Lack of data integrity makes lenders inefficient
2010-06-11
A continuous lack of data integrity is preventing banks from working efficiently during the lending process, according to Finextra blogger and business analyst Dina Sternberg.

Sternberg says that when a customer applies for a loan, the process is totally inefficient, requiring bank employees to enter the same data into their systems multiple times. Inputting data multiple times introduces the risk of errors and mismatched data.

As the loan application grows, Sternberg says that "the resulting loan application process can quickly become unruly, disjointed, inconsistent and impossible to view as a concerted whole."

Similar data inefficiency can be found throughout bank systems, Sternberg says, which leads to mistakes. As those mistakes affect the customers, they can counteract the bank's other customer loyalty solutions, costing it business and money.

Data integrity tools are also in high demand in many other industries, such as healthcare. The federal recovery act included a provision that set aside $19 billion to help hospitals modernize their electronic records. TMCnet says that electronic records help hospitals reduce errors and increase efficiency.

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