Security by Sector: Improving Quality of Data and Decision-Making a Priority for Credit Industry

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The subject of how information security impacts different industry sectors is an intriguing one. For example, how does the finance industry fare in terms of information security compared to the health sector, or the entertainment business? Are there some sectors that face greater cyber-threats and risks than others? Do some do a better job of keeping data secure, and if so, how and why?

A new study of credit management professionals has revealed that improving the quality of data and decision-making will be a top priority for the credit industry in the next three years.

The research, from Equifax Ingnite in collaboration with Coleman Parkes, takes a deep dive into the views of credit management pros across retail, banking, finance and debt management/recovery sectors. It discovered that almost three quarters (72%) of those surveyed believe there is scope for future improvement of data analytics at their current companies, with 36% wanting better data analytics to make more accurate future predictions. Furthermore, 32% want the ability to report on real-time activities and 31% want to augment traditional analytics with contextual information.

Artificial Intelligence (AI) was considered the most important investment when it comes to improving the quality of decision-making, followed by mobile/5G and Blockchain. Such investments would deliver dividends to businesses, respondents said, with 74% claiming that enhanced data analytics has the potential to dramatically increase product innovation rates.

Paul Heywood, chief data and analytics officer at Equifax, said: “The credit management industry is in a state of progressive flux, with improved decision-making processes and models being rapidly evolved through the implementation of technological advances.

“The quality of data will be central to credit companies’ business strategies in the coming year. There is an explicit understanding within the industry that investing in AI will deliver more accurate decisions and better efficiencies at an individual businesses level.”

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