India's largest platform for AI & Analytics leaders, professionals & aspirants

Sign in

India's largest platform for AI & Analytics leaders, professionals & aspirants

3AI Digital Library

Data Governance: Three trends in 2021

3AI 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

    3AI Trending Articles

  • Mental Health Startup Wysa backed by Google In Series A Round

    Wysa is artificial intelligence (AI)-driven virtual coach that combines empathetic listening with evidence-based therapeutic techniques Bengaluru-based mental health startup Wysa is looking to raise funds from Google, the company’s filings with the ministry of corporate affairs (MCA) confirm.  The filings, which contain Wysa parent Touchkin Eservices Private Limited’s articles of association (AOA), read, ‘“Series A1 […]

  • From Analytics to Gen AI: Understanding the AI & ML foundations of LLM’s

    Featured Article: Author: Nikhil Bimbrahw, Genpact From the moment we wake up, to the moment we go back to sleep, technology is everywhere. The highly digital life we live in and the development of our technological world has become the new normal. According to the International Telecommunication Union (ITU), almost 50% of the world’s population uses the […]

  • A hacker broke into a Florida Water Treatment Plant

    A hacker broke into a Florida water treatment plant and ordered it to increase the amount of lye to extremely dangerous levels, officials said. . A hacker broke into a Florida water treatment plant and ordered it to increase the amount of lye in the water to extremely dangerous levels, officials said Monday. The plant […]

  • AI and Ethics – Modern AI Algorithms

    Featured Article: Author: Sameer Ranjan, CTO & Director – Data Science, Catenate Ethics has always been subjective and quite often changed based on the philosophy of nations or their leaders. It is often related to principles of morality and the set of beliefs that a group of people follows. In the 21st century, the narrative […]