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Bad Data: It's Costing Your Credit Union

Learn five common data quality saboteurs and how to be proactive in getting to the root of the problem.

By Merrill Albert | July 18, 2022 at 09:00 AM
Man working on a full wall of data Source: Shutterstock

Most credit unions are eager to put their data to work – and when done right, it certainly can work magic. But first, a credit union must work for the data.

“Working for the data” means more than pulling it into an analytics platform. In order to work its magic, action must be taken to improve data quality – and there’s a very real, bottom line reason why. Research and consulting firm Gartner says that every year, poor data quality costs an average company $12.9 million. In addition to the immediate impacts on revenue, the compounding effects of poor data quality ultimately lead to poor data analytics – and then, poor decision-making based on those analytics.

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