Creating A Financially-Inclusive Ecosystem: What Will It Take?
One might think that with the explosion of new types of data and advanced analytics there would be an abundance of low-hanging fruit for financial service providers to feast on. Firstly, the excitement about the potential of non-traditional data may be justifiable. However, the hard work of building the networks to derive value from such data is just getting underway. The invention of the automobile required the development of roads, signage, lighting, laws and regulations. Consequently, so too will data need its own groundwork before it can bring change to the financial system and society.
Any change of this magnitude also requires large-scale collaboration. This will ensure that the infrastructure and standards put in place are broadly applicable across technologies, data types and industries. As such, alongside the many in-house and bilateral initiatives afoot across various providers and markets, there needs to be a much more holistic and collaborative approach to developing data ecosystems that can align principles, practices and standards to facilitate the flow of data through value chains and across geographies.
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