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Poor Data Could Kill Your Digital Transformation: Here’s What Lenders Can Do About It

Data is vital to doing business today, and that goes double for lending providers. Get it right and your company has the power to boost effectiveness and tailor its services to client needs. Get it wrong and not only could you be providing services in a way that doesn’t work for the current market and making poor business decisions along the way, but you could also find yourself at risk of data breaches, which have serious legal implications.

Aside from day-to-day business needs, when it comes to digital transformation, managing data becomes a whole lot trickier and, at the same time, more important. According to a 2021 study, 90% of C-level staff state data quality is crucial in digital transformation. However, only 5% are confident that the data they have is up to standard. But why is data so crucial when it comes to digital transformation? Let’s take a look.

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