“It is common for most companies to utilise the skills of data scientists to extract data and make it exclusively accessible to them; however, this creates inefficiencies in executing more effective decision-making since every member or employee of an organisation will require access to this data at some point. Hence, the need for data democratisation across most organisations in different sectors. Data democratisation allows non-technical employees to have the tools and access to analyse data, and eliminates the inefficient process of calling the attention of a data specialist to simply extract data. It fosters autonomy and makes their jobs faster and more effective,” said Gabriele Obino, regional vice president and general manager, Southern Europe, Middle East and CIS, Denodo.
To make data extraction more efficient, making it accessible is necessary to unlock faster decision-making, bring in unique perspectives for solutions and innovations, and improve productivity.“Banks and other financial institutions are some of the most data-driven industries nowadays. They need to adopt various technological systems, cater to customer demands, and secure personal information,” Obino said.
The UAE's“Zero Paper” mission requires banks to transform their operations towards a greener, more sustainable future. This initiative signifies a broader shift for full digital transformation signaling the end of paper documentation and fully supporting ecological advocacies while maintaining efficient workflows. Digitisation of paper-intensive processes, such as account management, loan approvals, and financial documentation, helps reduce paper waste and improve ecological systems.
However, with this transformation, banks must ensure that going paperless does not compromise security and compliance - critical areas for financial services.“By utilising data democratisation, banks can ensure secured access and management of data, implement data catalogs, and establish governance protocols to fast-track data needs. It ensures that the transition to digitisation does not increase vulnerabilities but instead enhance security, reduces data breach risks, and maintains GDPR-equivalent data protection,” Obino said.
In a case study, Denodo helped establish an enterprise-wide data virtualisation layer - enabling real-time data access - the bank centralised its data process without the need for physical paperwork. This streamlined internal processes and ensured compliance with national and international regulations.“For the UAE's“Zero Paper” objectives, this case study demonstrates how data democratisation and data virtualisation can help achieve environmental sustainability while enhancing customer experience and keeping data secure,” Obino said.
In Saudi Arabia, the Kingdom's Vision 2030 strategy is reshaping the country's banking sector, with hyper-personalisation as among its more important aspects. Customer demands compel every organisation, in every sector, to implement changes in its operations; this includes the banking industry. These changes are necessary to drive competitiveness and ensure business longevity. The financial sector is no exception to this challenge, Obino said.“Nowadays, consumers no longer view banks merely as financial institutions; instead, they expect banks to act as life partners, catering to their needs throughout various life events, such as home purchasing, retirement planning, or educational funding,” he added.
Gabriele Obino, regional vice president and general manager, Southern Europe, Middle East and CIS, Denodo. - Supplied photo
Data sovereignty has become a critical element for every consumer of the banking sectors across the GCC, especially with the development of open banking. Customers expect control over their finances and the data generated by their transactions.
According to BCG, in a report titled“The Power of Open Banking: Exploring the Next Wave of Use Cases”, consumers will need further education and information on how their data is used, especially during the infancy of open banking. Adopting a data democratisation platform supplements data sovereignty promoting secured data access across multiple institutions.
Through secure, real-time access, users could view their accounts, transactions, and financial history across multiple institutions.“Having the ability to safely share data optimises their financial management and gains confidence in their bank's service. Data is now a currency of trust and empowerment that GCC can take advantage of. Banks across the GCC that provide their customers with greater control over their data will ultimately gain a competitive edge, enhancing both customer satisfaction and loyalty,” Obino said.
The value of customer data today can be compared to the ancient gold trade of the Gulf region.“Capturing consumer data can have a significant effect and influence on a bank's future. What sets apart a top bank from the rest is its capability to extract valuable insights from most of its unprocessed data. Using the right tools, a bank can analyze a customer's financial behavior and develop a system that can anticipate the customer's needs. Banks can then offer a personalised plan and options for most of the customer's financial plans, whether it is for mortgages, investments, or retirement packages,” Obino said.“Much like refining gold from ore, data democratisation can transform raw and unprocessed customer data into something valuable and actionable. Banks that can capitalise on this new“gold rush” can expect to see improvements in customer satisfaction, loyalty, and long-term profitability,” he added.
Data democratisation will have a continuous role in determining the future of the financial sector, especially with its constant development.“Having the capability to implement real-time data access is a highly needed ability that helps empower various initiatives, whether it is for transforming paper-intensive processes into digital, advocating hyper-personalisation in Saudi Arabia, or supplying customers with sovereignty over their data. Adopting these measures upgrades customer interactions, increases operational efficiency, and maintains their competitive advantage. The future of banking in the region is bright, and data democratisation is the key to unlocking its full potential,” Obino said.