The age of social media and data regulations
Last week I presented at the 27th Annual Card Forum and Expo and the conference highlighted several issues of progress from new payment solutions. Lots of discussion was regarding Apple Pay and the merchant and consumer perspectives on adoption were widely reviewed. Of course, the implications are of the increasing variety of payment alternatives available to consumers that must be considered by merchants and lenders
“The nature of the predictive data has changed – it used to be an institutions internal data and your CRA’s. Now – it is everywhere.”
The same technology, delivery platforms and the consumer adoption issues also speak to the increasing use of new sources of consumer behavior data available to businesses. One of the high profile consequences is the proliferation of new data sources available and the business user responsibility for effective and Regulatory compliant management of that data.
My session explored the issues around data governance in the age of social media to understand the regulatory background, the trends of consumer usage and the possible insights able to be gleaned from these disparate data sources. With these opportunities comes the attention of regulatory bodies and the disciplined documentation, monitoring and use of these new data sources is necessary to derive the value from the data. All of these issues feed into the need to insure that businesses have established an effective Data Governance ecosystem serving many goals but delivering significant business value.
Please view my presentation below and to receive help with data governance visit Experian’s global consulting practice site to help your business.