Achieving successful information management through effective information quality management (IQM) in banking services

Abstract

Information is not a byproduct, nor documentation. It is a direct product of processes that capture knowledge about the persons, places, things and events discovered while conducting business transactions.The major purposes of this study were to This study therefore investigated the effective information quality management practices employed by commercial banks to ensure successful information management. The following research questions were to be answered: which factors accurately determine information quality management in the banking sector? Which factors accurately determine successful information management in banksA survey research design sought information from various banks in Kenya to investigate the effective information quality management practices employed by commercial banks to ensure successful information management. The population of the study consisted of 44 commercial banks that are currently operating in Kenya . This study relied on both primary and secondary data. The questionnaires were filled by the bank’s head of IT of the forty two commercial banks in Kenya in which the questionnaire had been administered. These questionnaire inputs were validated by at least two. Thus 100 questionnaires were dispatched. Following data collection, data were analyzed using descriptive statistics and factor analysis. The use of descriptive statistics such as means and tables. Together with correlation analysis, factor analysis was done to establish the relationships among the study variables To make interpretation easier, a linear transformation on the factor solution, varimax rotation was done, which gave fewer components (factors) that are uncorrelated with one another. SPSS (Statistical Package for Social Scientists) was used to analyze the data. The factors that accurately determine the quality of information in the banking sector to a very great extent include: the easy to understand form in which Information is provided, the level and characteristics of decision-making processes, the high quality of IS staff and the user-friendly operation of information systems. The factors were far too many, hence factor analysis was used to reduce the variables, and the key factors that accurately determine the quality of information in the banking sector include: quality of information systems in use & policy issues: information systems users, hardware and operation: presentation of the information: budgetary and accuracy of information provision: quality networks and distribution systems: presentation of Information and decision making processes. Secondly, the factors that accurately determine successful information management in the banking sector to a very great extent: Information quality has enabled the computerization of managerial functions to a very high level; Information quality has enhanced the bank's image within the context of distribution; Information quality has increased the bank's ability to deal with information that is pertinent to its business processes; It is easy to obtain information on organization performance down to specific transactions; and The information kept complies with the contractual arrangements to which the bank business process is subject. Thus good quality information leads to successful information management, where successful information management is seen as the benefits of using quality information.