Why financial data validation is all about customer experience

Why financial data validation is all about customer experience

Nov. 11, 2019

Photo by Joseph Gruenthal

In today’s rapidly changing world, building customer loyalty is extremely valuable for brands. And in this scenario fueled by digital transformation, many companies are investing in something essential to any type of business: customer experience.

This subject isn’t just a trend, like those bets that come and go from time to time. It’s a frequent theme - and is on the rise. Brands that offer exceptional experiences can set themselves apart from competitors. The statement is from McKinsey’s “CEO guide to customer experience”. Ingrid Brandão, Product Manager at :hiperstream, completely agrees - and she also proves that it has everything to do with data validation.

Take the credit card industry as an example. Credit card payments accounted for 23% of all transactions within the Euro area last year; in Brazil, this payment method was responsible for expenditures as high as BRL 530 billion just in the first half of 2019. It’s a growth statistic, according to the local sector association.

“Today, consumers are able to choose from a variety of transaction processors, issuers and interest rates, among others. Competition is intense, so credit card companies that anticipate changes in order to maintain the quality of their services do better. Keeping this in mind, validating financial data to improve operational efficiency is clearly a competitive advantage factor,” says Ingrid.

If the customer journey has evolved and became more complex, the time has come to provide the best billing experience as well. This is where validation of financial data comes in: a process that is mostly invisible to consumers, with a direct impact on the brand’s relationship experience.

After all, what is financial data validation in practice?

Let's start from the beginning. Data validation assures accuracy for different kinds of inputs in a system or a platform, thanks to custom rules that make this process relevant for different industries and business contexts.

When we talk about transactional communications, ensuring the information of each invoice is correct becomes a challenge, especially if we increase the number of invoices by millions. The dedication required makes this an exhausting, non-strategic task not only for the staff but also for the business.

In order to avoid failures - which can range from incorrect contact information to improper charges and errors related to the due date, promotions, interest rate, and other tax rules -, :hiperstream has responded with technology. Our DVA (Data Validation Automation) proposes a simpler and more accurate validation process even for large volumes of data.

Banco Carrefour and :hiperstream longstanding partnership in Brazil

A new product is the reflection of disruptive ideas and trends. But a launch really becomes relevant when it meets a real market demand. This summarizes part of the history of the DVA.

Prior to the partnership with :hiperstream, in 2016, Banco Carrefour's scenario was like this: two people were responsible for processing all monthly invoices sent to customers, looking into each item of the PDF according to a checklist. They used sampling methodology for validation, something that used to require hours of work and resulted in a distant overview, not accurate about ​​how database health was.

And then came the game-changer. :hiperstream’s tool allowed all invoices to be validated. The platform’s rules were tailored to address all of the business’ complex needs, coding everything previously done manually. DVA allows seeing the full picture, pointing out even those small, almost imperceptible mistakes, which might have a significant impact on finances and on customer experience.

"Every company seeking to scale tries to cut out the most costly processes," explains Ingrid, referring to the number of invoices issued, which has nearly doubled since the beginning of the partnership. Today there are more than 3.5 million invoices every month, which are validated with the agility and the confidence provided by: hiperstream's expertise.

Want to know more about this case? Click here to read the full story.

Beware of the opposite of consumer experience

“There are consumers who look carefully at the invoice and those who have no idea what's in there,” says Ingrid. "What do they have in common? Both value a transparent communication with brands - and are impacted by any mistaken data."

And don’t think the business doesn’t feel this same pain. In the dynamic environment of a company, transactional communications failures exist even from one department to the other. That’s why DVA rules help to break down these silos by quickly identifying errors before they can impact the consumer.

“:hiperstream’s core business is establishing communication between our clients and their consumers. Ensuring that everything sent to end customers is accurate and that it helps to strengthen relationships is what moves us toward innovation,” concludes Ingrid.

Are you ready to take customer experience to the new level? Talk to us!

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