2. Banking Industry:
Banks are facing several challenges with delivering accurate and timely account information through the Power App to their customers. A few of these challenges were:
Outdated Data:CRM records were not consistently updated, leading to the possibility of presenting users with obsolete account details.
Duplicate Records:The CRM database contained duplicate entries for some customers, potentially causing confusion and inaccuracies in report generation.
Inconsistent Data Formats:Inaccuracies in data formatting, especially with emails, led to difficulties in communication and report delivery.
Compliance Requirements:Banks are subject to various regulatory and internal data quality standards. Ensuring compliance with these standards is crucial to avoid legal repercussions and maintain the integrity of customer data.
Reputational Damage:Incorrect or outdated information can damage a bank’s reputation. Customers may lose trust if they experience issues such as unauthorized transactions, communication errors, or inaccurate reporting.
Increased Fraud Risk:Bad data can contribute to heightened fraud risks. Inaccurate customer profiles and compromised security measures may make it easier for fraudulent activities to go undetected.
Compromised Decision-Making:Inaccurate data adversely affects the decision-making process. Banks rely on data-driven insights for risk management, lending decisions, and investment strategies. Bad data can lead to flawed decisions with severe financial implications.
Banks can address these challenges by integrating Dynamics 365 CRM with a Data Quality App. With Data Quality App implementation Banks can get the following key features and benefits:
Real-time Data Updates:Implemented automatic data synchronization mechanisms to ensure that CRM records were consistently updated in real-time.
Duplicate Record Elimination:Utilized data quality rules within the app to identify and eliminate duplicate records, providing users with a single, accurate view of their account information.
Data Formatting Standards:Enforced standardized data formats, especially for emails, ensuring uniformity and accuracy in communication.
Email Validation:Integrated email validation rules to verify the authenticity of customer email addresses, reducing the risk of communication errors.
Data Quality Reporting:Incorporated data quality reports within the Power App, allowing end users to view the quality metrics of their account information.
Access to Up-to-Date Reports:Empowered users to access real-time reports, confident in the accuracy and timeliness of the presented account information.
Improved Communication:Enhanced communication channels by validating and standardizing email addresses, reducing the likelihood of communication errors.
If you’re intrigued by what you’ve seen in this blog and are facing challenges with Data Quality in your organization, don’t hesitate to reach out and achieve Data Harmony within your CRM. You can download our Data Quality App from www.dataqualityapp.com, Microsoft AppSource, or Azure Marketplace.For personalized assistance, contact our support team at support@techio.dk.
You can read more blogs about Data Quality App here.
