Transforming PHL banking through data democratization

DATA democratization is like providing all team members in a basketball game with the same coach’s playbook. Limiting access to only select players hinders the team’s ability to execute cohesive plays and make effective decisions on the field. However, when the entire team has access to the playbook, they can understand the game plan, anticipate moves, and work together seamlessly to score more points and win the game. In banking, democratizing data empowers every employee to have a deep understanding of the business strategies and trends, leading to better collaboration and improved outcomes for the organization as a whole.

THE ROLE OF DATA IN THE PHILIPPINE BANKING SYSTEM

Today, financial institutions must possess the capability to amass, comprehend, and exploit data effectively to secure a competitive edge and achieve success. The same holds for local banks where, as McKinsey highlights, the combined value generated by the three major fintech and digital banks in the Philippines surpassed that of all traditional banks in the country over the past two years.

For the latter to thrive, they must acquire, comprehend, and capitalize on data swiftly. According to a report by IDC, organizations with a high degree of data intelligence experience a 40% financial improvement, and a 20% enhancement to operations compared with those grappling with a lower level of data intelligence.

Nevertheless, analyzing and acting upon organizational data has usually been confined to specific groups of employees within businesses for an extended period. This, in turn, has impeded decision-making and even led to decisions being made without robust data to substantiate them, placing organizations at a disadvantage.

REALIZING THE FULL POTENTIAL OF DATA

Want to know why democratizing data enables organizations to pivot towards data-driven practices? It’s because it allows employees of all stripes to access the data they need readily, empowering them to act on insights and with greater efficacy. For instance, this can be leveraged for customized and personalized customer experiences, ultimately leading to heightened levels of customer satisfaction and loyalty.