Navigating to Value with Corporate Banking Data: Recommendations for Managing Data Strategies
Beyond enabling analytics and insights, corporate banking data is the foundation of new product and service innovations, and the move to Open Banking and Finance. The data value proposition is increasingly integrated into business and solution strategy. It is imperative that banks achieve alignment in value proposition and agreement on the priority building blocks (cultural, business and technical) to create a viable road map that will enable all the desired capabilities. Data is an asset to be protected, but also to be leveraged for business value and growth. This is the corporate banking data paradox.
However, the path ahead to step-change value is often murky with many competing visions and priorities. Banks can use five behaviors and techniques to drive a successful business data strategy and set a clear vison and to overcome impediments to unlocking this value. This is the second report in a series of two. Refer also to the companion report Oceans of Data: Recognizing the Perils in Corporate Banking Data Transformation (August 2022).