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Banks shouldn’t view the imminent battle for consumer data as a foregone defeat – in fact, helping consumers manage their data securely presents a significant opportunity for banks, according to Niel Bester, SVP Products, Entersekt.
For over three centuries, traditional banks have enjoyed a monopoly on financial services. With the emergence of the digital age, that monopoly has extended to the curatorship of banking customers’ sensitive personal information – a commodity that is now almost as valuable as the money banks hold. The world is becoming increasingly aware of the potential of customer data, which banks – since they already have access to that data – will certainly take full advantage of. Yet the fact that data, and not just actual money, holds real power today is making banks vulnerable to competition in a way no one could have foreseen even 50 years ago.
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