2 Benefits Of Integrating Fuzzy Name Matching Into Your Financial Business's Software
If you run a business that primarily deals with customers' financial information, a major part of your daily operations is gathering data about individual clients and making decisions based on what you receive. However, if your system software is old, you may only be receiving a small snapshot of their information because it only returns data based on what you input into the search fields.
To help counter this problem, you may want to consider upgrading your system and integrating code that will give you wider search capabilities. Below are a couple of the benefits of integrating fuzzy name matching into your financial business's software.
1. Allows You to Collect More In-Depth Data to Give You a Better Overall View of a Customer's Situation
One benefit of integrating fuzzy name matching into your software is that it allows you to collect more in-depth data about your customers and potential clients. With your current system, it typically only returns information if the name is spelled correctly or the address is entered into a database in the exact manner with or without abbreviations.
However, with the new integration, the system will search records that closely match what you input into the search fields and let you know the probability of it matching the person you are researching. This gives you a better overall view of the person's situation to help you make more informed decisions.
2. Helps to Keep You in Compliance with Regulations Pertaining to Anti-fraud and Customer Data Collection
Another benefit of expanding your business's software to include fuzzy name matching is that doing so helps you keep in compliance with regulations pertaining to fraud and customer data collection. When you offer financial services, you need to have a comprehensive system in place that helps to accurately identify a client to help avoid fraud under the Anti-Fraud Protection Act.
You also need to have a comprehensive view of a customer's financial and personal information to stay compliant with Know Your Customer regulations. These regulations are in place to help limit the risk of having someone commit fraud as well as limit improper decisions based on incomplete data.
When restructuring your financial software, integrating a system that allows for in-depth data collection of a customer's situation no matter how their background and financial records are spelled or inputted can give you a more comprehensive view. It can also help you stay compliant with regulations such as Anti-Fraud Protection and Know Your Customer. For more information, contact a computer software service that works with fuzzy name matching to speak with a representative who can assist you and answer your questions.