Data Monetization – A Practical Approach to Successfully Navigating Big Data
Authored by: Alexander Kling - Director, Synechron, Simon Beattie - Managing Consultant, Synechron, Adeline Toi - Consultant, Synechron and Max Huang - Associate Consultant, Synechron
Navigating the cost of producing actionable insights in the pursuit of big data monetization
Banks’ margins continue to be squeezed from multiple angles – whether it is tighter yield spreads, fewer arbitrage opportunities or persistent regulatory capital costs. At the same time, customer expectations are growing exponentially as they demand better, faster and more personalized services.
In our recent insights publication on ‘Financial Services Retooling’, we explored how banks have accelerated the process of unpicking their value chains to unearth new opportunities to unlock incremental value. One common aspect across all value chain components is data, which has become one of financial institutions’ biggest and most valuable assets. They are increasingly looking for new ways to monetize their vast data inventories to deliver greater business value and enhance the customer experience.
While data’s high intrinsic value is well known, what is notable is the continued advances in technology that have reduced the barriers to entry inherent in the storage and analysis of enormous volumes and varieties of data sets. However, access to big data and a big data toolkit does not guarantee instant success in data monetization. This will ultimately come from identifying and acting upon the value-generating insights that data can provide, measured against the cost of producing actionable insights.