In today’s world, data is the new oil, and organisations across industries are leveraging it to enhance their operations, drive innovation and create new revenue streams. However, with the increasing amount of data being generated, the focus has shifted from hoarding data to curating it and using it for specific purposes. This shift is essential not just from a regulatory perspective but also to derive maximum value from the data.
“The shift towards data curation is a result of various factors such as compliance regulations like GDPR, CCPA, and upcoming DPB in India, which mandate the need to collect only necessary data, store it securely, and delete it once its purpose is served. Organisations now have to focus on building robust data management systems that can protect sensitive data and enable authorized access’, he averred.
But data curation is not just about compliance. It’s also about humanizing the digital experience. The focus is on using data to create personalized experiences that cater to individual customer needs. With the advancements in technology, data is now being used to enhance customer experiences across all channels – be it mobile, email, WhatsApp, or chatbots like ChatGPT.
He stated, “Banks are now focusing on digitising customer onboarding to make the process seamless and efficient. This includes using technologies like QR codes in branches to allow customers to scan and request to change their address, update their contact information or open a new account. By leveraging data, banks can reduce the onboarding time, minimise errors, and provide a frictionless experience for their customers.”
Data is also being used to create new revenue streams. For instance, banks can monetize their data by providing valuable insights to their customers or third-party vendors. By analysing customer data, banks can understand their needs, preferences, and behaviors and create personalised products and services that cater to these needs. They can also partner with other organisations to provide them access to their data for a fee.
“Data curation is the paradigm shift in the way organisations manage their data. It’s about curating what is necessary, protecting it, and using it to enhance customer experiences and create new revenue streams. With the advancements in technology, data is becoming the new currency, and organisations that can leverage it effectively will have a significant competitive advantage”, he concluded.”
Views expressed by: Tejasvi Addagada, SVP, Chief Data Office, HDFC Bank.