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Data quality is indispensibale for financial services providers – Data Experts

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CWG Centelon webinar

Financial services providers have been urged to pay particular attention to the quality of their data – internal and external – as well as the ensuing management of said data, as it represents the “bedrock of the financial services sector,” and will define the winners and losers of the sector moving forward.

This was the broad consensus of a panel of data quality and management experts, who agreed that to remain competitive in an ever-evolving landscape; where consumer preference is changing rapidly and regulation with it, financial institutions must be able to make intelligent decisions on how best to serve their customers – and at the heart of intelligent decision-making is quality data.

According to the Chief Risk and Credit Officer at the ARB Apex Bank, Dr. Joseph Asantey, the human factor, particularly at the point of the capture of data represents the biggest source of error in the data chain. This, he noted, is a matter of great concern as “poor data quality leads to errors in decision making, which can be costly.”

Explaining, he said, noisy data can make or break an institution as incorrectly marketed products, based on faulty data, can result in the poor uptake of a product, or at worst, lead to customer attrition. To remedy this, he proposed the application of the best technological tools possible.

“Data will continue to grow and discrepancies will continue to exist but the solution line depends on the deployment of the appropriate technology, to address each of these discrepancies because as institutions are manned by humans, these challenges will remain. But improved and enhanced digital technology will go a very long way in reducing the discrepancies, whilst not entirely wiping it out but bringing it to a manageable level,” he remarked.

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Taking the argument further, Director, Data Science, Centelon, India, Prabhash Thakur said that whilst technology is pivotal in data quality management, it requires proper controls and integration with other business elements to yield optimal results. “We cannot leave it to technology alone. We need to make sure businesses start with data profiling and there are a lot of tools for that,” he said.

Whilst there has been the rapid transition to online interactions, some customers, by choice or extreme constraints, interact with their financial services provider via analog means of in-person meetings. Mr. Thakur noted that such customers remain the most vulnerable to having incorrect details, a development that can inadvertently lead to their exclusion from key products and services.

“For those customers who interact offline, the data quality problem is higher, the reason being that those customers interact via phone or branch visits and there is a heightened chance of losing some information during this.”

Data professional and consultant, Sarah Oppan stressed the need for processes to be put in place to reduce discrepancies in data, from point of capture to storage and analysis. This, she said is crucial in ensuring that the data is correctly interpreted, especially, as it has decision-making implications. “There must be data quality tools in place and some measures must be agreed upon in how it is to be measured. We concede that we can not have 100 percent clean data. But a range must be agreed on as to what qualifies credible data.

Addressing concerns over the reluctance of some higher-ups to sanction spending for data quality management, she said those responsible for data control must ensure that they communicate properly, showing in monetary terms, amongst other variables, the cost, and benefit per unit.

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“It is hard for most institutions to have dedicated budgets but everyone appreciates the use of data in decision making. But then, if you are asking for a budget or implementing things to improve the quality of data, ensure that some figures are put to use-cases of KPIs that you are modeling. Data doesn’t stand alone, data serves a business so what we are trying to do is look at cost of acquisition and potential benefit, in monetary terms,” she explained.

On his part, Head of Information Technology at FBN Bank, Kwadwo Asare Asante, urged financial institutions to spare no expense in ensuring data are updated frequently as the change of a small detail such as a telephone number, email address or residential address could have dire rippling effects on service delivery and wider financial inclusion.

These experts were sharing their thoughts during a webinar jointly organised by CWG Ghana and Centelon on the theme ‘Data Quality Management in Banking& Financial Institutions’.

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People & Lifestyle

Understanding Fri Data Abonnement

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These days, it’s practically impossible to escape mobile phones.  Throughout the world, a lot of us simply need these devices to get basic tasks done – not to mention to work at our most efficient! This is certainly true here in Norway, which is likely not a huge surprise.

Once we accept that these mobile devices are simply a part of our lives these days, the next thing to think about is how they work. Specifically, how we have access to cell service and internet services when using our phones – it’s a question that everyone has to wonder about at some point.

Today, we’re here to cover how cell phone services work, what options there are, and how you can access a free data subscription. The tricky part of this can be deciding which one we want for ourselves, seeing as there are a ton of factors at play.  

If you’re someone who wants to switch service providers, or you’re a first-time cell phone user, you’ve come to the right place! We’re here to explain all of the intricacies that you may run into, as well as provide some advice on what types of plans to prioritize. Stay tuned!

What Are Cell Phone Plans, Anyway?

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Cell phone plans are service agreements offered by mobile carriers that allow customers to access voice, text, and data services on their mobile devices for a monthly fee. Chances are, you’ve heard of them before – they’re pretty popular all across the world. 

Now, these plans typically include a set number of minutes, texts, and data. They may also include various features such as international calling, mobile hotspot capabilities, and unlimited streaming. Naturally, customers are able to choose from a variety of plan options based on their needs and usage habits.

Types of Mobile Plans

There are several different types of these plans – you can read more about them on this page: https://www.nist.gov/publications/cell-phone-forensic-tools-overview-and-analysis-update?pub_id=51100, if you’d like some sort of reference.  With that said, let’s take a closer look at some of the broad options that you may encounter.

Prepaid Plans

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These sorts of plans were popularized by the “Tracfone” brand, but there are plenty of other companies that offer this as an option. Simply put, these plans require customers to pay for service in advance – usually on a monthly basis, though it can be for longer periods of time as well. One of the plus sides is that prepaid plans do not require a credit check and often offer flexibility in terms of contract length and payment options. 

Of course, they’re not always going to be ideal. They’ve dwindled in popularity over the past decade, since there are better choices these days for folks who use their phones consistently.

Postpaid Plans

As you may have already guessed, these are essentially the opposite of the above option.  You see, these require customers to pay for service after they have used it. More often than not, this will be on a monthly basis. Postpaid plans often involve signing a contract with the carrier and may include additional fees or charges.

Overall, they’re probably the most popular option.  The contracts tend to last for a few years (two, in most cases), so they’re relatively flexible – it’s not as if you’re signed on for life.  Just be sure to read over the clauses to ensure you’re getting what you want.

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Family Plans

Not everyone who is getting a mobile phone plan will be doing so on their own.  That’s where family options come into play – these can be a great deal for families large and small alike, depending on the circumstances. Allow us to explain.

Family plans allow for multiple different devices to share a single plan. The real perk here is that it will usually be offered at a discounted rate when compared to individual plans.  Just keep in mind that these plans tend to include shared data, minutes, and texts, as well as the ability to add additional lines as needed.

While they can be quite useful, the sharing of data, minutes, and texts will mean that larger families may need to go for an unlimited, or free data, option to ensure that everyone has the access they need. You can go to website to get a better idea of how this works in practice.

Unlimited Plans

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This is an option that can be combined with a few of the others (family and postpaid). They offer users on the line to have unlimited access to services like data, texts, and voice minutes. That said, there are usually still stipulations on things like international calling and texting.

 Pay-As-You-Go Plans

For the final type that we’re highlighting in this section, we have pay-as-you-go plans. They allow customers to pay only for the minutes, texts, and data they use – and they come without a monthly contract or commitment. Overall, these plans are ideal for light users or those who want more control over their spending.

At the end of the day, some users will find it easier to blend a few of these plan options together. Most of the time, service providers will be willing to work with you to find a plan that suits you (and your family, when applicable), but isn’t overly expensive.

Choosing a Plan

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The trickiest part of this whole thing is narrowing down what will actually be the best fit. Something you’ll want to bear in mind right off of the bat is that there are a ton of service providers across Norway, so that will likely play a role in your eventually choice.  After all, before you decide on anything like that, you’ll need to research which companies offer service in your area.

Once you’ve gotten that out of the way, though, the fun can begin. There are a ton of factors that will play a role here, so make sure to follow along!

Analyze Your Usage

The first step you’ll want to take is to think about how much you use your mobile phone right now (or how much you plan to use it).  Additionally, there’s the matter of what you actually use it for. Both of these aspects will play a role here.

Voice minutes are an easy one to think about. How often do you call people? Do you spend a long time on the phone, or do you tend to keep things short and sweet? Many people don’t find the need for unlimited voice minutes these days, but they do tend to be bundled in with other free use plans, so that may in fact be a non-issue.

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What about texting? Admittedly, this does seem to be how most people communicate nowadays. However, if you’re chatting with friends or coworkers internationally, you may use a third-party messaging service that uses data (or Wi-Fi) rather than text minutes. This could easily influence the number of monthly texts you need access to.

Data is probably the most important factor in this category, as it’s how we browse the internet at all when we aren’t connected to Wi-Fi networks.  Now, some people work from home or simply don’t get out much, so they may not necessarily need a free data subscription. However, most folks do tend to travel about and want to access the internet on the go.

Without data, you can’t send emails, browse social media, or stream videos unless you’re connected to a Wi-Fi outlet. It’s not hard to see why this is useful – or why most people tend to go with a free data subscription (also known as an unlimited data plan).

The last factor to consider here is contingent on whether or not you are going for a family plan. If a lot of people are utilizing phones on the same line, then unlimited data, texts, and voice minutes can be invaluable. This way, everyone who’s included on the plan will be able to access these services as much as they need, without having an impact on anyone else’s service.

Cost, Contract Terms, and Other Services

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At the end of the day, it’s pretty hard to make a decision on this sort of thing without first analyzing the cost that you’re comfortable with.  Often, with family plans, everyone will chip in to help cover the bill each month – so, that could help save some cash in the long run, if that’s what you’re considering.

However, if you’re just purchasing one line, you may have further restrictions to consider in terms of budget. Thankfully, most phone companies offer several tiers, bundles, and packages to make their services as accessible as possible. Don’t be afraid to shop around and compare offers with the companies that service your area, either.

Contract terms are also something you’ll want to take into account. Essentially, you’ll want to decide if you prefer a prepaid plan with no long-term commitment or a postpaid plan with a contract.  Consider factors such as contract length, early termination fees, and any perks or benefits that come with a specific plan.  All of this will have an impact on final costs as well.

Finally, it can also be worth it to see what additional features or perks are included with a certain plan.  For instance, consider any additional features or perks that are important to you, such as international calling, mobile hotspot capabilities, or streaming services.  Some plans may include extras that can enhance your overall experience, though they come at an upcharge.

Selecting mobile phone services isn’t always easy, but it’s worth it to take the time to really browse the options available.  That way, you can be confident knowing you got a good deal.

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Implementing Performance Management Systems: From Evaluation to Excellence II

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Dr. Abiola Salami

This April, we commence a 5-part series on one of our highly recommended strategies for driving a culture of peak performance – The Evolution of Performance and Impact Measurement. Last week, we discussed 6 steps to implementing an excellent performance management system. Today, we bring the concluding 4 the effective implementation of performance management systems.

  1. Integrating Employee Feedback

Just as it is with corporate goal setting, collaboration for effective performance involves integrating a system that gives employees the opportunity to engage or provide feedback. This is critical because most of the operations in the workplace and more direct interactions with customers are made by employees on the lower rungs of the corporate ladder. Some of the famous tweaks in the production model of successful organizations were made by mid-level and low-level employees who see opportunities that top management might be tone-deaf or oblivious to. These insights are invaluable because they offer perspectives that can increase the form utility of what is being produced. This is because the business cycle is not complete until the goods or service is delivered to the customer and feedback received. This also enhances job satisfaction for the employees because they see themselves as part of the big picture.

  1. Instituting An Improvement System

This largely speaks to trainings but improvement is holistic. Training here applies to both managers and subordinates because it takes two to tango; the lack of training can sabotage productivity because one ignorant fellow with power can lead an organization down to ruins. Leaders and team members must constantly upskill because competence on one level can quickly become incompetence on a higher level. These could be owing to changes in within the organization or outside the organization. For example, after an organization secures new funding from investors or become quoted on a stock exchange, it has effectively become a different organization because its scope of operation has widened and the scale of production has to be increased owing to the new demands imposed on it by new stakeholders. Training interventions should be data-driven and vision-inspired; in response to the current needs of an organization and a preparation for its future. 

  1. Recalibrating The Performance Management System Itself

For organizations that are actively learning and growing; they know that it is never what they started with that they continue with – changes are a part of their success story. Tweaking a performance management system doesn’t necessarily mean that it’s not productive or yielding the desired results, it’s because little changes can have huge consequences. Sometimes, managers need to relax certain timelines because the strategic priority of an organization might have changes from speed to accuracy, thus the focus might be more on qualitative outcomes than just quantitative outcomes. This happens mostly when organizations are expanding and have gained significant notoriety, it means that they come under more scrutiny for compliance from regulatory authorities, investors and the business community.

For example, 1Tesla is not necessarily focused on mass producing electric cars so that the markets are flooded with them; owing to the highly technical nature of the car which includes self-driving features. This year alone, Tesla has recalled about 200,000 cars owing to a software error that could have prevented the rear-view cameras from displaying. This came barely two months after more than two million of its vehicles were also pulled from the market for autopilot issues. It had to double down on quality control so that it doesn’t lose its reputation as the world’s leading manufacturer of electric vehicles.

  1. Automating The Process

The performance management system is not a one-off tool; it’s a continuous process that never really ends – it’s an end-to-end play. If allowed to be operated manually, the performance management system would fail because it would be tiring and monotonous to start the same process all over again. Leaders should learn a thing or two on how the universe works – everything is designed in cycles, loops that are intentionally co-ordinated to such that there is really no difference between a start-point and a stop-point. 

In a performance management system where the five core components are specifying expectations, monitoring, meeting employees’ developmental needs, the use of appraisal and rewards – the last component (rewards) should seamlessly introduce the first component (specifying expectations).

Implementing performance management systems requires a lot of critical thinking and emotional intelligence because execution can be the difference between successful organizations and failing organizations. Productivity is so important that it cannot be happenstance; therefore managers should become aware of the moving parts that make increased productivity possible. 

1https://www.forbes.com/sites/caileygleeson/2024/01/26/tesla-recalls-nearly-200000-vehicles-over-rearview-camera-software-issue/

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Growth Opportunities

To further position your leaders for peak performance, you can download a free copy of the latest edition of The Peak Performer Magazine at www.thepeakperformer.africa You can also enroll your Mid-level  Leadership Team for the Made4More Accelerator Program https://abiolachamp.com/m4m-accelerator and your Senior Leadership Team for the Dr. Abiola Salami International Leadership Bootcamp MOMBASA 2024 https://abiolachamp.com/international-bootcamp/ We also have an upcoming training for leaders in public service www.abiolachamp.com/depips/

About Dr. Abiola Salami

Dr. Abiola Salami is the Convener of Dr Abiola Salami International Leadership Bootcamp and The Peak PerformerTM. He is the Principal Performance Strategist at CHAMP – a full scale professional services firm trusted by high performing business leaders for providing Executive Coaching, Workforce Development & Advisory Services to improve performance. You can reach his team on hello@abiolachamp.com and connect with him @abiolachamp on all social media.

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Delta to serve Ghana with new Airbus A330-900neo

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Delta Airbus A330 900neo

Delta Air Lines will fly its state-of-the-art Airbus A330-900neo on nonstop service from Accra to New York-JFK effective 27 October 2024. The new aircraft will add approximately 30% more capacity between Ghana and the United States. 

Speaking to journalists at a media roundtable in Accra, Matteo Curcio, Delta’s Senior Vice President for Europe, Middle East, Africa, and India, said, “Delta has worked to deliver an enhanced travel experience in Ghana. We look forward to welcoming customers onboard our A330-900neo aircraft come October, offering exciting new products and services as they travel to and from the United States.”

Matteo used the opportunity to express his gratitude to Delta’s customers, the Ghana Civil Aviation Authority, and the government of Ghana for their continued partnership. 

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The brand-new A330-900neo aircraft will add nearly 1,000 more seats each week between Ghana and the U.S. It offers four distinctive experiences – Delta One Suites, Delta Premium Select, Delta Comfort+ and Main Cabin – and more cargo capacity to cater for growing demand. 

Customers can expect Delta’s best-in-class service and a uniquely premium onboard experience as they travel to and from the U.S. Each Delta One Suite features a sliding door for enhanced privacy, the luxury of a fully reclining seat, accompanied by plush bedding crafted from recycled materials. Delta One customers can also enjoy more beverage options and a seasonal chef-curated four-course meal. 

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Meanwhile, customers flying in Delta Premium Select will have more space to relax and stretch out, with a wider seat, deeper recline, an adjustable footrest and leg rest. Delta Comfort+ and Main Cabin passengers benefit from comfortable, memory-foam seats.

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All travelers will enjoy ambient lighting for a restful flight, Wi-Fi for purchase, and seat-back screens featuring 1,000+ hours of Delta Studio entertainment. Delta collaborates with diverse suppliers worldwide for in-flight products such as artisan-crafted amenity kits and beverages like Thrive Farmers Tea.

Delta continues to maintain its reputation for operational excellence. The airline has consistently been recognized for excellence in passenger experience, customer service, operational performance, and workplace culture. Recent achievements include winning Cirium’s Platinum Award for operational excellence for the third consecutive year, OAG’s most on-time airline, Air Transport World’s Airline of the Year 2024, and the Wall Street Journal’s top U.S. airline.  

 

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A Powerful and Emotional Experience – “In the Pants of a Woman” – By Beatrice Shine Ayroe

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On Sunday night, I had the privilege of attending the musical play “In the Pants of a Woman,” by Mr. Kobina Ansah. A thought-provoking and poignant performance that tackled the sensitive and critical issue of rape. The play was a masterful blend of music, storytelling, and advocacy, leaving me moved, inspired, and motivated to take action.
The talented performers, with their powerful vocals and captivating stage presence, brought the stories of survivors to life through song and spoken word.
The music was hauntingly beautiful and was all written by Kobina, with a range of genres and styles that perfectly complemented the emotional intensity of the lyrics.
What struck me most was the bravery and resilience of the survivors who shared their stories, their voices echoing through the National Theatre as they reclaimed their power and dignity.
The play was a testament to the strength and solidarity of those who have faced unimaginable trauma, and a reminder that we must continue to listen, support, and amplify their voices.
The play also highlighted the importance of consent, accountability, and community engagement in preventing sexual violence.
The call to action was clear: we must work together to create a society where everyone can live without fear of violence and oppression.
Overall, “In the Pants of a Woman” was a play that will stay with me for a long time, a powerful reminder of the impact of art and music in sparking conversations, challenging norms, and driving change. I applaud the writer, organizers, performers, and survivors who made this event possible, and I look forward to seeing the ripple effects of this important work.
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Short films and La Cinef Jury and selections of the 77th Festival de Cannes

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Flanked by Marie-Castille Mention-Schaar, Paolo Moretti, Claudine Nougaret and Vladimir Perišić, the Belgian actress Lubna Azabal will award the Short Film Palme d’or and the 3 La Cinef prizes, the Festival de Cannes’ selection dedicated to student films.

The Jury will discover the 11 films in the Short Film Competition and the 18 films in La Cinef selection unveiled today.

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Atarah Praise: Prophet Joseph Atarah set to rock Adenta on May 19

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Ghana’s singing Prophet, Joseph Atarah is set to rock the people of Adenta on May 19 with Atarah Praise. (more…)

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