5 Steps To Data Modernization In Financial Services

Assessment Checklist

Evaluate your organization’s data readiness using this simple template. You can add or remove questions based on your business requirements and objectives.

STEP 1: YOUR ENTERPRISE DATA STRATEGY

Becoming an insight-driven organization begins with a plan based around goals such as building better products, deepening engagement, or streamlining operations. Now is the time to consider which opportunity to tackle first, what to measure, and how to get there.

• Do you have a clear roadmap or enterprise-wide vision for implementing data across the business?
• Do you have an established method for turning data into business value?
• Who owns data within your business? How do business users access customer and marketing data today?
• Do you have the data you need to make informed decisions at key inflection points?
• Do you have a culture of self-service for your data needs?

STEP 2: YOUR VALUE EXCHANGE STRATEGY

Once you’ve determined what’s best for your business, it’s time to establish exactly what your customers will get in exchange for sharing their valuable data. Personalized marketing and loyalty programs are a start, but transparency is increasingly high on the list of consumer expectations.

• What is your value exchange strategy? What value are you offering to your customers in return for sharing their personal information?
• Do you collect customer and contextual data? If so, what types of data do you capture (e.g., profile, transactions, digital interactions, IoT)?
• Are you able to articulate the reasons and business goals behind each piece of data that you collect from your customers?
• What best practices do you follow for security protocols around data storage?

STEP 3: CREATING A 360° VIEW

Your strategies are established. The data is pouring in – to too many places. The best way to stitch it all together and create a 360° view of customers is a robust Customer Data Platform.

• Do you currently have a 360° customer profile interface that shows key data and statistics about individual customers?
• What data sources do you use to enrich your customer profiles? What procedures are currently in place for integrating and matching supplemental third-party data to the customer profiles?
• How do you integrate with different data sources? Do you support batch, micro-batch, and real-time ingestion?
• How frequently can you update your customer data from first, second, and third-party systems?

STEP 4: TURN DATA INTO MEASURABLE IMPACT

With your data connected and easily accessible across the enterprise, your business and your customers can begin to reap the benefits.

• How are you identifying opportunity and capturing value from investment in data?
• What level of commercial value are you creating from your investments in data?
• How are you using data to generate new insights into customers or drive business innovation?
• How are you activating the data you collect from your customers (e.g., messaging, personalization, test, use cases, segmentation)?

STEP 5: PLAN FOR NEXT

The beauty – and the beast – of data modernization is that the definition of modern is always changing, so you can continue to drive more value, but it takes more commitment. The next frontier? Artificial intelligence and machine learning offer hyper-personalization, reduced costs through automation, and more.

• How are you applying machine learning today (e.g., recommendations for content, cross-sell, banners, etc.)? How are you using AI?
• Are you struggling to put machine learning and AI experiments into full production?
• Are you training your colleagues in analytics skills from data visualization to machine learning and AI?

Let’s Talk

Contact us to discuss how Publicis Sapient can help your business make the most of its data.