Banking firms need to enhance their data management techniques to keep up with the developing world of technology.
According to Martha Bennett, head of strategy at Freeform Dynamics, financial services companies are battling to have the "biggest, fastest, most sophisticated" technology.
Updating data management techniques can help firms keep consumer risk profiles properly updated. With good data quality banks are better informed on the decisions they make and therefore reduce their overall risk.
Ms Bennett told the FT Connected Business podcast that preserving data quality should therefore be a top priority.
"What the biggest challenge is there, [is] not just the sheer volume of data that you've got to handle, but also within your own organization in particular, to figure out which is the actual version of the truth," she said.
Posted by Richard Jones