Initiatives launched around Data in Financial Institutions have been addressing primarily regulatory/compliance/risk constraints until now.
Today, Banks want to be more offensive and create business opportunities, leveraging the data they have; the ultimate objective being to reach a state where « data consumption » and « data monetization » is business-as-usual.
To reach this goal, the following steps are critical:
- Define and implement the governance to provide a framework and ensure a smooth transition from « Proof of Concept » to « run » mode. Many banks who did not set up governance upfront face difficulties once the tests have been finalized to industrialize uses cases on a larger scope
- Identify and prioritize concrete uses cases with Business Lines and Support Functions to detail usages, requirements, needs and objectives
- Understand the « end to end » usage / process of the data (what is the golden source? who is using the data? what are the steps, teams and systems using it from the collection to usage phases?)
- Ensure data quality, a tedious and resource-intensive step but essential to secure proper data dissemination and consumption
Once these steps have been overcome, data is ready to be spread/used/monetized within the bank or outside, to external clients
Based on this methodology, we are assisting our clients on transformation projects and we provide inputs on any other possible uses cases applicable to financial institutions (e.g. Compliance controls, AML, credit scoring, cross-selling initiatives, integration of ESG criteria in investment strategy…)
Please find attached more details regarding our insights around data governance and practical uses cases : https://www.headlink-partners.com/fr/white-paper-data-management/
We will be more than happy to further detail our experience and to share thoughts around this exciting thematic. Do not hesitate to contact us to plan a meeting!