Monitoring Customer Data
Make sure that you have the right information at the right time!
Bad data quality has a negative impact on your business. By monitoring crucial customer data, you can avoid it.
Bad data explained
Put simply, bad data is an incorrect set of information. Common cases of bad data include missing data, incorrect data, inappropriate data, deviating data, duplicates and incorrect manual "entries" (spelling errors, variations in spelling, format, etc.)
As studies have shown that between 20-25% of relevant customer data - such as address, status, taxes, representatives - change every year, monitoring customer data is an easy way to ensure accurate information in your CRM, registry or database for example.
”With Roarings monitoring service we can continuously update data, which has made the AML process more efficient.”
How does bad data affect your business?
Bad data can be a costly factor in any business, but also permanently damage the relationship you have with your customers or potential customers. According to a report published by IBM, bad data costs close to $ 3 trillion annually to U.S. companies. However, the financial part is only part of the total impact that bad data can have on your organization. Below are just a few common examples of negative effects of bad customer data.
According to a survey by Data Axle, 93% of consumers feel that they receive marketing that is not relevant to them, and 90% of them are bothered by this fact. Incorrect information can lead to irritation and dissatisfaction with customers, leads and prospects. Email marketing sent to the wrong target group, a misspelled name or a product sent to the wrong address are just a few examples of how negative bad data can be. And negative experiences spread quickly!
Detailed buyer personas are crucial to finding and attracting potential new customers. These customers can easily be missed or not followed up if your sales and marketing team is not actively looking for them (or looking in the wrong direction...). You need exact customer insights to compile what your ideal customer looks like to drive sales. Data quality is absolutely crucial, when it comes to creating buyer personas and .
Compliance & Risk
In addition to the risks of being caught in money laundering or terrorist financing, incorrect data can lead to legal trouble (and accompanying bad-will) if you were to be audited by authorities. If your business is covered by the Money Laundering Act, you risk receiving penalty fees or even imprisonment, due to a lack of data quality.
Monitoring customer data through webhooks
Use webhooks to receive information about changes that occur with objects connected to a particular service, such as sanctions lists or PEP status. Roaring can send webhook events that notify your application whenever a change of information occurs on an object connected to a dataset that you are interested in. You will receive a notification and choose whether or not to receive the information, and incorporate it into your system or platform.
This means that you do NOT have to provide a customer register, but can choose what information you want to collect based on eg. organization number, social security number, name or date of birth, for example in your database.
Common areas of use:
- When you have a database of customer information that you do not want to be outdated, e.g. CRM.
- When you are covered by legal requirements, such as the Money Laundering Act, which requires that you have updated information about your customers, e.g. a KYC or AML process.
Customer data available to monitor
We are constantly adding new datasets that are possible to monitor via webhooks. Here are the ones available now:
Legal Information Company
PEP (Politically Exposed Person)
Alternative beneficial owner
Setting up Webhooks
You can register webhook URLs for Roaring to notify any time an event happens in the datasets of your interest. When the event occurs Roaring creates an Event object.
This Event object contains all the relevant information about what just happened, including the type of event, the data associated with that event and data on what has changed. Roaring then sends an Event "continue" request, via an HTTP POST request, to any endpoint URLs that you have defined in your account’s Webhooks settings. In order to then recieve the complete Event payload you need to respond the notification with a HTTP status code of 200 (OK), after which Roaring will HTTP POST the full Event object. You can have Roaring send events concerning a specific dataset to multiple webhook's.
To set up an endpoint, you need to define a route on your server for receiving events, configure webhook settings so Roaring knows where to POST events to, verify your endpoint is valid, and acknowledge your endpoint is receiving events successfully.