Bankloch

It is often stated that ' Data is the new oil ', suggesting that data, like oil, holds immense value but remains unusable if unrefined. While this comparison simplifies, it effectively highlights two significant trends: A fierce   competition to capture as much customer data   as possible, waged not only by Big Tech and social media giants but also by major e-commerce players and supermarkets through loyalty programs. Growing investments in deriving insights from this accumulated raw data . The advancements in AI play a critical role, yet they merely scratch the surface. Beneath, substantial investments are required in tools to gather, cleanse, structure, and store data. The complexity and associated costs can be substantial. The   financial sector, rich in valuable data , has historically underutilized this asset for several reasons: Strict regulatory oversight   ensures data usage within the financial sector is heavily controlled. The sector’s   reliance on 'trust'  

  The financial industry is undergoing a significant transformation. Banks are evolving from mere repositories of money and providers of loans and investments into facilitators of our financial journeys and personal assistants in financial well-being. This shift marks the beginning of an   era characterized by embedded banking and deproductization . Traditionally, banking has focused on facilitating transactions, managing money, and mitigating risks. Our interactions with banks typically occur when we need to deposit or withdraw money, apply for a loan, or manage investments. Unfortunately, these interactions often feel disconnected from our everyday lives and objectives. Embedded banking   represents a paradigm shift in our engagement with banks. With this model, banking activities become seamlessly integrated into our daily routines, often without explicit engagement. For example, Buy Now, Pay Later (BNPL) services embed financing options directly into the online shopping experience,