It’s no secret that consumer data makes the world go round. Even before the use of computers and advanced algorithms, businesses collected data from their consumers to understand their needs, to drive marketing campaigns, to verify loan and credit eligibility, and more.
More recently, however, consumers have fought to get control over where, why, and to whom their personal data is shared. And all businesses, including lenders, credit reporting agencies, and other financial institutions, need to know why. Here’s a hint: consumers care about where, how, and why their data is collected.
1. Consumers want to protect their data now more than ever
Especially today, consumers are more cautious around sharing their personal data. Heavily publicized data breaches and cybersecurity failures, like the 2017 Equifax breach that left 143 million consumers at risk of identity theft, have created distrust in the use of data warehouses. These failures have also called into question the amount of personal and financial data that top credit reporting agencies, lenders, and other institutions house have. In fact, according to a 2019 study, the majority of consumers don’t know what information these organizations have. While an abundance of data might be favorable to a financial institution, consumers are now more deliberate over what information they share with any third party. With government regulation and the help of consumer-permissioned data technology, the credit reporting community can and should meet those standards of privacy and security.
2. Consumers are calling for control over how they share their data
Consumers are not only protecting their data, they’re protecting their time as well. When data requests are put in the hands of the consumer, they want to get it done quickly and efficiently so the easier it is to complete, the better. Gone are the days of back-and-forth faxes, phone calls, and emails—the more digital the data-transaction, the more likely the consumer is willing to complete the request. In fact, data from MeasureOne shows that most consumers will finish a data request within 24 hours. And, while it’s not always instantaneous, allowing consumers to provide their data ends the back-and-forth process of trying to collect the right data. Consumer reporting agencies and other financial institutions can get ahead of this need by using technology, like MeasureOne’s, to streamline the process for themselves and the consumer.
3. Consumers value transparency from businesses they work with
Banks, lenders, retailers, and other financial institutions are constantly sharing consumer information with credit agencies. Over 75% of consumers don’t trust how that data is being shared because of the implications and risks associated with blind data sharing (see our reference to the Equifax data breach above) and 81% of consumers need to trust a business in order to work with them. When credit reporting agencies open up about their data-collection and sharing processes to their consumers, they also open the lines of communication, trust, and service. The more transparency a business can provide with their practices, the more willing consumers will be to continue to work with them and provide them data.
4. And consumers want to trust you, really
Personal and financial data is sacred. Consumers are proving more and more that they want to be involved in how their data is shared. And involving consumers in the process illustrates their significance to your business goals. Aligning your business with customer concerns can help lead to 5 star service, consumer return and retention, and referrals to your business.
Building the relationship between a business and their consumer is hard work, but we’re here to help.
Data consumers want to give, data direct to you
MeasureOne enables businesses to send a data request to their consumers and connects directly to a consumer's online accounts to verify applicants for employment history, educational history, general background screening, and more. It's just three easy steps to get the data you need:
- Step 1: Connect with MeasureOne using one of our many integration options
- Step 2: Send your consumer the data request using MeasureOne
- Step 3: MeasureOne collects the data and provides it directly to you
Our platform accesses data sources unmatched by our leading competitors, including Truv and Pinwheel, and comes at a lower cost too. Plus, by working with consumer data directly, MeasureOne’s technology empowers background screening companies and other financial institutions to build trust with their customers.
Whether you want to white label, use our website integration, integrate with third parties like TazWorks or Accio, or access our API, MeasureOne can bring secure, transparent data to the table for the benefit of credit agencies and their consumers.
