Characteristics of good information.
The bank will receive your data and they will find them under many different platforms such as qualitative, quantitative, primary and secondary.
The bank will use types of quantitative data such as your email address or like a security question you have set such as "What was your mothers maiden name?". This is qualitative because you can't measure it because you can't make a mathematical sum, like you can with numbers like to measure you put like £100 a month,it is also written with letters not numbers and what makes this good information is that it accurate to you because you will only have your own e-mail address that will be personal to you, also you can select your own security question in case you lose your card and you can set this so that you can get it back and this will allow to get it back as it is your information that you know and it will acts as a data protection which will make this information useful and good.
Quantitative data can be measured as it numbers and the bank use the quantitative for things such as your postcode, phone number and also your national insurance number. The bank will use your postcode to define you from other people that live at the address as they would have your name already from the primary data, they will also use your postcode so they would know where to send your bills and information that will concern you from the bank. The bank will also use your phone number as it will be specific to you because no one else can have your number and they will be able to give you information that will concern you.Lastly they will use your national insurance number, to double check your history if they are going to give you a loan to see if you will be reliable to pay back the loan to the bank and this information will be good for the banks.
Primary data that the bank has gained off its customers. This could include their spending habits and their name. This will help the bank see what you will be putting in the bank and how much you will be spending, this will help with the bank for things such as a special type account and they will also see what extras they can offer you because they will be able to see what you buy, such as if you buy PS4 games they will know what you will like, another part of primary data from the bank will be things such when you give you personal information when you sign up for the account, like they would take your name, email and postcode and this would make it easier for the bank to specify you, so your information will be more accurate and this would make it worthwhile for the bank because it will make it more accurate for you and will be good for the bank because of that reason.
Secondary data is what your bank has found out from its own research.An example of the bank finding some information about you is by the primary data you have given the bank, for example you could give them your national insurance number. This information you give them, they will conduct their own research on your background of what jobs you have worked at or even if you have ever had a job. By this research they can solve many enquiries you give them for example you may ask for a loan from the bank and they can research about your credit rating history to see if you have a good or bad history and this will help them to decide if to give you a loan or not to issue you a loan.This is a good piece of data for the bank as they can do their own research and this will be accurate as they will be checking your history and it will help them decide the problems that can occur.
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