Why is data quality crucial in banking?

Why is data quality crucial in banking?

Data quality is vital in banking as it ensures accurate decision-making, regulatory compliance, and customer trust.

What are the consequences of poor data quality?

Poor data quality can lead to financial losses, regulatory fines, and damage to a bank's reputation.

How can banks improve their data quality?

Banks can improve data quality by implementing robust data governance, regular audits, and using advanced analytics.

What role does technology play in maintaining data quality?

Technology helps in automating data validation, cleansing processes, and providing real-time insights for better management.