by Danielle Oberdier,
Founder of DiKayo Data
Oleg Aspis, Managing Director and Head of Business Data Management at TIAA appeared on DM Radio to discuss the management of customer data, especially as it pertains to the financial industry.
As Aspis works to create and maintain a consistent well-managed position on data for the organization, he has come to some important conclusions about alternative data and the information economy. The crux of the issue is that companies, especially financial services companies, are gathering a lot of data from third party providers, but the data itself is not robust enough to solve consumer problems. Additional measures must be taken.
Identity Resolution Across Industries
In order to satisfy privacy requirements you have to verify that entering users really are who they are. Many companies use third party data to obtain additional information from customers as they set up new financial accounts. In addition, the enormous amount of social media data available to us can be used not only for market research but for managing financial customers as well.
Using social media data to verify customer identity and activity, despite being an undeniable opportunity, does have drawbacks. According to Kavanagh, 50 million Americans have not logged in to update their part time jobs since the onset of COVID. Time will tell if the ways in which jobs are reported will change and how data strategy can adjust to capture the most accurate and essential information.
The Management of Rules
There is a significant trade-off between protecting customers’ “right to be forgotten” when they close their accounts and following the rules that require a certain amount of time to pass before the data is forfeited. All companies have different standards on this, which may be challenged more and more as customer privacy is demanded across industries. Which rule will win?
What is our People Strategy?
Aspis encourages all data leaders to understand intellectual capital in terms of people as much as the information they process for the company. “Helping our employees on the business side, such as days engineers can make our data science discoveries a reality,” he said. “What is the company’s history and what are the main issues that might affect strategy?”