Expressions like "Data is the new oil" are already becoming a clich̩ on social media, but there is still a lot of truth to them. Obviously with customer centricity and hyper-personalization increasing, data gets more and more value. However just like raw oil, data in its raw form has little usage. It needs to be cleaned, filtered, structured, matched and enriched, consent needs to be captured from the data owner (via GDPR compliant opt-in requests) and the data needs to be analysed before it can give its value in the form of new (customer) insights. This is where most companies in the financial services sector are facing issues. While collecting and storing raw data is relatively easy, ensuring high quality data sets (avoiding the "Garbage In РGarbage Out" principle) and converting them into insights is a whole different story. Most financial institutions are facing a lot of data quality issues, i.e. most of their data is mostly right, most of the t...
A weekly blog with articles on the future of financial services sector and more particular specifically Fintech, but also on topics, like IT and digitalization and its impact on the world (like e.g. mobility). #fintech #bankingsector #innovation #bankingtechnology