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A Case Study to Improve Data Vendor Selection
Abstract
All financial services companies use external sources of consumer income data to assess credit risk, develop risk mitigation strategies, and create pre-approved marketing offers. International credit card issuers spend more than a billion dollars in marketing and invest hundreds of millions in product development based on data from third party vendors. The accuracy of income data is the foundation for their business decisions. The purpose of this engagement was to evaluate the accuracy of third party data providers by measuring the data across six dimensions – Accuracy, Relevancy, Completeness, Coverage, Effectiveness, and Cost. The data provided by the three vendors for this project was incorrect by more than 20% on 75% of the records. The goal of the project was to demonstrate the ability to improve the accuracy of multi-source income data used in credit card marketing applications.
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