Data quality

New European Union privacy rules could serve as a guide for U.S. banks.

New European Union privacy rules could serve as a guide for U.S. banks.

In a survey, bankers conceded they may not be doing enough to avoid the mistakes social media giants made in the use of unverified data.

A broad network of financial data, such as utility payments and direct deposits, could help those without established credit histories better obtain loans. It might also help lenders make more accurate underwriting predictions.

A whistleblower charges that during the Obama administration, Treasury's Office of Financial Research manipulated information that it provided during a review by the Governmental Accountability Office.

Alternative data can be beneficial for individuals locked out of the financial system’s more conventional data types, but such data is open to manipulation or biased interpretation.

Cleaning up bad data is expensive and time-consuming, but just leaving it alone costs even more. Here are strategies to improve the process.

A data-driven approach to money laundering prevention can help increase profits and improve regulatory compliance, writes Edmund Tribue, risk and regulatory practice leader at NTT Data Services.

As banks press for deregulation, the debate over whether high bank capital standards are inhibiting loan growth has taken center stage.

Using historical patterns to predict the next financial success or crisis seems rational. But beware the human psyche’s tendency to concoct order out of randomness.

At the recent Analytics and Financial Innovation Summit in Minneapolis, attendees weighed in on whether credit unions have have what it takes to effectively dig into big data -- and, if they don't have it, what will it take to get it?

Not all data providers are created equal, and credit unions must carefully evaluate any new partner’s technology, processes and more.

MIT professor Maria Loumioti has studied loans made strictly using hard data and loans where a loan officer clearly was influenced by personal connections or feelings about a borrower. The results shed light on the value and limitations of "soft" information.

Big data is a key for banks to better understand what financial products underbanked consumers and small businesses need.

The credit bureaus will change the way they include information about tax liens and civil judgments in credit reports. This could spur lenders' use of alternative credit data.

The president's executive order reflects a lack of trust in the identity information shared between countries. In theory, blockchains are tailor-made to solve this problem, but current systems may not be up to the task.

Financial innovation will stall unless we, as an industry, collaborate on a universal data gathering standard.