Information Asset Management in Financial Institutions: How Much Does Cost?

It is hard to imagine that anyone would invest $1.00 but then lose $100 in the process; that would be considered an awful investment decision. It’s widely accepted that investments should translate to positive returns. The value of an investment is determined by the quality of the information provided, demonstratable consistency, and context in how it should be leveraged. This is how intrinsic trust and positive decision making is formed. Data is a type of currency that banks invest in significantly, to transform into information assets. These information assets support decision-making, ensure compliance with regulations, control costs, optimize customer engagement, provide a seamless multi-channel, and positively impact a positive customer experience. The cost of investing in bad data quality is both escalating and profound. For example, if the cost to capture a single data element is $1.00. But, if that data element is incorrect, it will cost 10x the original costs to fix, test and deploy corrected data. After the data is repaired, it will cost well over 100x the initial value to identify, correct, and shift decisions based on inaccurate information assets. Join us to learn more about how bad data, inconsistent data, and a lack of context is costing financial institutions more than they realize.