Reducing Data Remediation Costs - One Simple Step Delivers A World Of Difference
The digital age of customer information opens vast opportunities for financial institutions from providing tailored solutions, omnichannel experience and innovative avenues to communicate with customers.
With the sea of customer data flowing into the financial systems, it leaves organisations susceptible to data quality issues. These issues pose reputational and financial damages, regardless of size and scale.
Data quality issues usually result from:
Gaps in operational processes
Unintended flow-on effects from projects
Changes in product or business rules
System or data migrations
Financial institutions allocate budget to resolve individual incidents and bigger data error events. Data error is most frequently brought to light by a customer or group of customers and often upon investigation, further issues are discovered which naturally blows out the the severity and cost of the remediation.
If we look at the situation through a different lens, there is a simple alternate approach. Investing or allocating part of the budget to apply preventative measures that reduce data quality issues in the short term and sustain data quality management in the long run.
Though simple in concept, achieving the gold standard of data quality management solutions is comparable to climbing the Mount Everest. There are many challenges that inhibit data quality strategies including:
Constant changes in the business
Disparate data sources
Funding commitment to data quality projects
Where to start or how to start
Like climbing Mount Everest, we can reach it by aiming to get to base camp one! Achieving high standards in data quality can be as simple as validating one important business rule which has detrimental effects on customers (e.g. whether total premiums due balances with premiums received). In most cases, we will find that there will always be quick and positive ROI when we validate business rules one at a time.
Moreover, from base camp one, we can progress to build a master data quality management framework which safeguards organisations from future incidents and reduces exposures to high remediation costs. QMV can help your organisation take these steps with our data quality platform Investigate. Investigate is fast to implement and offers the flexibility to validate single or multiple business rules.
This simple yet profound approach offers the short-term ROI and the first step in achieving the gold standard of managing customer data.
Viet Phan - Consultant
If your organisation needs assistance with data remediation and data quality management, QMV can help.
QMV have performed hundreds of data remediation projects. We utilise an innovative and flexible approach to assist clients identify and create visibility of data quality issues.
QMV’s extensive work in data quality management led to the development of Investigate our data quality software solution. QMV identified the need for rigorous and systematic data quality management in financial services because poor data quality costs financial institutions millions each year.
QMV provides independent advisory, consulting and technology to superannuation, wealth management, banking and insurance organisations.
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