Data Offices assist in Kick-starting rapid shifts in Digital Banking

Slowly yet steadily, Banks are seeing customers (including ourselves) picking up services that have distinct digital capabilities. The mechanics of customer interaction has rapidly shifted from physical handshakes to virtual yet warm communication over personal & extended channels. However, managing Data Quality of customer data along with Zero-copy data that customers willingly provide for better digital services is paramount.

As Contactless payments will be picking up mass acceptance with less focus on physical cash & POS terminals, small retail businesses are seeing an acceleration in receiving digital payments. Banks have a wealth of insights that can assist consumers with targeted benefits & extended needs. The payments landscape can see an increased focus on data privacy along with data security to reduce fraudulent risk.

However, payment platform has a larger pick of the pie enabling generation of customer transactions. As there can be enormous data that is generated, the focus needs to be on platform governance of the core systems & consumption systems like the BigData & AI platforms. As Banks deal with the dynamics of changing customer behavior, Banks that embrace Data Management and dataG overnance will build greater trust in customers and shareholders.