Spinning Raw Data Into Synthetic (Revenue) Gold For FIs
Data is everywhere, there for the taking, turning insight into top-line growth. For financial institutions (FIs) and other FinTech companies, monetizing that data effectively and, above all, safely can be a tightrope walk — balancing risk and reward.
Done correctly, the same sets of consumer data, de-risked, can yield revenue opportunities that come from both outside sources — as those firms sell that data to third parties — and within the firms, as executives spend less time on compliance activities and more time on innovation.
In an interview with PYMNTS, Randy Koch, CEO of ARM Insight, said a successful data monetization strategy can take shape along four key principles.