Data Quality Check-Up

Have you assessed the quality of the data you’re using to make key decisions?

Now is probably the right time.

Quality data consistently is identified as a major concerns in surveys. Everyone recognizes accurate 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 rocket ship 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?

Formal data quality checks can occur at the point of data capture but typically are not built into older systems. A limited set of 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 individual product systems but does not update them. In addition to being very unfriendly to customers it increases the risk that inaccurate data is maintained in the source 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.