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

Data quality steps and techniques

Data quality steps and techniques

Clear data means clear business objectives—that should be the goal when it comes to your database.

 

Fifty percent of business leaders consider the current state of their CRM/ERP data to be clean and usable, according to our 2021 Global data management report. We believe the moment data enters your database it should be actionable.

 

For data to be effective, it needs to be clean. Meaning, your names should be spelled right, and your emails, addresses, and phone numbers should be properly formatted and valid.

 

Here is your guide to data cleansing—one step at a time.

 

1. Determine gaps within your data.

 

The first step in any project is to create a plan. When working to cleanse your data, you need to first understand the current state of your database. Consider a data quality health assessment to determine the accuracy of your records. Curious what kinds of data errors or anomalies could be lurking under the surface? You could have customers over the age of 100 or not even born yet! A health assessment kickstarts your data cleaning process because you know what errors exist to being addressing them.

 

Now,  you can determine next steps. Think about this: What do you want to get out of your data? And, what data processes would be easily adopted by your organisation? This brings us to our next step.

 

2. Select a data quality tool.

 

Data quality tools are foundational to achieving a healthy database. The technology your organisation selects is dependent on the purpose of your data—whether its better understanding your customers or complying with regulations. Here are some tools that can seamlessly be incorporated into businesses processes for cleaner data.

 

If you want to outsource data cleansing you can leverage:

 Incorporating batch or bulk data cleaning can be a streamlined approach without the cost and time of integrating new technology.

 

If you are looking to establish ongoing data quality checks, you can integrate data quality software into your existing tech stack.

Whether you outsource your data verification or implement processes in-house, you are gaining more control over your data, giving you the opportunity to leverage insights for business initiatives.

 

3. Sustain quality data.

 

After you’ve done the work to recognise the gaps within your database and select a tool, now it’s essential to implement steps to sustain your success over-time.

 

When it comes to maintaining quality data, there are perks to having a data quality management platform in-house. You constantly have control over the quality of data and can be agile when new initiatives emerge. However, it is possible to outsource your data cleansing and still uphold quality—you just need to make sure you find a regular cadence to send out your records for validation.

 

Taking steps to clean your data is crucial to enabling your business with actionable data. Data created and leveraged in the right way can help your people make better and faster decisions. In turn, you can set yourself on a path toward success.

 

Make sure you can fully leverage your database complete with trustworthy records.

 

Get in touch to verify your data today.

Read full article

Jordyn Tetler

By Jordyn Tetler 03/04/2021

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