Data and consent management services: An opportunity for banks to redefine themselves

Dârâ Hızveren
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Dârâ Hızveren: Garanti BBVA, Nisbetiye, Aytar Cad, Turkey

Journal of Digital Banking, 2021, vol. 5, issue 3, 212-218

Abstract: We are producing increasing amounts of data, which is fast becoming an extremely valuable asset. A handful of companies, dubbed Big Tech, control most of this ‘asset’ and are making forays into financial services, which is bound to commoditise financial services. How this ‘asset’ will be managed in the future, however, presents a potentially huge opportunity for banks if they can leverage their current advantages and boldly create new business models. This paper recalls the basics of the data economy, proposes three major approaches to fend off the threat of commoditisation and defines the opportunity to be seized.

Keywords: Big Tech; FinTech; financial health; open banking; data; consent management services; data ownership (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2021:v:5:i:3:p:212-218

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