How much data is too much? CRIF discusses the issue at the FinTech Digital Congress 2021 in Warsaw
The theme of the discussions at the FinTech Digital Congress 2021 in Warsaw (September 29-30), which was attended by Rafał Plutecki, Head of Banking & Insurance at CRIF, was the possibility of using databases in the banking and insurance business, and the challenges that these sectors face in terms of both legislation (customer consent to data disclosure, regulations) and technology.
Some say that data is the new gold or oil, with the difference that it won’t run out. The drastic increase in the amount of data requires technological development (e.g., data storage drives). In 2021, the amount of data generated will be 74 zettabytes, a 25% year-on-year increase.
The Polish financial market is mature in terms of using data in business processes and is affected by problems associated with data overload: the challenge is using the data well for the benefit of the customer and business development.
Moreover, during the pandemic, when some customers started using online services for the first time, positively verified knowledge, skills and technologies were used by business to support customers buying online.
Since the introduction of PSD2 (already 2 years old!), banking data has been opened up to other sectors for customer transaction verification. Implementation will take time and will have to overcome many barriers: lack of understanding of business processes, barriers on the customer side in giving consent to sharing data, building trust in the process of sharing information, and sharing data not only on the part of business, but also individual customers.
CRIF provides a significant source of data, analytics and automated decisions on the Polish market in all areas of finance, e-commerce, telecommunications and new technologies thanks to its extensive experience in consulting services and the development of data exchange solutions between finance sectors.