Financial data volume grows, quality still important

Finance data management has become more complex in recent years. While the field has always been concerned with the high-speed transfer of information and focused on data security, requirements have changed as new technologies have debuted. IT Pro Portal contributor Robert Winter recently described some of the shifts taking place.

Winter noted that financial institutions can have access to a wide variety of new information sources if they so choose. Everything from mobile devices to cloud-based applications is a potential source of data. This means leaders will have to inspect policies and systems to make sure they are ready for this increase.

While new sources of information can be overwhelming, Winter underlined the need for data quality efforts to keep things under control. With customer records flowing in through multiple channels, systems like deduplication software take on critical new meaning.

Financial industry consulting firm Novantas recently explained that companies are interested in interacting with their clients, but that getting solid information can be a challenge when there are so many portals through which they can communicate. Banks need to unite consumer records, taking information drawn from online and in-person contact to make a useful composite profile.