Racing to Data Monetisation in Financial Services

Data monetisation has arguably become the new Space Race. But instead of rockets and moon landings, it’s a race towards obtaining the most economic benefit from data.

9 months ago   •   3 min read

By Angelique Tzanakakis

According to McKinsey, many high-performing businesses are three times more likely than others to say their monetisation efforts contribute more than 20% to company revenues.

Companies in the financial sector were among the first to realise the economic value held by data but unfortunately, they have also been among slowest to capitalise on it. Monetising unfamiliar data from customer apps, disparate sources and old, legacy systems is a serious challenge facing most banks and financial institutions. The difficulty of monetising this data doesn’t lie in collecting it (with APIs and off-the-shelf connectors that part has been made relatively easy), but rather in wrangling it.

Data wrangling is the process of cleaning, structuring and enriching raw data into the desired format for better decision making in less time. To achieve true data monetisation success, financial institutions need tools (not just talent) that allow them to extract meaningful insights from their data quickly and effectively and for this, many are turning to Trifacta.

Trifacta improves the speed and quality of building and automating data preparation workflows. Users can interactively assess data quality and leverage intelligent suggestions to accelerate data cleaning and transformation. What truly sets Trifacta apart though is its ease of use.

Most data wrangling tools are intended for IT audiences with highly technical backgrounds. Previously, companies would hire multiple expensive and hard-to-find data scientists who would write lines of code that would run for days. However, with Trifacta, anyone (truly anyone) can visually inspect data and easily perform data discovery, data structuring and data cleansing. Trifacta empowers users to build data preparation workflows with clicks not code, helping even the most non-technical employee extract value from data in minutes not months.

Trifacta understands the importance of safeguarding your consumers’ data, especially within financial institutions. To remain compliant with privacy laws, Trifacta provides analysts with interactive data lineage visualisations to track data across the entire lifecycle.

“Robust data preparation solutions should balance the needs of self-service and governance. They should make data preparation simple and intuitive for domain experts while enabling robust administrative oversight of data content and usage by IT staff.”  - Joe Hellerstein, co-founder and Chief Strategy Officer at Trifacta

Businesses Using Trifacta

Embracing the movement towards using consumer data to increase revenue, the Royal Bank of Scotland needed to create a complete picture of their customer activity and communication to personalise their services on offer. Specifically, they wanted to glean insights from their online chat data. Unsurprisingly, the data was unstructured and getting insights from it was difficult at best. Trifacta allowed the team to reduce data preparation time by 15x. Thereby allowing analysts to intuitively leverage diverse customer data in Hadoop to build a complete view of their clients.

Likewise, Deutsche Börse, a world-leading stock exchange, used Trifacta to accelerate data preparation freeing time for the data scientists to focus on solving the issues they were hired to solve. Using Trifacta’s visual interface, the data science team can communicate and collaborate with internal market experts - a task that was not possible before.

Financial institutions need to keep up with the changing market to remain competitive. Letting your unstructured data collect dust could prove to be detrimental to your business. There is no better time than today to contact us to help you fully realise your data’s economic value.

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