Triggered by digitalisation, US companies in particular have shown us that a data-driven business model correlates directly to strong profits and high market capitalization. There are a number of new applications that arise if you are able to use data intelligently and monetise it:
- Data-driven services can be used to make real-time decisions on loans. In this way, PSD2 makes it possible to conclude a loan agreement with a bank other than the one where the account is held immediately and without delay.
- End-to-end analytics and AI applications provide financial institutions with numerous possibilities to prevent fraud. This is essential at digital businesses in particular.
- Financial service providers are tapping new sales opportunities by systematically evaluating data available on the Internet as well as in commercial registers and managing the corresponding sales activities in a targeted manner.
Data-driven services are a key facilitator of digital processes at banks. They are able to integrate data in numerous formats from a wide range of sources, are modular (think microservices), can be scaled up or down as required and are available for use in real time. Throughout the process, the use case remains the main point of focus at all times.