Data Quality Check-Up

Quality data is crucial to success in financial services. Poor quality data drives bad decisions. The old adage “Garbage In, Garbage Out” certainly applies. It is akin to trying to build a Mercedes out of rusty steel with a blindfold on.

Data quality needs to be a key objective across the organization, in all functions and at all levels. Everyone touching customer data must ensure its integrity. All customer contact points — branch staff, customer service, collections, and credit originations — must make it a priority. Is data quality considered in employee reviews?

Data quality checks can occur at the point of data capture but often are not built into older systems. Specific values may be required for some fields. Certain ranges may apply to others. Negative numbers may or may not be permitted. Checks against existing data for consistency makes sense but can be a challenge at many companies. For example, one top 10 bank transfers customers around to update their address for each product because its centralized customer data captures data from but does not update individual product systems.

Are you tracking data issues today? What issues have been identified? Are the issues pervasive across products and functions? CDG can help you get a handle on data quality and deliver solutions to help you realize the value of your data.  Ensuring that the data is credible is crucial to improved decision-making and the future of your business.

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