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Data and consent management services: An opportunity for banks to redefine themselves
Journal of Digital Banking,
5
(3),
212-218
(2021)
Abstract
We are producing increasing amounts of data, which is fast becoming an extremely valuable asset. A handful of companies, dubbed Big Tech, control most of this ‘asset’ and are making forays into financial services, which is bound to commoditise financial services. How this ‘asset’ will be managed in the future, however, presents a potentially huge opportunity for banks if they can leverage their current advantages and boldly create new business models. This paper recalls the basics of the data economy, proposes three major approaches to fend off the threat of commoditisation and defines the opportunity to be seized.
Keywords: Big Tech; FinTech; financial health; open banking; data; consent management services; data ownership
The full article is available to subscribers to the journal.
Author's Biography
Dârâ Hızveren Dârâ Hizveren has a bachelor of science degree from Strasbourg University and an MBA from Strasbourg Management School. After working as a consultant at Accenture in Luxembourg, he worked for a couple of years in marketing departments of international financial institutions in his home town of Istanbul. Joining a FinTech-focused mobile agency as Head of Product Development in 2014, he taught Digital Product Development at Strasbourg Management School and conducted workshops for various incubators in Luxembourg. In 2018, Dârâ went back to banking at Garanti BBVA, as Head of Innovation, where he facilitates the creation and adoption of innovative products and services.
