A quest to boost accuracy in data reporting

Transcription

1 A quest to boost accuracy in data reporting

2 Introducing: Dorita Dawson Ally Bank Julie Moroschan Experian Michael Berard Experian

3 Contents 1. Challenges data furnishers are facing today 2. FCRA regulatory compliance and obligations 3. Best practices in a data quality program 4. Ally Bank s journey to data quality 5. Questions 3 Experian

4 Data accuracy 4 Experian

5 What percentage of companies believe Increasing regulation has driven their need for better data analytics and management? 60% 80% 70% 90% 5 Experian

6 What percentage of companies believe Increasing regulation has driven their need for better data analytics and management? 90% 6 Experian

7 What percentage of companies believe An inadequate data strategy contributes to a lack of data accuracy 20% 29% 26% 34% 7 Experian

8 What percentage of companies believe An inadequate data strategy contributes to a lack of data accuracy 29% 8 Experian

9 What percentage of companies believe They experience challenges related to regulatory reporting 28% 49% 36% 67% 9 Experian

10 What percentage of companies believe They experience challenges related to regulatory reporting 28% 10 Experian

11 What percentage of companies believe Inaccurate data is undermining their ability to provide an excellent customer experience 56% 76% 63% 85% 11 Experian

12 What percentage of companies believe Inaccurate data is undermining their ability to provide an excellent customer experience 76% 12 Experian

13 Data furnisher s regulatory obligations Obligations under the Fair Credit Reporting Act Duty of furnishers Section 623: Responsibility of furnishers to provide accurate and complete information to credit reporting agencies 13 Experian

14 Data furnisher s regulatory obligations Regulation V Subpart E Establish policies and procedures to ensure accuracy Identify practices that compromise the accuracy or integrity Review policies, procedures and practices Duty of furnishers Obtain feedback Consider consumer impact 14 Experian

15 Data furnisher s regulatory obligations Regulation V Subpart E Establish policies and procedures to ensure accuracy Specific components Internal controls Duty of furnishers Training Accurate, complete data 15 Experian

16 Prioritizing the consumer Consistency and transparency Data quality affects perception Understanding the current experience Implement improvements and consistencies Result: Increased satisfaction and loyalty 16 Experian

17 Better data now, better decisions later Reported data becomes the data your company uses to make decisions: Acceptance / denial Lines, limits, loan amounts Fraud identification Better options / pricing / protection 17 Experian

18 Best practices 18 Experian

19 Experian s data quality methodology 19 Experian

20 Analyze Evaluating data Where does the data come from and how often is it updated? Do you have consistent information across all systems? How is the information linked or matched together? 20 Experian

21 Improve Elevating quality Implement standardization processes Transformations of data against business rules Review source definitions of phone, address, or verification 21 Experian

22 Control Monitor performance over time Define right party contact at the account level Reduce wrong party contact false positive matches Unique contact data is identified when no other source is available 22 Experian

23 Advancing data accuracy Access data accuracy Prioritizing the consumer Establish data monitoring 23 Experian 4/21/2017 Experian Public Vision 2017

24 Ally Bank s journey 24 Experian

25 Key takeaways Make a case for funding Data quality program success criteria Duty of furnishers Organizational setup 25 Experian

26 Questions and answers Experian contact: Michael Berard 26 Experian

27 Share your thoughts about Vision 2017! Please take the time now to give us your feedback about this session. You can complete the survey at the kiosk outside. How would you rate both the Speaker and Content? 27 Experian

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