Information and Data Integrity: A Two-Way Street

[Editor’s note: This is a blog post from TransUnion. TransUnion is a bronze sponsor at LendIt Fintech USA 2018, which will take place on April 9-11, 2018 in San Francisco.]

For many businesses, data is an important aspect of decision management. When you are choosing with whom to do business, you rely on the validity of data to guide you. If it proves faulty, you may be steered into accepting bad customers or rejecting good ones, which can seriously affect your bottom line. For consumers, inaccurate data can be equally harmful—leading to the appearance of having bad credit, denials of services or products or worse, flagged as potentially fraudulent.

Spanning both digital and real worlds, and encompassing data about identity, financial characteristics, behaviors and more, an integrated view is the foundation of enhanced insights that can ultimately improve financial outcomes. TransUnion understands the importance of current, accurate data and gives its customers access to information—including both highly-regulated and publicly available forms of alternative data—that creates powerful, comprehensive views of consumers.

With safeguards for the integrity with which data was acquired, TransUnion links and integrates disparate data from tens of thousands of sources. From using traditional data to trended data that shows how a consumer has performed over 30 months, to deeper and broader forms of alternative data, TransUnion helps deliver you with a holistic and clear view of a consumer. With adherence to strict data governance and special care to understand the provenance of data—how our suppliers access it and under what terms and conditions—we offer you more certainty and reliability to make business decisions with confidence.

Alternatively, consumers need to feel comfortable sharing their data and want to be assured it’s used for good. Ultimately, that’s our intent at TransUnion – to provide access to opportunities that lead to better quality of life. Yet, to appease demand for instant insights and availability of products, we do need to share consumer data. It’s a balancing act.

Interestingly, different generations have varied perceptions of data sharing. And depending on the industry, levels of trust vary as well. Not surprisingly, Millennials, brought up in a digital world, are rather tolerant of data sharing; however, the silent generation is more uncertain. Based on life experiences, it makes sense that generational views of risk would contrast. However, across all industries, giving your personal information to a business or financial institution appears to be more palatable. As we have for decades, we’ve come to expect these entities to regularly request this type of information. We also perceive that they’re more protective of this information due to the stark repercussions of not securing data.

What’s important is building brand trust – no matter what industry you operate in. It’s important to demonstrate you’re using personal data to empower consumers and to enable them to get relevant and useful products and services. Companies need to be transparent in how they use personal data and how they communicate the benefits of sharing that data. Additionally, TransUnion wants its customers and consumers to know their data is secure, and that we can provide them with tools to help better protect their own privacy and data as well.

With the rise in cyber threats and actual security breaches, consumers are understandably leery and their confidence rightfully tested. TransUnion takes its stewardship of this sensitive information very seriously and has gone to great lengths to ensure our security measures are solid and constantly monitored. We’re always striving to be proactive in safeguarding our data. Security is a key objective and we’ve invested deeply in cutting-edge technologies. We are heavily focused on protecting consumer and customer data – as you protect your customers’ data.

Accurate, current, ethically sourced data that gives you a comprehensive picture is essential to your business’ success. That’s why we go beyond traditional data and provide trended and alternative data, showing consumers in their entirety. In return, you can target individuals with appropriate, timely and useful offers that speak to their specific needs – proving the data they share is being used for their benefit. And that makes data sharing a win-win situation.

For more information, visit transunion.com/business

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