4 Reasons why data quality tool is essential for financial sector in COVID - 19.
2020 has proved to be nothing like anything the world has ever experienced before. The onset of the ongoing COVID-19 pandemic was fast spreading and taking lives, saw businesses quickly close down & others readjust their operations to cope with the new circumstances.
Research by Experian shows that half of the organizations consider their CRM data to be unclean. Data inaccuracy has affected the financial sectors in operational risks, poor strategic decisions and high data costs. Quality data is cleaned, assured, and guaranteed by data quality tools. Data quality tools have proved to be very helpful for the financial sector during the ongoing pandemic in these ways: 1. Digital Transformation: The COVID-19 pandemic has accelerated the digital transformation of the corporate world, including the financial sector. Employees have been forced to work from home or work remotely in an attempt to contain the quickly spreading virus. The digital transformation journey cannot be achieved if controls are not in place to ensure high data accuracy and reliability. These are well assured by good data quality tools.
2. Better understanding of customers:
The financial sector has heavily relied on effectively segmenting their customer bases. This has always been fueled by the need to understand each customer segment’s value. The financial sector is always actively seeking to stay relevant to their customers and stay responsive to their ever-evolving needs. Accurate, complete, holistic, and quality data can help the sector connect more and better with their customers.
3. Enhance effective communication:
The ongoing pandemic exposed businesses, including the financial sector to managing communication during a crisis. Businesses were monitoring the situation and being forced to make quick strategic decisions. These decisions had to be communicated with their customers. This is still the case to date. Complete, clean, and up to date customer data was and continue to be crucial to the financial sector in managing communication with their customers and other stakeholders.
4. Ease compliance:
The financial sector is heavily regulated owing to the crucial customer data and finances they handle. There are many regulations affecting the sector and the players have to comply with the regulations including the Protection of Personal Information Act, among similar regulations. For compliance purposes, customer’s data needs to be of adequate quality to enhance effective decision making.
The financial sector needs quality data to better understand their market and customers. Quality data is also crucial in strategic decision making and communication Try DQLabs AI augmented data quality tool to improve high quality data within your organization.
