Summary
Financial institutions today face a fog of data. They are constantly collecting data about their customers, the market, financial regulations, etc. Unfortunately, the integrity of data tends to degrade over time. Whatever the specific cause, the net result is an inaccurate picture of the client that can have an adverse affect on the institution's ability to manage risk. What is needed is a way of centralizing and automating the data-cleansing effort to create an approach that is sustainable and continuous, with data cleansing integrated into data gathering. Such a system will help improve the consistency of client data, remove inaccuracies, and ultimately improve risk management and overall business performance. All of these benefits can be found in customer data integration (CDI) software solutions. A CDI system is able to scan client records, identify those that require remediation, and assist with the fix.
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Extract
Risk Management and the Fog of Data
Financial institutions today face a fog of data. They are constantly collecting data about their customers, the market, financial regulations, etc. This data is then tunneled into various applications where it is parsed and stored until needed.
Unfortunately, the integrity of data tends to degrade over time. What was once...See the full content of this document
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