Data Management

A Data Management Platform works by gathering your customer data and storing it in a centralised database. Stored data may include customer information, demographics, buying habits and contact details.

As an audience-focused solution, DMPs help marketers draw insights from the data, using first, second, and third party data to validate the data quality and create segmented audiences.

As well as improving the quality of data and creating segmented audiences, DMPs work by unifying datasets all in one place – making it simpler for organisations to manage data.

Data quality

DMPs can help improve data quality by auditing the dataset for inaccuracies, duplicates, and formatting errors.

For example, the platform can ensure the data is kept clean through data cleansing methods. This cleans data by measuring the details against 3rd party data lists. So, for example, if a customer had changed their address, the DMP could update the contact address details, using goneaway suppression to cross-reference this information against up-to-date databases. Similarly, a DMP can use deceased suppression to identify and remove deceased individuals from the database.

Additionally, Data Management Platforms help validate email addresses and check name formatting to ensure the data is of high quality.

This is a vital aspect of data management for any organisation, in any sector. If data is inaccurate, it is simply not useful to the business. In fact, 69% of organisations say that inaccurate data is the biggest challenge in data management, according to a study by Experian.

The DMP can also check for duplicate information, keeping data clean and accurate to ensure that the organisation is engaging with active customers, and is not sending duplicate communications.

Personalised experiences

As well as ensuring that information is accurate, Data Management Platforms can enhance your database using Data Enrichment and Data Segmentation methods.

This can help organisations develop more personalised experiences for customers and prospects. For instance, by using the DMP to segment audiences into meaningful groups. Based on shared qualities, these segments can then be targeted using tailored communications.

As a result, businesses can expect to see better return on investment from their marketing campaigns, since communications are more targeted towards the intended audience. Personalised communications are also shown to increase trust between consumers and brands.

Unified data

DMPs help make data management more straightforward. Designed to bring all data into one place, Data Management Platforms are a dream come true for marketers. With a centralised view of customer data, organisations can optimise campaigns with more comprehensive data insights.

With unified data, all in one place, this makes day to day data management easy and simple. Not only does this make customer data easier to manage, it can also help piece together valuable information about customers to reveal key insights.

As a result, organisations can understand their customers better and develop more effective marketing campaigns.

Using a data management platform

Using a Data Management Platform is actually pretty straightforward. Data management is one of the most important, but time-consuming processes for any modern marketer. As a result, Data Management Platforms are designed to take the hard work out of handling data.

In a study from Experian, 83% of organisations said that data formed a central part of their business strategy – so it’s vital that DMPs offer a simple solution.

Our own DMP, REaDOnline, offers an intuitive user interface, making it easier than ever to manage and optimise your data.

How DMPs use data

Data management platforms often use a variety of customer data sources to ensure the data is accurate, and also enhance it with relevant information. DMPs can combine first, second and third party data, allowing businesses to gather customer insights all in one place.

This is especially useful for organisations that collect customer data through a variety of sources. For example, for companies who collect data from website visits, also buy prospect databases.

REaDOnline lets users upload data from a variety of sources, which is then audited

Using this combination of data, DMPs can:

  • Collect data from different sources (online, offline, first-party, second party, third party)
  • Enhance data by creating targeted audiences
  • Clean and validate the data by cross-referencing databases

REaDOnline

REaDOnline is the Data Management Platform from REaD Group. Our platform helps businesses easily manage and enhance their data. Combining the most accurate and comprehensive data available in the UK, REaDOnline cleans and enhances data in a few simple steps.

Simply register for an account and login to the REaDOnline portal. From there, upload your data to get started.

Explore REaDOnline

Have a question?

Have a question before getting started? Get in touch with our team, who will be happy to help you with the right advice.

Accurate data also ensures businesses are prepared in the event of unpredictable change. For example, in the emergence of the COVID-19 outbreak, businesses quickly had no choice but to rely on customer data in order to operate their businesses online, and adapt in new directions.

This was no more apparent in the USA’s response and management of COVID-19, which was hindered as a result of health data quality issues. Reports highlight the underappreciated significance of healthcare data accuracy in the event of unprecedented change, where low-quality data made it difficult to cope and adapt.

Though, many organisations took proactive data-driven approaches to adapt their strategy in the wake of the pandemic.

For instance, Marie Curie partnered with REaD Group to incorporate COVID-19 risk data into their data strategy. This helped Marie Curie identify the impact of COVID-19 on the UK population, and manage their marketing strategy and future fundraising activities around this.

Incomplete data

Similar to inaccurate data, incomplete data can also have a negative impact on your business performance.

This data quality issue might not be as severe as having totally inaccurate data, but it is nonetheless another hindrance to your marketing capabilities.

If data is entered manually through form fields, the customer might not input their full details. Furthermore, some customers might opt to only input certain fields of information such as their name and phone number, whereas some might opt to input their name and email address. This results not only in incomplete information, but inconsistent information.

One way that organisations can help control this is by making certain form fields a required entry. That way, data entries will become more consistent and complete.

However, if your incomplete data is too far gone, this fix won’t be enough.

But not to worry. There are several ways to overcome this data quality problem. For instance, through data enhancement services – which is designed to fill in those important missing gaps in your dataset.

Fraudulent data

A less common but very serious data quality issue is fraudulent data. Sometimes, incorrect data is inputted for spam or fraudulent purposes. In no case is this information ever valuable to businesses.

This data quality issue has a serious impact on ROI, since there is no value in this kind of data. Keeping your data clean and preventing customer identity fraud is of the utmost importance.

That’s why it’s useful to regularly check the quality of your data, either through an online data management platform, or professional data cleansing service.

Read more …

Data quality is a term used to describe how well your data serves the purpose it is intended for. For example, a customer database might be used by businesses to send regular email communications, or direct mail campaigns to contacts. This process might even involve additional activities, such as data segmentation,  to tailor specific communications to specific customer categories.

But what if this data contained inaccuracies or inconsistencies?

If there are issues with data, then it cannot serve its intended purpose, putting a halt to the business activities that require it. Data quality is therefore integral to any successful business model.

So let’s understand how to look out for the most common data quality issues, and more importantly, how to overcome them.

Read more…

In today’s highly connected and digital world, it is a possibility that your customers can fall victim to identity fraud. Your company, customers, and data can be severely affected by fraudsters. This is why it is paramount to be aware of identity theft and ensure that your customer data is high quality and accurate.

There are several ways that you can stay mindful of identity theft and keep your data clean, as well as methods to identify fraudulent or spam information in your database.

Here are some simple steps to help you prevent customer identity theft and verify customer data.

Identify Verification (IDV)

The purpose of identity verification is to prove that the individual behind a process is who they claim to be. The reasoning for this is to prevent anyone from carrying out a process on behalf of another without authorization, creating false identities, or committing fraud.

Checking identities consistently reduces the likelihood that one organisation or service will do less effective identity checks than another. As a result, identity fraud may be targeted at fewer organizations and services.

Both physical and digital evidence can be used to identify an individual. These can be in the form of a passport or information stored in a database for example. Checking the evidence is vital and you must be sure it’s genuine. This will prove if it has been forged or counterfeit.

By successfully checking users’ identities, you can be confident that you’ll give the right people the right things.

Check on financial and credit reports regularly

In contrast to credit card fraud against individuals, business credit fraud can affect multiple people – and even the company’s reputation.

Fraudsters do not need physical business credit cards to commit fraud, so unauthorised activity may be occurring without your knowledge. Business credit card statements showing fraudulent transactions may indicate you have fallen victim to fraud.

Check your statements regularly for unfamiliar charges so that you can catch them as soon as possible. To make the task more manageable, consider taking advantage of online banking tools to conduct weekly reviews. Update passwords regularly and remain vigilant when accepting orders. Ensure that issues are reported to the credit card company as soon as possible.

Use identity verification software

Identity verification software helps companies verify the identity of their users in real life. Due to the ease of creating fake identities online, it’s crucial to confirm that a person is who they say they are. Software that verifies identity is a great way to make sure what you see on the website matches what you expect in person.

Sign-in processes, questions, and answers, or video IDs are typical methods of identity verification software. By using this kind of software, you will minimise the risk of falling victim to fraud for your business and maximise the trust of customers.

Find a provider of identity verification and fraud prevention solutions that can evolve quickly and easily as the tactics used by fraudsters change. See how REaD Group can help you and your business with our Smart Link by contacting us!

Online document verification

The most common method of customer verification is online document verification. Using third-party solutions that help verify online documents, you’ll be able to identify customers with ease. This kind of technology provides 100% proof of authenticity, although it can create additional inconvenience for customers. It is also important for businesses to ensure GDPR compliance here since this involves processing highly personal data.

Knowledge-based-authentication (KBA)

Utilise effective decision-making based on identity composition. A more comprehensive analysis of the composition of identity and deterring fraudulent transactions can be achieved by looking at more than just a “match/match” or “pass/fail” result. If necessary, obtain a higher level of verification.

Create dynamic Knowledge-Based-Authentication (KBA) questions when suspicious identity attributes are present by executing multiple-choice questions that only your actual customer can answer.

Know Your Customer (KYC)

As part of Know Your Customer (KYC) regulations, banks verify the legitimacy of prospective customers before opening an account, as well as throughout the lifetime of the account.

KYC procedures are essential to the banking, financial, and insurance industries in particular because it prevents criminals and other bad actors from easily concealing illegitimate funds. In addition to protecting banks from financial and reputational harm, KYC processes ensure compliance with government regulations.

Anti-Money Laundering (AML)

Anti-Money Laundering (AML) regulations refer to a broad set of security measures that banks implement to reduce the risk of illegal funds being disguised as legitimate income by criminals. The financial and reputational standing of banks depends on this regulation, as it makes it tougher for such crimes to take place.

In order to detect suspicious transactions and assess money laundering risks, financial institutions need sophisticated customer due diligence plans and stay knowledgeable about Anti-Money Laundering regulations.

Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are constantly evolving, so adhering to them isn’t always easy.

This is particularly true when technology demands rise and departmental funds remain stagnant. By getting the right help, you can perform due diligence and affordably quantify risk.

Validate your customer data – REaD Smart Link

Get your customer data validated and prevent identity fraud with REaD Smart Link, a powerful tool designed to help verify identity and contactability across households or individuals. Smart Link cross-references customer data using the most comprehensive consumer data universe in the UK.

This tool includes all the channel variables we hold on an individual level.

  • Link – Multiple databases or contact channels can be reliably linked together through links
  • Verify –  Utilise multiple sources of information to identify the same individual or household
  • Validate – Be confident that an individual is who they claim to be by getting their identity fully verified and knowing your customer.

Ways customers can prevent identity fraud

As well as monitoring the signs of fraudulent data, it’s useful for businesses to prevent identity theft at the source, by advising customers on the best ways to protect their identity. This is especially useful for financial businesses.

Passwords and account numbers are often used to access our online accounts, and we provide these details every day. Because of this, customers risk having their personal information stolen or misused. Thankfully, there are great ways to help customers reduce the chance of identity theft that are easy to implement, and at no cost.

A fail-safe method to prevent identity fraud is unlikely, and monitoring services are usually only notified when something has gone wrong. You can, however, make identity theft much more difficult with some simple tips for customers.

Lock mobile devices

There is a real risk associated with mobile devices. According to a study by cybersecurity firm Kaspersky Labs, our mobile devices are only regularly locked by 48% of us. Make sure you use a password and/or fingerprint identification when using electronic devices. Encourage customers to use an online banking app rather than use mobile browsers for banking.

Get shredding

You shouldn’t throw away any credit card, bank, or investment statements that someone might find in the bin. Be sure to shred your junk mail and any other letters that are considered disposable with your personal details on them.

Be wary of phishing scams

Emails and text messages with suspicious-looking links should not be clicked. Phishing is a cyber-attack where identity thieves trick you into providing personal details such as your bank account or credit card details. They can appear like they’re coming from the storefront of a bank, credit card company, mortgage lender, or other financial institutions.

Some emails may include an attachment that you will be asked to open. Doing so could install malware that will be harmful to your device. Be wary of its legitimacy and don’t click on anything you are unfamiliar with.

Over-the-phone scams

In addition, fraudsters may often pose as bank employees or credit card company employees over the phone. It is a fact that no legitimate organisation will call you and ask for personal information from you.

If you suspect anything then ask for the credentials from the caller and get in contact with the company they are associated with to confirm it’s all legitimate.

Protect your documents and limit exposure

It is possible for physical documents to pose a security risk if they are not properly maintained. Personal information such as your name, address, and even bank account information can be found on these documents, making them useful to identity thieves.

Make sure not to leave your mail in the letterbox as they are a frequent target for identity fraud. Hold on to paper receipts or shred them if they are unwanted as they can prove valuable to thieves. It is wise to sign yourself up for digital statements rather than letters. This will limit your paper trail and you will have less exposure too.

Be vigilant, and stay safe

It’s critical not to take the security of your personal data for granted, since identity thieves often strike at the most inconvenient times. In addition to protecting your information and identity, you’ll make yourself more difficult for thieves to target.

Keep your information safe by monitoring your credit, protecting your devices, avoiding phishing and other scams, and ensuring that your documents are not accessed by anyone.

Have a question for us?

Get in touch with our expert team who will be happy to assist you with the right advice on how to identify genuine customer and prevent identity fraud.

A data controller determines the purpose and means of processing personal data, whereas a data processor is responsible for processing data on behalf of the controller. For performance marketing campaigns this means that REaD Group is the Data Controller when the campaign is broadcast and the client becomes a data controller when an individual registers on the client’s landing page. The data processor would be the email service provider which is processing the campaign on behalf of REaD Group.