The convergence of technology and finance has given rise to an invaluable currency: data. This paradigm shift has sparked growing urgency around data monetisation – a concept reshaping the very core of how financial institutions potentially operate, strategise and innovate.
What is data monetisation?
Data monetisation refers to the process of converting raw data into valuable assets, generating revenue streams or enhancing operational efficiency. In the context of financial services, this practice is becoming a linchpin in driving competitive advantage, fostering customer-centric solutions and redefining business models.
But successfully pursuing a data monetisation strategy also comes with challenges, including governance issues, access to talent, stretched budgets, legacy IT infrastructure and practises, or buy-in from the very top of one’s organisation.
Tech Monitor is seeking to get more insight into the challenges and opportunities leaders within the BFSI space are seeing as the urgency to make better use of one’s data continues to gather speed. A recently launched survey invites industry leaders to outline the priorities, pain points and progress being made within their banking, financial services and insurance enterprises.
These strategies empower institutions to extract actionable insights from data, driving informed decision-making. By leveraging customer information, market trends and operational data, organisations can increasingly tailor products and services, enhancing customer experiences and loyalty.
In an increasingly competitive landscape, data monetisation becomes an unrivalled enabler for innovation, driving the development of new, personalised financial products and services, catering to evolving customer needs and preferences.
Moreover, these strategies fortify risk management and compliance efforts and foster operational efficiency, streamlining internal processes, optimising resource allocation, reducing costs and boosting productivity.
Ultimately, data monetisation done right isn’t merely a means of revenue generation; it’s a strategic imperative that propels BFSI enterprises towards agility, innovation, customer-centricity and sustainability in an era defined by data-driven decision-making.
Survey findings will feed into a comprehensive report, scheduled for publication in Q1 2024, offering in-depth analyses, trends and expert insights derived from collective responses.