A leading UK retail bank faced mounting challenges in maintaining contact with customers who held active policies or dormant accounts. Returned mail, duplicate records and missing contact details created operational inefficiencies, increased fraud risk and limited opportunities to deliver fair customer outcomes in line with Consumer Duty regulations.
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By partnering with LexisNexis® Risk Solutions for a comprehensive data audit, the bank received a holistic snapshot of their data quality, allowing them to target specific areas for improvement.
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Challenges caused by poor data quality
- Inability to reach gone away customers holding active accounts or policies
- Regulatory pressure to meet Consumer Duty obligations
- High volumes of returned mail increasing fraud exposure and wasted resources
- Duplicate customer records leading to service inconsistencies and higher operational costs
Industry-leading data quality solutions
The bank engaged LexisNexis® Risk Solutions to audit their customer records. Based on the results, we recommended our
Customer Data Management solution to cleanse and append their data.
Business Impact
The data enrichment initiative delivered immediate, actionable insights the bank can leverage to:
 |
Reduce fraud risk and compliance exposure
|
 |
Lower operational costs from fewer returned mailings and better account management
|
 |
Reconnect with thousands of customers, unlocking opportunities for renewed relationships and future revenue growth
|
Looking Ahead
With ongoing support from
LexisNexis® Customer Data Management, the bank continues to prioritise accurate customer data as a critical component of risk management, regulatory compliance and customer engagement strategies.
Discover how an expert data audit and effective data management can help you reconnect with customers, reduce risk, improve compliance and drive better business outcomes.
A leading UK retail bank faced mounting challenges in maintaining contact with customers who held active policies or dormant accounts. Returned mail, duplicate records and missing contact details created operational inefficiencies, increased fraud risk and limited opportunities to deliver fair customer outcomes in line with Consumer Duty regulations.
|
By partnering with LexisNexis® Risk Solutions for a comprehensive data audit, the bank received a holistic snapshot of their data quality, allowing them to target specific areas for improvement.
|
Challenges caused by poor data quality
- Inability to reach gone away customers holding active accounts or policies
- Regulatory pressure to meet Consumer Duty obligations
- High volumes of returned mail increasing fraud exposure and wasted resources
- Duplicate customer records leading to service inconsistencies and higher operational costs
Industry-leading data quality solutions
The bank engaged LexisNexis® Risk Solutions to audit their customer records. Based on the results, we recommended our
Customer Data Management solution to cleanse and append their data.
Business Impact
The data enrichment initiative delivered immediate, actionable insights the bank can leverage to:
|
Reduce fraud risk and compliance exposure
|
|
Lower operational costs from fewer returned mailings and better account management
|
|
Reconnect with thousands of customers, unlocking opportunities for renewed relationships and future revenue growth
|
Looking Ahead
With ongoing support from
LexisNexis® Customer Data Management, the bank continues to prioritise accurate customer data as a critical component of risk management, regulatory compliance and customer engagement strategies.
Discover how an expert data audit and effective data management can help you reconnect with customers, reduce risk, improve compliance and drive better business outcomes.
