Companies and financial corporations need an optimal data quality due to:
- Saving financial and opportunity costs caused by wrong data
- Compliance with sector regulations (Basel III, Solvency II, Sabarnex Oxley, and local regulations for the prevention of money laundering and terrorist financing), where document control and data quality are the key to control fraud, prevent money laundering, protection of shareholders, etc.
- The need to complete electronic banking applications with electronic document delivery services and process automation, gradually reducing and removing back office.
- Reduce processing time, speeding the response to customers and improving efficiency against competitors.
- Increase income, as correct data from transactions is used for sales and marketing activities.
- Improve quality service perceived by customers and increase customer loyalty.
- Identify incidents and allow a fast resolution to improve quality and/or profitability of your company products.
- Widespread use of business intelligence, forecasting and analysis based on Big Data. Increasingly needed for a daily operations management in a fast and changing environment.
Banks implement systems to ensure data integrity once it appear in their systems but, in many occasions, errors come from loading wrong data from paper documents at source.