Question

Situations where relevance of an information conflicts with its accuracy.

Answer 1

Relevance of information depends upon below features

Proper Data

Following proper timelines

Reliability

Consistency

Maintaining proper records etc

I would like to give a situation of a banking industry. We have digital platform called IMPS where we can transfer the amount to one person to another in no time. However, the method of sending here is through account number and IFSC Code. The banking system will not validate the account number with IFSC Code. If a customer inputs incorrect account number (example a digit mismatch) the amount is transferred to some other person's account. If the customer has input correct account number however has input incorrect IFSC Code the amount will still get credited to other person's account in a different branch. The process of recovering the amount is too tedius and the recipient should be willing to refund the amount.

The banking software itself doesnt allow the banking industry to provide accurate data or information. Many a times, we are unable to identify the incorrect beneficiary account number as the amount may be lying in the banks pool account.