Errors happen. Nothing is completely perfect all the time. But, when it comes to compliance, there’s little room for error. In customer communications, containing confidential customer data, classified as PII (personally identifiable information), compliance needs to be as close 100% as possible. Many vendors in the customer communication industry promote a 99.6% accuracy rate, with some claiming to be as high as 99.8%. At first glance, these error rates seem almost perfect. But looking at this rating across all communications, how accurate is it really?
Volume and Accuracy
The industry average for accuracy is 99.6% or an error rate of .04%, which sounds impressive before you take a closer look. When you examine the numbers more closely, that error rate is actually quite alarming. For example, if the provider produces a monthly average of one million mailings per month, a 96.4% accuracy rating equates to 36,000 errors. Suddenly, that rating doesn’t look so good. And if 99.6% is the average accuracy rating, what about the production runs that fall below?
The Truth About Customer Communication Error Rates
In thinking about errors on a granular level, there are several types of errors that occur in customer communication printing. Some are more serious than others. Consider this, what if you opened a bill or statement and found that the address was correct, but it wasn’t your information?
In the wrong hands, this information could be a serious problem and a breach of regulations or compliance requirements. If you regularly encounter high numbers of errors, you could expect to see a long list of plaintiffs in a class action lawsuit. But even a small error may have serious consequences.
Outside of delivering the wrong PPI, other errors include wrong addresses. Incorrect addresses mean returned mail, wasted postage and delays in payment. Without proper checks and balances and the appropriate address management tools, you could be wasting money and restricting your cash flow. The U.S. Postal Service uses Intelligent Mail Barcodes (IMB) to sort and track letters. If you have a platform to tap into this data, you can data scrub before each run and turn bad addresses into correct ones.
Other errors that occur include fiduciary document like checks. If you owe a customer a refund or rebate, and they receive an incorrect check, they are likely to be unhappy. Then you have to deal with stopping payment on one check and reissuing a correct one.
No error is a good error. Errors cause breaches, unhappy customers, and wasted budget dollars. Now technology offers a solution. There are systems and processes, including the use of camera and scanning technology that prevents this from occurring. With these tools, there is also a chain of custody, so if your customer reports an error, you have the ability to validate it.
The Industry Leader in Accuracy (99.99999%): PCI Group
At PCI, we’re not only accurate, but we are consistently accurate. The following metrics describe the annual volume we produce for our clients:
Our leading industry accuracy is 99.99999%. That’s one error per every million, which is extraordinary. We aren’t resting on this achievement. We’re always improving our systems and processes. With advanced technology that delivers smart workflows, trust us to provide security and speed as well as accuracy. There’s no compromise. Fewer errors also mean better compliance and lower costs. Get in touch today to learn more about how PCI delivers the best accuracy in the industry.