Establishing the trust anchor in the digital economy: The case for banks to become ‘data custodians’

Mounaim Cortet, Maarten Bakker, Pepijn Groen and Denise Hoppenbrouwer
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Mounaim Cortet: Senior Manager, INNOPAY, The Netherlands
Maarten Bakker: Partner, INNOPAY, The Netherlands
Pepijn Groen: Manager, INNOPAY, The Netherlands
Denise Hoppenbrouwer: Consultant, INNOPAY, The Netherlands

Journal of Payments Strategy & Systems, 2021, vol. 15, issue 2, 150-164

Abstract: This paper argues that the entry of non-bank and/or non-financial players (eg FinTechs and Big Techs) into the payments and banking industry is eroding the role of banks as ‘money custodians’. To survive, banks must therefore embrace new strategic initiatives. This paper discusses how banks can establish themselves as the trust anchor in the digital economy and secure their future relevance and business. Specifically, it presents a strategic roadmap for banks to assume the role of ‘data custodian’ in the everyday lives of their customers. This role will enable them to provide the secure and reliable exchange and management of data-driven digital transactions across all sectors in the digital economy. The proposed roadmap describes the key implications for banks to succeed in their new role. The paper concludes with three critical transformation success factors for bank executives to consider in their transformation journey.

Keywords: data custodian; data economy; digital ecosystem; digital transformation; open banking; digital identity (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (2)

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