Information quality in the banking industries

Poor information quality is very costly and may cause serious financial problems for industries. Customers, suppliers, stakeholders, and employees through the supply chain are negatively impacted as the result of poor information quality. Data quality problems are exacerbated in large organizational databases and distributed through the multiple data sources. Any decision making based on poor information quality can lead to a poor service, error in the statement, and ultimately loss of the customers. The objective of this research was to identify underlying dimensions of information quality and to assess the importance of each of these dimensions. Two different large banks were selected, with five branches among them. The IQ (Information Quality) questionnaires were sent to 278 employees of the banks that use information to serve internal or external customers. The result of the information quality analysis showed that all of the information quality dimensions except accessibility were significantly different between banks, but they were the same for branches within each bank. Reputation, believability, valueadded, and relevancy had the highest score; completeness, access, and security had the lowest score for all the banks.