Do you have any idea how much the data entry mistake can cost? Well, it is $6.2 billion. Yes, this amount can hugely impact financial services but it recorded as a data entry mistake so far.

The incident of 2012 J. P. Morgan & Chase Co. or the London Whale is famous for referring to Excel errors. The incident proved that a simple copy-pasting mistake can become bigger if not checked with proper measures. After this incident, most companies recruit financial services professionals to check financial records and financial data entry tasks.

The mistakes noted in this famous incident are simple but grab the attention of all companies. The data entry workers in this company started recording and managing financial transactions as per the company’s risk-modeling system. The workers calculated market volatility just by summing the digits, not calculating the average value.

However, after the incident, not only JP Morgan but all other companies realize the impact of financial services and maintenance data entry tasks. These mistakes are preventable if companies outsource their data entry work. This blog aims to show how financial organizations get leveraged from specialized data entry services in detail.

Let’s discuss the available data entry services for financial organizations first.

A. Available Data Entry Services for Financial Organizations

Data is considered an asset in today’s time and it plays a huge part in influencing customers and their needs. Big financial companies, especially banks handle the task of recording and reporting of financial information via outsourcing. Outsourcing data entry service providers manage all these tasks with the highest accuracy.

Even though the field of outsourcing is a big area here are a few things available for financial organizations;

I. Online Data Entry

Financial organizations like banks can efficiently manage their ERP and CRM platforms with outsourcing. The task of online data entry includes maintaining online transactional databases, managing online forms, account statements, etc. Outsourcing online data entry tasks can help financial institutions manage their operation smoothly. The impact of financial services, especially online data entry services is huge on these organizations.

II. Offline Data Entry

It is difficult for banking or any other financial institution to manage paper files including slips, vouchers, cheques, or other records. They majorly rely on digital data processing units to convert all paper data into digital files. Hiring financial services professionals via outsourcing helps them manage all these offline data entry tasks. These experts prepare customized databases by storing files in Excel, CVS, Access, etc formats.

III. Data Entry from Documents

A financial organization has to manage multiple legal documents and needs proper measures to keep them safe. Storing them in digital format is the best way they can store their legal documents. Thus, they can outsource experts in managing financial transactions and keep their legal documents safe. From application forms to clients’ vital documents, these experts will convert all documents into digital format for better storage and safety.

IV. Data Entry from Images

Financial organizations keep the customers’ legal documents in image format for better accessibility. They outsource the task of scanning the documents and maintaining them in image format. Outsourcing service providers extract images and convert them into GIFs, PDFs, JPGs, BMPs, etc format. You can realize the impact of financial services or data entry services once you hire them.

V. Data Entry from Survey Response

Financial organizations, especially banks and insurance companies conduct regular surveys to understand the market better. A survey collects a huge amount of data from the public and provides insights. These companies rely on outsourcing for recording and reporting of financial information collected from the surveys. The outsourcing companies extract valuable information from the survey data and store it in the database for later use.

B. How Financial Organizations Get Leveraged from Data Entry Services

Just like an accountant puts his/her efforts into preparing financial statements, a data entry expert does the same managing the data. These financial services professionals understand the importance of data and that’s why ensure high accuracy in their work. They deploy the best methods while processing the data entry tasks.

Approaching reliable financial services organizations for financial data entry tasks is the best. These organizations have better techniques and know how to proceed with data entry tasks. Also, they understand the impact of financial services or financial data entry services very well. Ensuring no mistakes in the databases and other storage is the prime aim of these organizations and they guarantee that.

Assessing how financial organizations benefit from data entry services is essential. Here’s how data entry services can leverage financial organizations is assessed.

I. Capture Data in Large Volume

The requirements for data depend upon the nature of the business, some businesses need more while some need less. Financial organizations require a high volume of data for assessing various financial needs. Most of the financial organizations collect unstructured data in a raw format directly from the data sources. This is a big mistake that they made and the process can cause backfire sometimes.

Manually picking up the data and keying the data into the database is essentially important, especially for financial data. Otherwise, these companies have other options for handling the financial needs. They prefer an automated data collection process that includes collecting information through a system-instructed method. But, this method has a drawback as it can come up with errors frequently.

With time, the impact of financial services or data-handling tasks becomes crucial. Companies nowadays invest in high-capacity machines to capture huge chunks of data but that is too involved in errors. Manually capturing the data using tools is the best approach at this point that can generate error-free data. Nowadays, financial organizations outsource manual keying processes to verify their collected data.

II. Maintain Accuracy

Relying on the manual process completely is risky when it comes to handling financial information. The reason becomes clear with the example of JP Morgan’s London whale case where the company relied on manual process. However, on the other hand, relying completely on software is not a good idea as it has a high chance of creating errors. Therefore, adopting a middle way which is integrating software and manual processes is better.

Integrating people and automation is a trendy approach followed by top financial organizations. Manual insight is needed to generate error-free tasks from the automation process and to realize the impact of financial services. Integrating automation with manual insight will make the task of recording and reporting of financial information easy. The level of data accuracy and integrity will become high if automation integrates with the manual process.

Validating the outcome is essential when the process is done via automation without annual support. Like the chief accountant validates financial statements done by junior accounts, data entry experts do the same. They monitor the whole process from the beginning to the end and validate the outcomes. The chances of no error would be higher in this case when manual validation is involved with automation.

III. On-time Data Availability

The impact of financial services or financial data entry services is huge on financial organizations. These organizations make critical business decisions with the help of processed data. They need current data to build their decisions based on current assessments. The requirement for data entry experts for big organizations is huge and they need constant support of them.

Processing huge chunks of data for a small organization sometimes becomes critical as they have limited sources. Pressurizing the internal team might not help in dealing with this situation as it can increase their burnout levels. Therefore, outsourcing is the best option for financial services organizations at this time. They can get their service done within time at their pace if they opt for outsourcing.

Getting the data processed within time is essentially important for grabbing the best opportunities. Besides handling the financial needs, data entry outsourcing companies will ensure the timely delivery of files. This would reduce the burden on the internal team without missing the opportunities.

IV. Manage Bulk Tasks

Financial institutions sometimes face urgency to process data in bulk amounts. The impact of financial services for data entry tasks is wide in these organizations. The task of data entry includes managing journals, payable accounts, banking information updates, etc. Handling small datasets is simple and anyone can do that; however, managing bulk data is a risky affair.

Especially skilled professionals can handle financial information in bulk and manage the operation better. Handling data in bulk involves a high degree of risk and if left unattended, it can cause serious errors. Giving the task to an expert is all you need to do here that will prevent the error. These experts are trained in dealing with huge volumes of data in bulk thus they can do that without any error.

Besides that, managing daily data entry tasks needs proper guidance for better functioning. Outsourcing experts for managing all these daily tasks can enhance the operational capability of the process. These financial services professionals are highly flexible in data entry tasks. They can manage data entry tasks in bulk as well as regular limited data entry tasks.

V. Prepare Structured Data

Unstructured data has no use until it gets structured using proper measures. The impact of financial services is so high on financial organizations that they keep their data in order. In general, financial organizations store important data in their internal database by maintaining an accurate format, besides format, they also maintain the structure and follow a proper model in categorizing the data.

For example, when you apply for a loan you have to fill up a form online with proper details and upload documents altogether. The loan company collects all the data from your side in a structured format and stores it in its database. However, applications submitted in printed format or filled by hand are categorized as unstructured data, which need further assessment.

For managing financial transactions, financial firms hire experts who make the proper format of their data. These experts from financial services organizations are highly skilled so they can properly format all the data as per the requirements. Organizations can realize the positive impact of financial services with their help. The transition between different formats is possible for them and they can adopt any measure to process your files.

The experts transform the data from the analog files to the database with proper measures. Plus, they are highly skilled in recording and reporting of financial information to the database with proper resources. Also, they can receive files from any source and process them quickly with their knowledge and skills.

VI. Maintain Uniform Standard

The impact of financial services is highly realized in maintaining the data standards uniformly. All financial organizations have to follow a particular rule in their working uniformly. Along with that, they have to check the financial records at regular intervals to eliminate errors and mismatches. Not only that, they have to maintain records in a proper format with a structure.

Preparing the financial statements is the last stage and is done at the end of the year. But, maintaining regular records with proper measures is a must and skilled data entry experts can do that. Formats for maintaining the financial data differ from country to country but there are some common links. Experts in data entry tasks know all these formats and perform their tasks accordingly.

Managing the data for financial organizations is somewhat different and needs proper knowledge. The impact of financial services or data entry work in financial organizations is amazing as it revolutionized the process. Financial firms outsource data entry at an economical price and fulfill their current requirements. Finally, hiring experts is better than making blunders in the financial operations like JP Morgan did in 2012.

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