Financial Services

Before a business can communicate with customers and stakeholders, it needs to accurately verify the address data it has. Correct addresses increase a company’s efficiency as well as fortifying trust between company and customer. Ensuring that address data is accessible and correct is, therefore, of the utmost importance for all businesses. 

Third-party providers can facilitate address verification of data. At their core, the tools will cleanse and correct all erroneous address records. Besides streamlining address collection processes and adding increased security, address verification tools make address input more user-friendly for customers. By utilizing a quality address verification tool, businesses can trust the addresses they have on record, thereby ensuring that communications go to the correct recipient, invoices will be directed to the right address, and marketing outreach will be much more successful with reliable, location information.  

The business outlook for the global banking industry is predicted to be positive in the coming years, according to Deloitte. Elevating the customer experience to minimize flight risk and expand the business will be of utmost importance, and part of that process will involve the maintenance of clean data. As reported in the survey, “digital interactions, while easy and convenient, fail to forge emotional connections.” 

Younger generations, who typically use digital channels the most, tend to have less brand loyalty. Deloitte’s consumer survey also revealed that millennial and Generation Z respondents were much more likely to switch their primary bank compared to older consumers. Customer retention and satisfaction mandates that financial institutions are reaching the right people at the right time. Contact data that is personalized to recipients of the communications could be the difference between stagnant growth and building a community of customers that remain engaged in long and prosperous business relationships.