Data cleansing involves the enrichment and rearrangement of data to meet a specified standard format followed by clustering of duplicate accounts of the same customer in order to assign a unique customer identity number to every individual customer
Standardized data is data that has been arranged into a pre-specified or standard format, which thus simplifies the task of identifying and verifying data.
Data cleansing offers a wide range of benefits that would help the company in the long and short run. There is though, an immediate need for banks, according to the RBI circular DBOD. AML. BC. No. 2 /14 .01.001/2011-12, to enhance customer information, remove duplicates and assign unique customer identities, the importance of which is evident from the recent fines imposed by the RBI on several leading banks for failing to comply with the norm. Moreover cleansing offers for fulfilment of the database, customer satisfaction and also allows for better implementation of CRM for marketing purposes.
Depending on the banks requirements and priorities Nelito can offer different cleansing mechanisms with regards to the fields to be cleansed. If the banks requirement is purely regulatory then only the fields that are critical according to the RBI's norms will be cleansed but if the bank wants other parameters like contact numbers or STD codes to be cleansed, then it can also be done.
The customer name, permanent address, date of birth, gender, Any national identity card and in case of companies the name of the company, the principal place of operation, mailing address of the company and the telephone/ fax number is essential.
Certain details may not be important to the RBI, but they could aid the bank significantly for some of its activities. The bank gets full knowledge of the customer which provides for easy identification or verification of the customer. Also fully cleansed customer records are easier to de-duplicate than partially cleansed records and will result in higher quality of the de-duplication process. Moreover, completely cleansing the fields will help the bank in householding customers and also for providing other features which enables the bank to offer better service to its customers.
Depending on the bank's preferences it can be done either way.
Data cleansing is offered as a service by Nelito
Nelito uses IBM quality stage
It can if the bank so desires
If the bank has a data entry software which validates and imposes constraints on the data to be entered in the fields, thus standardizing it, then it can be entered directly at the bank's site using the bank's software. If the bank however, does not have such a data entry software then Nelito will provide a specialized interface which imposes the above mentioned constraints in order to standardize data at the entry level.
The extraction and update of data is not Nelito's responsibility but it can be added if the bank so desires.