Any lacuna in the integrity of data is increasingly being viewed adversely by the markets, customers, shareholders and regulators. It would be highly inefficient for banks to collect, compile and report on the basis of voluminous data on diverse parameters through processes having manual interventions.
The time criticality is further heightened by the need to act and react fast in a highly competitive market environment where growth and survival require quick information dissemination and decision making. Risks and opportunities have to be spotted quickly, followed by swift action.