Most organizations store and analyze data to better understand customers – this is the norm. Leonie Valentine, managing director for Google Hong Kong, sees another use for data.
With data comes the “opportunity to find new partners and new business opportunities,” she opined.
“I think that's where we get a little bit more excited, about where banks can create platforms or insurers can create platforms that they can then go and partner with other organizations to be able to do new and interesting things for either their own business or for their business customers or for their consumers,” she commented.
According to Valentine, large organizations should really think about building platforms for collaboration because one of the truisms in the modern digital age is that an institution can’t do everything on its own.
“You can't be the expert in every form of technology under the sun that is related to your industry. You do need to find capable partners. You also need to think about how you can openly and securely share the right data that allows you to grow your business,” she suggested.
EDITOR's CHOICE: Use big query not big data for great experience
Her view is reiterated by EY in the report, Unleashing the Potential of Fintech in Banking, in which it noted that banks are seeking ways to benefit from deploying Fintech across their organizations. An analysis of data from 45 major banks over the last three years suggests that, globally, institutions remain principally focused on applications of Fintech in payments.
The consulted observed that banks are increasingly looking to use Fintech across the entire value chain, from gamification of compliance training to surveillance software that can identify employees who pose the greatest organizational risk, and from using artificial intelligence to improve customer service to driving greater workforce productivity.
But finding partners is easy, forging a mutually beneficial collaboration is another thing.
Valentine said having the right standards, whether that's an open data standard or whether it's a proprietary standard for your own institution, it is also important to have policies that allow you to move from legacy system-thinking to more open-minded digital platform partnering-thinking is super important.
“What we'll see I think in the future is less of the ‘I will build everything myself’ and more of the ‘I will build Best of Breed’ leveraging existing technology,” she concluded.
Watch the full video to know more.