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Three mega-trends shaping the data economy

Vilmos Lorincz, the managing director of data and digital products for Lloyds Banking Group in the UK, and I recently had the pleasure of speaking. Data is the basic unit of exchange in the financial services business, therefore creating innovative banking protocols is essential to creating progressive solutions for customers and industry peers.

The Open Banking Implementation Entity (OBIE) was established in 2017 to develop designs that give customers more control over their data within a safe framework in response to a demand by the U.K. government for greater transparency in financial services.

By shifting its big data to the cloud and promoting data literacy among its staff, Lloyds Bank undertook a significant change that improved its ability to serve customers. The new agile operating model had to be created for more than a thousand coworkers, Vilmos explained, “helping them settle into their newly defined positions, choosing the correct technological investments, while connecting with more than 20,000 individuals.”

Vilmos stressed that a company’s reputation as trustworthy and conscientious partners is established by ethical behaviour, which is extremely essential for earning and keeping client trust.

When questioned about the major themes influencing the data-driven economy, Vilmos offered three pillars.

Customers are increasingly conscious of privacy and security concerns as they become more technologically savvy. They have a right to seek control over their data because it will provide them more freedom to look into and make personal decisions.

Growing businesses: Businesses are getting better at adopting new procedures that keep up with emerging technologies so that their customers and business models can be enhanced.

Regulatory bodies: Governments and regulators are actively reacting to new market realities in order to protect citizens’ rights and position their country to fully capitalise on the opportunities presented by the burgeoning data economy.

Organizations are becoming aware that data is a crucial competitive advantage and a must to fulfil and exceed customer expectations, according to Vilmos. They are getting significantly better at integrating machine learning and artificial intelligence into their data estate.

Vilmos counsels company leaders to get ready for a rapidly changing future by developing frameworks that can support the expansion of the data economy and by strategizing how to provide their products in the context of the data-driven environment.

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