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Data Governance: Three trends in 2021

January 6, 2021

In 2021, the focus of financial services will be inclined to enable digital customer journeys as well as to sustain and grow revenue streams.

 

Actively governing data will make managing it more formalized thus making it more available, less complex to understand, and protect the customers’ data rights.

Three principles and associated formalized dimensions that Financial services can focus on –

1. Formalizing Data Collection from customers & third parties

However, with data protection laws and positive awareness across the world, firms have extended the formalization to data collection management. This in-fact is the first life-cycle stage of data.

  • Managing data quality at sources
  • Classifying & Labelling legitimate Data
  • Extending Trust to customers
  • Ownership & Stewardship

2. Increased data awareness & Literacy

An increase in data awareness will help data consumers explore further available dark data that can provide predictive insights to create new user-stories that can propel customer journeys.

  • Measuring benefits from data management and aligning to value-chains
  • Data Ethics
  • Automating technology aspect of data governance
  • Value and risk realization

3. Data distribution Management

There is merit in having to drive events in customer journeys based on insights derived by a deep-learning model that crunches real-time data.

  • Data delivery management
  • Platform governance
  • Data provisioning
  • Managing meaning through metadata

 

Picture from freepik.com

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