Information solutions vendor Experian has launched TruvueIQ, a data intelligence tool that provides financial firms with an analysis of the quality of customer information.
The vendor says TruvueIQ provides a snapshot of data quality that can be used for calculating cost savings, business risk and marketing initiatives.
Unlike data-quality reports that are based on a customer's name and address, TruvueIQ evaluates data quality by matching algorithms and reference data which allows companies to track customers over time, even if they have moved house.
The system also calculates the number of customers that are over-looked or receive duplicate mailings.
Experian says it is typically finding inaccuracies of up to 20% in customer databases from incorrectly de-duplicated or mismatched data.
Jo Buxton, director of business development, marketing services division, Experian, says: "The Truvue IQ benchmark report provides quantifiable results which are translated into financial returns, helping clients make informed decisions on how best to acquire, develop and retain greater volumes of customers."
The tool is part of Experian's Truvue service which integrates records across multiple channels and databases, providing a single and consistent view of customers.