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In 2021, the focus of financial services will be inclined to enable digital customer journeys as well as to sustain and grow revenue streams.
Actively governing data will make managing it more formalized thus making it more available, less complex to understand, and protect the customers' data rights.
Three principles and associated formalized dimensions that Financial services can focus on -
1. Formalizing Data Collection from customers & third parties
However, with data protection laws and positive awareness across the world, firms have extended the formalization to data collection management. This in-fact is the first life-cycle stage of data.
2. Increased data awareness & Literacy
An increase in data awareness will help data consumers explore further available dark data that can provide predictive insights to create new user-stories that can propel customer journeys.
3. Data distribution Management
There is merit in having to drive events in customer journeys based on insights derived by a deep-learning model that crunches real-time data.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Alexander Boehm Chief Executive Officer at PayRate42
02 September
Azimkhon Askarov Co-partner at CONCRYT
Edvards Margevics Co-partner at CONCRYT
30 August
Ellen Roberson Global Marketing Advisor, Risk, Fraud & Compliance at SAS
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