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Financial firms must be sure information is accurate

Paul Newman Archive
Banks and other financial institutions are largely responsible for maintaining highly sensitive information. When analyzing credit and assessing whether a loan is applicable for a particular customer, executives need to be sure they collect accurate data to keep costs downs and make the right decision, according to a report by Business Standard.

"Data quality is the major issue while we see the quantity, depth and coverage of data increasing," asset quality assurance expert N.S. Vishwanathan said, according to Business Standard. "What you give you get, and the information you give will help in quality lending."

Agencies need to ensure they use the appropriate database management and analytic tools to guarantee the information they have on customers is correct. If executives fail to check the quality of data, credit and loan assignments will be much more costly.

Since a number of advanced storage environments are emerging, many firms are using deduplication software to assess the accuracy of data, according to a separate eWeek report. As the volume of information under the control of financial firms increases, the use of these solutions will become even more critical.