TransUnion Research Finds Outdated Contact Data Negatively Impacts Customer Contactability, While Increasing Susceptibility to Compliance And Other Risks

CHICAGO, Aug. 02, 2023 (GLOBE NEWSWIRE) -- TransUnion (NYSE: TRU) research featured in a newly released eBook shows outdated and changing customer contact data used across the omnichannel experience is a key factor in enterprises’ inability to reach customers.

Prior research showed close to 90% of business calls to consumers go unanswered and only one in five emails are opened. The challenge is largely due to enterprises calling inactive phone numbers, sending emails to blocked or inactive accounts and/or mailing to outdated physical addresses. As a result, many businesses are left with operational inefficiencies, reduced revenue, an increased susceptibility to compliance violation risk, and a poor customer experience.

“Enterprises have a lot of customer contact data, but what matters is the accuracy and quality of that information,” said Robert McKay, TransUnion senior vice president, TruContact Customer Contact Intelligence solutions. “By leveraging predictive intelligence on how, when and where to reach customers, our solutions provide enterprises with insights that help them strategically connect with customers efficiently and effectively — resulting in improved communication and overall engagement.”

As part of the research, TransUnion surveyed 1,510 U.S. adults to better understand how often they change their phone numbers, email addresses and physical addresses. The compete findings—including implications for financial institutions—are available in the eBook, “Can’t Find Your Customers? A Roadmap for Optimizing Connections.”

The TransUnion research indicates that among participants:

• 63% have multiple email addresses;
• 45% did not delete inactive email addresses within the past year
  • 64% of those with inactive accounts rarely or never log in to check those inactive accounts;
• Younger generations are more likely to have given up inactive accounts, reflecting a changing attitude toward email;
• 18% currently use email masking, a feature that allows users to protect their email from misuse;
• 52% plan to use a feature to hide their email address;
• 21.5% changed their mobile phone number within the past two years; and
• Nearly one in five have moved in the past 12 months. Of those, 29% changed their email addresses and 41% changed their mobile phone numbers.

Ensuring customer contact data is fresh and active with the assistance of solutions like TransUnion’s TruContact™ Email Behavior Intelligence and TruContact™ Phone Behavior Intelligence can help drive an increase in right-party contact rates, customer engagement, and revenues. It can also supplement current efforts to reduce privacy, compliance and financial risks. Learn more about other TransUnion TruContact™ Customer Contact Solutions, powered by Neustar® here.

RESEARCH METHODOLOGY 
This online survey of 1,510 adults was conducted in March 2023, by TransUnion in partnership with third-party research provider, Dynata. Adults 18-65 years of age residing in the U.S. were surveyed using an online research panel method across a combination of desktop, mobile and tablet devices. Survey questions were administered in English. All states are represented in the study survey responses. To ensure general population sample representativeness across U.S. resident demographics, the survey included quotas to balance responses to the census statistics on the dimensions of age, gender, household income, race and region. Generations are defined as follows: Gen Z, born 1996-2004; millennials, born 1981-1995; Gen X, born 1966-1980; and baby boomers, born 1945-1965. These research results are unweighted and statistically significant at a 95% confidence level within ±2.2 percentage points based on calculated error margin. Please note some chart percentages may not add up to 100% due to rounding or multiple answers being accepted.

About TransUnion (NYSE: TRU) 
TransUnion is a global information and insights company with over 12,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business