At a point in time when big data analysis is driving the growth of organizations, the impact of unstructured, inconsistent and inaccurate data on a bank's efficiency and efficacy can be immense. From the contextual viewpoint of banks, bad data doesn't only mean high costs of data management but also the failed opportunities to deepen customer relationships, that burden their processes in the form of increased customer churn rates.
Loss of customer trust and an impaired brand image usually follows inadequate data management, often evident in the wrongful alignment of a specific product offer with the target audience, as dictated by the misspelt, uncontextualized and invalid data. Undoubtedly, any data in a bank is a valuable resource as long as it is complete, accurate and useful; otherwise, it only leads to piled up opportunity costs.
Let's see in further detail how bad data is costing banks their efficiency, efficacy and ROI.
In the big data era, banks should remain at the forefront of ensuring better experiences for their customers alongside maintaining their efforts at an optimal level through quality data, as it can empower better strategic planning through meaningful insights if broken down into an easy to digest manner.
Facts ' n' Data offers advanced analytics solutions through our innovative algorithm that utilizes the latest tools and techniques in providing insights that work to resolve the complex problems of businesses. Our proprietary Data Cleansing Tool turns your bad data into a quality one by making it free from errors, irregularities, inconsistencies and thus making it useful. If you are looking to resolve the same in your business, you can contact us.
India: New Delhi, Gurugram, Bengaluru, Navi Mumbai, Hyderabad
USA: New York
India: +91 11 410 20 300
USA: +1 347 535 3001
UK: +44 118 2040001