An estimated 37.5% of mortgage customer data will be obsolete by the end of the year, according to The Software Bureau.
This is accountable to the global pandemic has accelerated the UK’s data decay by an estimated 0.5% per month.
The two major contributors to the acceleration are the increased number of homemovers and the rise in the mortality rate.
In order to help the sector deal with this acceleration, The Software Bureau has launched the UK’s first in-platform CRM data hygiene solution for Microsoft Dynamics 365.
‘Clean Contacts’ enables Microsoft Dynamics 365 customers to identify if an individual within their database has moved home, track where they have moved to or identify if they have passed away.
It draws from a pool of over 250 million verified, regularly updated records from leading data providers Mortascreen, REaD Group and Royal Mail.
Martin Rides, managing director of The Software Bureau, said: “As our study shows the pandemic continues to impact every facet of business and life.
“The fact that the rate of data decay has accelerated means that organisations now need to be more careful than ever when looking to communicate with their customers.
“GDPR requires regular data cleansing and by launching Clean Contacts we are providing mortgage providers organisations that use Microsoft Dynamics 365 with a cost effective, simple and secure solution.”