As technology progresses in leaps and bounds, banks & financial institutions create multiple sets of data in numerous formats. Ensuring that all the data generated in accurate, consistent and right is a tedious task. Often, enterprises tend to overlook key aspects of data management that lead to bad data, spurious insights and impacts business actions.
So what aspects of data should be looked after?
- Data Quality –Maintain the accuracy and consistency of data coming into or being stored into the system. This can be achieved by data cleansing and normalization activities. The right form of data makes it easy to create and find data patterns and trends for actionable insights.
- Data Governance – Prioritize data security and validation along with right accessibility to enhance operational productivity. Set policies and processes to follow compliance for all core data assets.
- Data Modeling – Mould and connect the right end points of data to create associations, patterns and discover actionable insights.
- Data Migration – Consolidate data in the right form, right type and into the right place.
With these aspects of data are taken care of, it becomes easier to achieve - higher customer retention, actionable insights and business goals. Don’t be a fool, let technology make you cool!
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