Data strategy in connected business models

Christoph Berentzen and Benjamin Schaefer
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Christoph Berentzen: Commerzbank AG, Germany
Benjamin Schaefer: Business Engineering Institute St. Gallen, Switzerland

Journal of Digital Banking, 2023, vol. 8, issue 3, 210-219

Abstract: In today’s business environment, data and data strategies are crucial in developing customer-centric business models. The emergence of platforms and ecosystems, in particular, is driving the significance of data as a vast amount of it is generated in such organisational settings that participating corporates can leverage to ensure the viability of their future business models.1 In this context, standardised data management and interfaces are becoming vital to guarantee necessary collaborative readiness and enhanced customer-centric business models. As data volume grows, corporations and financial institutions utilise application programming interfaces (APIs) to access internal and external data sources. However, they face challenges that must be addressed. To succeed, corporates and financial institutions must establish adequate data strategies with state-of-the-art data management based on internal and external data sources that serve their long-term corporate strategy. This paper outlines two essential data strategies: defensive and offensive strategies, along with selected use cases from various industries, highlighting the opportunities and challenges faced by corporates and financial institutions.

Keywords: data; data strategy; IoT; ecosystems; open banking API (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2023:v:8:i:3:p:210-219

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