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5 financial data validation mistakes driving companies and customers apart

5 financial data validation mistakes driving companies and customers apart

Dec. 17, 2019
 

Financial data validation is one of the most effective ways to solve problems that impact the business’ performance while delivering a seamless customer experience. This is why :hiperstream's DVA (Data Validation Automation) is a configurable solution, developed to meet the needs of companies of all sizes and across different industries that are interested in eliminating inconsistencies and verifying 100% of financial data automatically.

Take a look at five recurring mistakes in data validation that might be distancing your business from the end customer.
 

1- Personal data validation

First and last name, address, email address, telephone number… The list of data provided in registration forms goes on and on. Not surprisingly, this is the first place to look at if you want to create error-free invoices.

In addition to keeping this information up to date, security is another important concern. After all, it is personal data (it allows the direct or indirect identification of who is behind the information) and has to be handled in accordance with GDPR and other best practices in the market. That's why :hiperstream helps companies foster transparent, trustful relationships with their end customers.

2- Transaction validation

Another challenge while validating financial data is to ensure that all records and fees on a transactional statement are correct. It is regularly an issue for validations by sampling - from small errors (e.g.: not charging one installment of a payment) to major failures, the company's losses can reach enormous amounts.

3- Barcodes

Many consumers aren't even aware that the barcode is a graphical representation of a series of numerical data that is critical to making payments possible. However any errors in this process won’t go unnoticed.

If information is incorrect, the customer will have to type each number, one by one. This amounts to unpleasant friction, considering the increasingly fast and digital world we live in. But if the error also extends to numeric values, payment will not be possible - resulting in a financial loss to the business, as well as a negative effect on customer experience.

4- Number of records in the database

Picture this situation: a company with 10,000 customers generates 9,999 invoices per month. Acceptable? No, especially because these numbers tend to be even higher. The DVA tool is also responsible for validating whether numbers match the business rules, pointing out possible causes for inconsistencies and making it easier to find the ultimate solution for the problem.

5- Duplicate registration

The opposite is also true. Process errors can lead to database duplication, such as two invoices being sent to the same customer in a single month, for example. In addition to damaging the brand reputation, this creates an unnecessary conflict regarding payment reversal.

:hiperstream believes technology is the key to transforming transactional communications, so we offer solutions to turn notoriously costly or flawed processes into positive experiences for end customers and the internal audience, while also reducing business risks.

Are you looking for a full solution to leverage data usage and validation in financial communications? Contact us!

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