to manage and protect our data. However, successful data management shouldn’t just be measured by compliance. Good data management generates a valuable business opportunity, not to be overlooked.
Today’s savvy customers demand data accuracy and visibility, enabling them to better manage their accounts. As markets become more competitive, business success is becoming more and more dependent on providing personalised customer experiences. Underpinning smooth and relevant communications is data. But data can only be a valuable asset if it is high quality and accurate.
Managing secure, high quality data enables:
- Customer satisfaction and retention
- Successful cross selling and up selling
- Brand and reputation protection
““72% of businesses agree that data quality issues impact consumer trust and perception”” Experian Global Data Management Research Report 2017
Achieving great data compliance
So, how do we go about achieving great data compliance? Here at Target our approach is three-fold:
Know your data
- What data do we have?
- How is it being used and controlled?
- Is it high quality?
Protect your data
- Internal and external considerations
- Use of technology
- Policies and procedures
Manage your data
- Retention approach
- Notification approach
- Is it high quality?
- GDPR requirements
- Demonstrating compliance to ICO
- Remediating data
- Use of clean data to drive data strategy
Introducing Target Entrust
Powered by Information Builders, a world-class data quality platform, Target Entrust has been developed to provide the tools and capability to easily consume and measure your most relevant data through the lens of GDPR.
Target Entrust provides a means to demonstrate to the ICO and auditors that you fully understand, and can measure, the quality of your data. Such a high level of visibility enables remediation plans for poor data to be put in place.Download Target Entrust E-Guide
The 5 steps to high quality data management
Using the power of Information Builders within Target Entrust, there are 5 key steps we take to take to achieve high quality data management:
- Load your data into Target Entrust using our pre-defined text file format
- Measure your data to understand the impact of poor quality
- Explore the quality of your data by data quality dimension and attributes
- Discover the key risk data in unexpected places
- Remediate your poor data using filters to target higher risk areas first
Get in touch today to book a demo of Target Entrust with one of our consultants to discover how to achieve high quality data management:Book a demo of Target Entrust