The importance of instant, but accurate, information
by. Jaclyn Inglis
It is human nature to crave instant information to quickly form opinions and make judgments – especially today. Accustomed to the immediacy of social media, we don’t like waiting to find out what’s going on.
Whether you have gotten caught up in developments around recent reports of violence, political conflicts or airplane accidents, you know that the information you receive – from social media, from a news program or even from a friend – can be biased and inaccurate. And it rarely includes every pertinent detail. But that is the information we have – so sometimes we jump to conclusions and spread it as fact.
Molly Wells, former executive editor at CNET.com, discusses the issue poignantly in an article published four days after the tragedy at the Boston Marathon. “If speed is the currency of the modern information era,” Wells says, “misinformation is the increasingly high cost.”
But now, picture this happening in a business. What if that information – inaccurate, incomplete, outdated or based on assumptions – is the information fueling your business?
Consider loan processing in banks. As applicants are sending in documents – including personal information, credit history and other critical financial information – these documents can easily be misfiled or lost. And, as these documents are updated over time, it is hard to keep track of the most current version or incomplete documentation. Whether the end result is a misinformed loan approval or a frustrated customer, there can be real financial consequences and it can be damaging to the bank’s reputation.
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