One in four online applications for account opening does not have contact data validation, according to a report ‘The Top 100 Retail Banks’ released by Experian Data Quality, a part of Experian Marketing Services.

The report also found that among top 100 banks, around 70% take online applications for account opening, 81% have a mobile application for online banking services, and 79% have mobile optimisation.

However, many banks do not take measures to ensure the quality of information, which is causing inefficiency and unnecessary costs for financial institutions.

Experian Data Quality senior vice president general manager, Thomas Schutz, said having strong data quality is essential in the financial industry.

"While banks can certainly validate inaccurate information directly with a customer after the online application process, that interaction removes the automation of online banking and causes unnecessary time and inefficiency for banking staff," Schutz added.