How Regulated Data Can Help Improve Customer Experience In The Payments Industry

In the payments industry, customer experience is king. And while there are many factors that contribute to a great customer experience, one of the most important is data. But not just any data — regulated data.

In this article, we’ll discuss all about regulated data and how it can help improve customer experience. We’ll also talk about data recipient services and why you might need them.

What is regulated data?

Regulated data is the data that businesses are required to collect and store in order to comply with regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML). This includes things like name, date of birth, address and identification numbers.

While it may seem like a hassle to have to collect and store all this regulated data, it actually has a number of benefits when it comes to improving customer experience. Here are four ways that regulated data can help you create a better customer experience:

1. It helps you verify customer identity.

When you have all the necessary data on a customer, it becomes much easier to verify their identity. This is important for things like account opening and KYC compliance. Customers will appreciate not having to go through a long and tedious process just to prove who they are.

2. It allows you to personalise the experience.

With all the regulated data you have on a customer, you can use it to create a more personalised experience for them. You can segment your customers based on their demographics, interests and even risk profile. This way, you can offer them services and products that are more tailored to their needs. As a result, they’re more likely to be happy with your offerings and have a better overall experience.

3. It helps you detect and prevent fraud.

Another important benefit of regulated data is that it can help you detect and prevent fraud. With all the information you have on a customer, it’s much easier to flag any suspicious activity. This way, you can protect your customers from becoming victims of fraud and improve their overall experience with your brand.

4. It helps you meet regulatory requirements.

Last but not least, having all the regulated data in place can help you meet various regulatory requirements. This is important for ensuring that you’re compliant with the law and avoiding any penalties. It also shows your customers that you’re serious about protecting their data and complying with regulations.

What are data recipient services and why do you need them?

Now that we’ve talked about all the benefits of regulated data, let’s discuss data recipient services. These are services that help you collect, store and manage regulated data.

Data recipient services can be extremely helpful for businesses in the payments industry. They can take care of all the compliance-related work so that you can focus on your core business. In addition, they can provide valuable insights into your customer data, which can help you improve your customer experience even further.

If you’re looking for a data recipient service to help you with your regulated data, make sure to choose one that is experienced and reputable. This way, you can be sure that your data is in good hands and that it will be used to improve customer experiences.