According to an Accenture study, the majority of banks are struggling to drive revenue from their digital investments. Whilst banks that have invested heavily in digital technology are more profitable, this is largely due to cost savings.
Interestingly, leading Norwegian financial institution, DNB Bank, have seen similar challenges as an opportunity to reinvent themselves as a customer-centric digital bank.
Data is the differentiator that DNB is leveraging to reconnect with customers.
DNB approached specialist vendors, Syncsort (for data quality) and Collibra (for data governance) to manage the challenges and opportunities that the explosion of data brought by digitisation is bringing to the business.
“Our customers are talking to us every second of the day on digital channels, and we have to have the ability to listen and respond effectively to their needs,” says Aidan Millar, Chief Data Officer at DNB. This is the challenge of digitalisation that he believes is too often overlooked. “Everyone talks about going digital, but if you’re not capitalising on data streams that are generated through your digital channels, then you’re going digital without listening. My role is to leverage digital interaction data to reconnect and stay relevant to our customers on digital channels.”
Read the ebook for an understanding of how DNB transitioned to digital services and how they are leveraging data to reconnect with customer
DNB have bucked a trend by selecting complementary, best of breed vendors to complete thetir data management stack, rather than settling for stack vendors that did not meet the business needs.
Learn more about how Collbra and Syncsort offer a fully integrated capability to govern and deliver enterprise data quality in support of a revenue generating digital strategy