Data monetization is a huge revenue opportunity for financial services organizations that is misunderstood and underutilized. When done correctly, data monetization is a high margin revenue stream with minimal or no risk. When done incorrectly, data monetization drains budgets and resources, and exposes your data to security, compliance, and privacy issues. The good news is there is a road map to safely monetize your data internally and externally.
What is the Road Map to Data Monetization?
In today’s digital world, there are billions of daily transactions, insights, and touchpoints producing mountains of data that can be leveraged to drive greater customer experiences, enable scientific breakthroughs, produce greater products and services, and introduce new revenue streams. One of the biggest challenges facing organizations today is how can you unlock the power and value of financial data while ensuring privacy is protected?
In a recent podcast and article with PYMNTS.com, ARM Insight CEO, Randy Koch outlined why the “perceived fear of data monetization is higher than the actual risk.” ARM Insight already safely and securely monetizes data for more than 1,000 financial institutions and has outlined the lessons learned in a “Road Map to Safe Data Monetization.”
Let’s discuss how to build your road map to safe data monetization.
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