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Data strategy in connected business models
Journal of Digital Banking,
8
(3),
210-219
(2023)
Abstract
In today’s business environment, data and data strategies are crucial in developing customer-centric business models. The emergence of platforms and ecosystems, in particular, is driving the significance of data as a vast amount of it is generated in such organisational settings that participating corporates can leverage to ensure the viability of their future business models.1 In this context, standardised data management and interfaces are becoming vital to guarantee necessary collaborative readiness and enhanced customer-centric business models. As data volume grows, corporations and financial institutions utilise application programming interfaces (APIs) to access internal and external data sources. However, they face challenges that must be addressed. To succeed, corporates and financial institutions must establish adequate data strategies with state-of-the-art data management based on internal and external data sources that serve their long-term corporate strategy. This paper outlines two essential data strategies: defensive and offensive strategies, along with selected use cases from various industries, highlighting the opportunities and challenges faced by corporates and financial institutions.
Keywords: data; data strategy; IoT; ecosystems; open banking API
The full article is available to subscribers to the journal.
Author's Biography
Christoph Berentzen has been Head of API & Open Banking at Commerzbank since 2020 after joining the bank’s API programme as a chapter lead two years earlier. In addition, he is heading the Distributed Ledger Technology (DLT) initiatives at Commerzbank. Previously, he was responsible for product and requirements management at the FinTech smarthouse (adesso), where he held several management roles. After graduating from university in 2010, he started his career as an IT project manager at another FinTech, Interactive Data. The 37-year-old manager acts within Commerzbank as an enabler for business connectivity, helping all other bank areas deliver centralised data services internally and externally through API, DLT and other technologies. This not only increases internal efficiency but also enables new business models externally. Outside work, Christoph is a passionate author and publisher.
Benjamin Schaefer is a PhD candidate at the University of St. Gallen (HSG) and a research associate at the Business Engineering Institute St. Gallen. He focuses on information systems and examines Distributed Ledger Technologies’ organisational and inter-organisational aspects. Benjamin holds bachelor’s and master’s degrees in economics from universities in Germany and London, with stops in Amsterdam and Shanghai. He worked for a global consulting firm for many years with several projects on a global scale and has experience in banking, being employed for one of the largest savings banks in Germany.
