The industry “must move the needle” beyond what it can offer in the data space, according to Sanjay Saxena, head of data governance at Northern Trust, at the Financial Information Management (FIMA) conference in London.
In a presentation entitled Monetising Data, Saxena questioned what exactly exploring data meant and what it means on the industry’s journey as it moves forward.
Saxena stated more must be done to manage the quality and quantity of data beyond regulatory targets.
He commented: “Speakers here this morning have already talked about quality and management of data. We have to move beyond regulatory initiatives [for firms] to become an effective data company.”
“We should be promoting values around culture and quality of data, which is what we are doing at Northern Trust.”
He stated that data must be given in a consumable form, aimed to enhance insights for the customer and, it must, he said, offer as many monetary benefits as possible.
He added that in particular, there should be a stronger partnership between data and product groups to build data-centric products.
To move forward, Saxena said firms should ensure that they do not cannibalise existing products and should make privacy concerns paramount to their business model.
Saxena also stated data aggregation across many different firms is becoming a new disruptive business model.
He concluded by predicting the shift toward data-centric business models will be slow and will require additional investments in architecture, data platforms and data governance.
