When a Global Chief Data Officer of one of the oldest, largest, and most respected Financial Institutions (FIs) in the world realized they were getting disrupted in the market by weaponized data, she needed a new narrative.
Client: Fortune 50 Global Financial Services Institution
Industry: Financial Services
Sponsor: Global Chief Data Officer (CDO)
Locale: Global (130 Markets)
Market forces such as changing consumer expectations around their data, accelerating regulations, and new market complexities has hastened data sharing, increasingly disintermediating the clients’ brand value and vision. Consumers and merchants alike are more discerning about how and where their data is used. Regulations like Open Banking are creating an imperative for global data-sharing, making sharing easier, and more accessible. New market actors are monetizing consumer and merchant experiences, further intensifying these trends and the client needs their Executive Leadership to appreciate these evolved market conditions and to support acting.
The CDO wanted a narrative to drive outcome-based action of the Executive Committee informed by internal and market research, to drive awareness, define the opportunities and risks caused by this new paradigm, fueled by data. Outcomes that would protect the brand, the business strategy, the firm’s considerable investments, and create new market opportunities.
Clarity around disintermediation and its risks.
A clear picture for the Executive Committee, with explicit and tangible examples of the impact of disintermediation to the firms’ customer engagement, product, services, and customer servicing capabilities, informed by real world data.
Intelligence and insights around data regulatory impacts.
Operating globally, the array of regulatory policies, regulatory requirements, market coordination, and industry initiatives created a cottage industry for 3rd party data aggregators and new technology market entrants to act disruptively.
A deep dive into how Mega-Tech providers where upending the market.
Global technology companies, especially Google have weaponized data, including the firm’s own data. rewriting the market and building new competitive moats for financial services and instruments, using their owned walled garden, multibillion customer technology ecosystems.
A call to action.
Going beyond the near-term priorities, gaining executive agreement that a problem exits, it poses a material disintermediation risk, and a dedication of resources to tackle the problems and exploit the opportunities has value.