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Measurement is a necessity in every industry, and the banking industry is no different. In fact, measurement might be even more important for financial institutions because they have a fiduciary responsibility to maximize stakeholder and shareholder value and balance incongruities. Data privacy, security, disclosure, compliance, and management is paramount where currency, monetary exchange, and fiat currency are involved. In fact, federal oversight committees make some level of measurement mandatory.
Perhaps more than others, brands that safeguard and oversee finances for consumers should have their clients’ best interests in mind when providing loans, offering investment advice, or supervising transactions. They must operate with the highest level of integrity and if they don’t, serious financial and reputational consequences could arise.
As an example, in the lead up to the 2008 recession, constant changes in regulation and lack of oversight created off-balance sheet derivatives and subprime packing of consumer loans. In addition, complex tranching of securitized assets made it hard for financial institutions to understand what they were buying or selling. The results of this led to the burst of the housing bubble.