Bank of America Tells Finance Leaders to Fix the Data First

Bank of America is sounding the alarm for finance leaders: stop chasing shiny AI tools and start cleaning up your data. For retailers and operators, this means the quality of your customer financing data is now more important than the software you use to track it. If your data is trapped in silos or riddled with errors, new technology will only help you make mistakes faster. The bank highlights that while AI and real-time payments are exciting, they are only effective if they sit on a foundation of 'clean' information. For your business, this means auditing how information flows from your point-of-sale to your financing partners. Are you capturing the right metrics on why customers are getting declined? Do you have a single view of your financing performance across different locations? The goal is to move toward 'straight-through processing' where human intervention is minimized. Before you invest in the next big forecasting tool or automated credit checker, ensure your internal records are consistent. Better data leads to better lender relationships and higher approval rates for your customers.

Source: PYMNTS

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