This IDC Financial Insights report discusses how Open Banking is giving rise to many opportunities in realizing more value from data — from realizing value internally to generating value externally. In this report, we look at several models of generating new value from data.
Michael Araneta, AVP for IDC Financial Insights Asia/Pacific states, "The team leading the initiative to generate new value from data or to monetize data should look at their initiative not just as a theoretical exercise but as an actual build-a-business endeavor. It therefore entails decisions on who will benefit from data, the terms and rates of exchange of value, pricing models, distribution models — much like how a business creates the business."
"Data-fueled intelligence is permeating all aspects of business of the financial industry. Inevitably, the banks will see data as an asset and will have to consider who owns and controls the data. As banks search for ways to generate new value from their data, several new principles on data utilization may drive or hinder value generation, depending on how they are interpreted. Ultimately, the banks where data is widely accepted as an asset will drive the way to get the maximum returns on the data," adds Anuj Agrawal, senior research manager, IDC Financial Insights Asia/Pacific.