Data quality is mission-critical in banking, as poor data can erode trust and even impact revenue (businesses reported an average 31% revenue loss due to bad data in 2023). Banks handle diverse data (customer info, transactions, risk metrics, etc.), and regulators demand ( BCBS239, GDPR etc) that this data be accurate, complete, timely, and well-governed.
Generative AI (GenAI) offers new ways to automate and enhance data quality management across these phases. Modern AI can summarize and generate documents, extract and classify information, and even assist in detecting data issues, thereby accelerating data governance and compliance tasks. Below, we break down the key DQMF phases – from data creation, storage, processing, usage, to archival and deletion – highlighting critical activities and how GenAI can realistically improve or streamline outcomes in each. We then present a structured table summarizing GenAI applications for each phase, implementation steps, and example prompt templates.