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Data management is 'vital for financial sector'

Rachel Wheeler

August 10, 2010

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Businesses working within the financial sector must ensure that they implement effective data management strategies.

According to an article by Finextra, the growing amount of information being stored across individual institutions means that housing correct and accurate data is now "imperative".

Indeed, the news provider highlights the fact that accuracy is the "foundation for successful credit evaluation" and making future financial forecasts.

"The ability to manage ever greater volumes of data more effectively and to retrieve stored data more efficiently is one of the key success factors that can differentiate it from its competition," the article noted.

It went on to suggest that successful organizations were the ones which had already implemented effective data management systems across all aspects of their business.

Earlier this year, a study conducted by CSO Insights suggested that data quality remains a major concern for a number of US-based businesses.

The body found that only eight per cent of organizations believe that their prospect data is 90 per cent accurate.

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