Tackling data privacy to unlock the power of big data analytics
All financial institutions know data is their most powerful asset, and are investing in next generation technology to better leverage that data – whether to meet obligations in areas such as regulatory compliance or to go further and capitalise on the data they must capture and analyse anyway, to drive secondary commercial goals through sophisticated marketing approaches.
However, banks face challenges when it comes to making the best use of their data assets. A culture shift is needed for banks to truly recognise and capitalise on the power of data to drive commercial benefit. Data privacy concerns can put limits on what banks can do with their data – and adhering to privacy rules can certainly slow down the availability of data to underpin innovative new developments. The changing regulatory landscape, with GDPR on the horizon, adds a further layer of complexity around what banks can do with data, and what their customers will accept them doing.
Overall, the power of big data analytics is clear, but some fundamental building blocks need to be in place if banks are to unlock that power for commercial benefit.
This survey addresses a number of key issues, including: the drivers for banks to make better use of their data; the primary and secondary applications for which they can exploit their data; the progress they are making in implementing both the culture and the technology needed to drive success in big data analytics; the challenges – including data privacy – that they face when it comes to leveraging their data assets to the maximum; and the ways in which these challenges can be overcome.
You are invited to participate and get priority access to the results.
The survey will be used to produce a report that will feature only anonymised and aggregated data. Individual responses are strictly confidential and your details will not be passed on to any third parties.
Participants working for a regulated financial services company will be entered into a draw to win an Apple MacBook Air.