Data is all around us. It’s ever-growing, and as we know, it’s a powerful commodity, underpinning many of the world’s most successful businesses. With larger-than-ever volumes of data now being captured and stored, coupled with cheaper and improved computer infrastructure and processing power, there has never been a better time to make data commercialisation (also known as ‘data monetisation’) part of the corporate strategy.
Based on our experience and analysis, we know that data commercialisation can be a source of competitive advantage, which can be achieved by:
- Analysing the data to create new products or services which enhance the customer relationship
- Applying insights to create internal efficiencies
- Generating new revenue streams by selling anonymized aggregated data
- Reducing the burden of regulatory-driven technology programmes
This paper outlines a conceptual methodology which illustrates where a bank can start with data commercialisation, how to set priorities, how to use data to provide value internally, as well as developing value-added services for its customer and client base, and ultimately how to capitalise on their greatest asset.