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Organizations that deal with huge volumes of customer databases often have problems regarding the quality of this data. There are many discrepancies, such as duplications, incomplete records and junk data that creep in.

 

Now this is becoming a serious problem for telecom companies, as the Department of Telecom has decided to levy a fine of Rs.  4,500 crore on 14 telecom companies for not complying with a Telecom Regulatory Authority ( TRAI ) requirement that each and every customer should be verified.

 

Customer data quality is similarly critical in the banking industry, as banks need to comply with Basel II norms for operational risk. This is necessary as the RBI has stipulated that  Indian banks with a presence outside India and foreign banks have to migrate to the Basel II framework by the end of the current financial year, March 31, 2008. This will require the banks to have accurate information on customers and their relationship with the bank.

 

Datafix Technologies is a new technology solutions company that can help organizations like banks and telcos to ensure the quality of customer data. Datafix Technologies' product suite - Ixsight, is an integrated products-plus-services solution that can ensure that customer data is clean, accurate, standardized and compliant.

 

Says Uma Venkataraman, CEO, Datafix, "These new rounds of compliance pressures on banks and telcos can only be met if the organizations have real and clean data about their customers. In reality, there are many discrepancies. But the appropriate application of technology can help the organizations to overcome this.

 

Accurate customer information can help to avoid these punitive fines. But more importantly, it results in actual operational cost savings, as well as revenue gains from better customer strategies."

  

Sourced From: Ad Astra Media