Over 4,5 billion euros invested by Italian banks in technology in 2018
At the top of the priorities in the investment programs of the companies analyzed by ABI Lab, the research and innovation center for the Bank promoted by ABI, we find the data management initiatives, and the initiatives concerning the "open banking" .
These aspects are accompanied by the enhancement of digital channels, adaptation of infrastructures and the management and mitigation of cyber risk.
The strategic and ethical management of information is one of the main characteristics of the new banking models, therefore a stimulus and an enabling factor to undertake new development actions from a business point of view. Banks have long adopted approaches to data management focused on sound ethical principles and a responsible vision.
Not in all market sectors there is the same level of awareness and attention that banks reserve for the value of data and it is therefore important that the evolution of the regulatory and social context can tend to guarantee a level playing field leveled among all subjects operating in the digital ecosystem, for the benefit of customers.
From a future point of view, a possible evolution is looming that will pave the way for an open data economy, which will encourage the emergence of new economic dynamics based on concepts of sharing and extended collaboration at the ecosystem level, always keeping at the center the protection of customer information and rights and the creation of a balanced field of competition between all actors, not limited to the banking sector.
The importance of information governance is underlined in the study just presented by ABI Lab entitled "Information Governance: ready to take off?".
According to the research, the ability to extract value from information derives the possibility of interpreting the changes taking place more clearly and consequently the opportunity to activate the engines of digital transformation.
In particular, the governance of information plays a key role in: supporting the analysis and interpretation of a large number of data; build specific skills for the design and exercise of statistical models; effectively use artificial intelligence algorithms and in particular machine learning; capitalize on the phenomenon of big data; implement a digital strategy.
As a significant factor in increasing business value, the governance of information is increasingly configured as a widespread system, which in order to operate at maximum efficiency requires commitment and participation in a continuous dialogue between various company actors.