Banks have long relied on traditional data sources to help them evaluate risk and opportunities. However, the marketplace has changed, and it's time to start looking at new types of information. Three data gaps that must be dealt with include:
One: Data that prevents discrimination, Accidental discrimination can occur when banks aren't aware of how their data models leaves some users on the outside looking in. Bring more information into decisions.
Two: Personal details. Personalization is emerging as a key need in the sector, and many banks find themselves needing to gather and use larger quantities of data so they can offer more personal services.
Three: Institutional data. Many organizations have such a limited ability to share information that key institutional knowledge stays siloed. Break those barriers down.
GDS Link empowers banks to broaden their use of data through an end-to-end risk analytics platform. Contact us today to learn more.
