FINANCIAL SERVICES COMPANIES NEED TO FOCUS ON QUALITY OF THEIR DATA – NOT JUST PROTECTION

While millions are spent on data redundancy, backup and integrity, too little attention is being placed on the overall quality of information

Genus Systems, a provider of specialist software development and data management services to the financial sector, is calling on companies to put more emphasis on the quality of their data.

The company says that while large proportions of IT budgets are being spent on protecting data from potential loss and ensuring it is always available, far too little attention is given to the quality of the information.

“Millions of pounds have been invested in disk mirroring, backup technologies and security over the past couple of years and while all of these areas are vitally important, at the end of the day, if the quality of the data is poor, much of the effort – and the investment – will go to waste” says Darren Bradshaw, Managing Director of Genus.

Data that is inaccurate, incorrect or duplicated, needs to be corrected to ensure that measures taken to ensure that it cannot be lost are worthwhile, he argues. "There is very little point in backing up information that is wrong – it is simply a waste of resources and of money" he says.

Genus already provides an on-going data repair service for leading life assurance and pensions company, Windsor Life. Sarah Myers, Head of Operations Processing at Windsor Life, says: "The data fixing service has been of great value to Windsor Life, enabling us to improve the stability of data and be more efficient."

By correcting inaccurate data, customer services can also be improved as fewer mistakes are made, such as incorrect statements being issued or correspondence being sent to the wrong address. "There are thousands of instances in which we can identify and rectify flaws in data and by creating automated processes to correct these anomalies, we can have a positive impact on a company’s efficiency and help to reduce overall costs", says Bradshaw.

For more information about Genus Systems contact:
Darren Bradshaw, Managing Director
Tel: 0845 245 0339

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