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Accenture Discloses-Half of the Bankers Not Doing Enough to Verify and Validate Data Driving Business Decisions

Accenture report which surveyed nearly 800 bankers revealed that the banks are vulnerable to false insights and bad decisions because they are not doing enough to verify and validate the accuracy of the data produced.

Accenture Banking TechnologyThe banking industry produce huge volumes of data every day and yet it was recently revealed, that many banks are not doing enough to verify the validity and accuracy of the data produced, leaving them vulnerable to false insights that could lead to bad decisions according to Accenture.

Accenture report found that half of the bankers (16%) that were surveyed were very least ensured of the validity and reliability of the data quality. More than nine in 10 of the bankers surveyed say they are confident in the integrity of the sources of their data. 24% validate the data, but recognize they should do a lot more to ensure the quality but recognized that they should do a lot more. More than half of the bankers agreed to have used the data to drive critical and automated decision-making, while more than three-quarters (78 percent) of those surveyed believe that these automated systems create new risks, such as fake data, external data manipulation and inherent bias.

“Inaccurate, unverified data will make banks vulnerable to false business insights that drive bad decisions,” said Alan McIntyre, senior managing director and head of Accenture’s banking practice. “Banks can address this vulnerability by verifying the history of data from its origin onward — understanding the context of the data and how it is being used — and by securing and maintaining the data. Given that four in five bankers that we surveyed said they are basing their most critical systems and strategies on data, it’s critical that the data can be verified and validated.”

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Jyoti Gazmer

A Mass Comm. graduate believes strongly in the power of words. A book lover who dreams to own a library some day. An introvert but will become your closest friend if you share mutual feelings about COFFEE. I prefer having more puppies over humans.

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