Alternative Data Strategy
Many banks and financial institutions have ambitions to acquire alternative data in order to gain a competitive advantage by improving credit risk or lapse models, or derive customer insight that will cut costs, or aid innovation and differentiation.
Most businesses do not have a clear path or methodology to:
- Identify “relevant” alternative data sources – what the data will achieve
- Onboard data and match data without privacy concerns – generally no consent has been gained to shared data for purposes other than what it was collected for
- Test the value of the data in specific use cases – get the data onboarded for analytics team to model or test in specific use cases
- Establish the commercial value – what is the size of the problem it solves
- Productionise the data – once the value has been established, how to access the new data without privacy or consent concerns
Omnisient’s Data Collaboration Platform has been designed to solve all of these problems and offer a privacy-preserving infrastructure to onboard, test and deploy alternative data strategies.