Donât dismantle data silos, build bridges. Alan J. Porter, senior customer experience evangelist for the OpenText Customer Experience Suite,
explains the importance of organisations having a âholistic viewâ of their âcustomerâs dataâ. đ  But this shouldnât be from pooling siloed data into a central location. â> Instead,
leave the datasets where they are and build connections between them:
Instead of tearing down the castle (or system) walls, we should be looking at how we can build bridges between them. That way those who have built their expertise can share it while still having authority over their own keep (data set). Bridges allow the required data to be collected once and then flow freely between systems where the individual system owners can use it in the way that best suits their need.Each customer interfacing system can still stand alone and address the needs of a particular line of business, or be an enterprise single source of truth. Yet by passing data between them, or existing enterprise business systems, they can be the foundation of a fully connected continuous customer experience.
European banks brace for shake-up in customer data access. Writing for the FT, Martin Arnold, Caroline Binham and Jim Brunsden
explain the implications of the EUâs second payment services directive (PSD2) which came into force yesterday. đŚÂ  The
new legislation aims to â
enhance consumer protection, promote innovation and improve the security of payment servicesâ and means that European banks âmust start allowing third parties - such as retailers, technology groups and rival lenders â to access the accounts of any customers who authorise itâ. đ  As
put by former Barclays chief executive, Antony Jenkins:Â
The winners in this are going to be the people who can take that data from multiple financial institutions, combine it with other data sources and add value back to the customer.
Data management trends in 2018. Paramita Ghosh
discusses her predictions for this year. đŽÂ Alongside the expected - GDPR, data storage, privacy and marketing trends - Ghosh points out that enterprises are ârealisingâ that â
data is their most prized assetâ and so are exploring ways that they can safely monetise it:
As companies continue to gather huge troves of device data, network data, or customer behaviour data â they are now thinking of turning this data into a profitable revenue earner through advanced Big Data technologies associated with data acquisition, storage, analysis, and deployment. The advanced customer analytics possible due to Big Data will hopefully enhance revenue generation for businesses in future.Â
Everyone wants a data platform, not a database. Jeffrey Burt
explains the need for a âmore scalable, programmable, and adaptable platforms with real-time applications that can chew on ever-increasing amounts and types of dataâ. đ  To do so, Ravi Mayuram, SVP of engineering and CTO at
Couchbase, explains the importance of â
moving away from a rigid schema to a flexible schemaâ which can adapt to changing and different markets - as thatâs âwhat really liberates dataâ. đŻÂ Â
Carphone Warehouse fined ÂŁ400,00 over data breach. The Information Commissionerâs Office (ICO)
issued one of their largest fines - so far. đ°The company
failed to secure âthe personal data of over three million customers and 1,000 employeesâ. Information Commissioner Elizabeth Denham commented:
A company as large, well-resourced, and established as Carphone Warehouse, should have been actively assessing its data security systems, and ensuring systems were robust and not vulnerable to such attacks. Carphone Warehouse should be at the top of its game when it comes to cyber-security, and it is concerning that the systemic failures we found related to rudimentary, commonplace measures.
