To stay competitive and relevant, DNB recognized the criticality of shifting from a traditional mode of operation to a digital mode based on its customer’s preferences. As Aidan Millar, Chief Data Officer, reflected, “Our customers are talking to us every second of the day on digital channels, and we have to have the ability to listen and respond effectively to their needs.” By making more effective use of data, DNB believes that customer insights can be derived that will significantly enhance customer interactions.
Late in 2017, DNB initiated its “4theFuture” strategy. Central to this initiative, DNB laid out a three-year data journey focused on these core steps:
1) Protect the Bank
3) Grow the Bank
It’s an approach that recognized that DNB needed to put foundational data governance practices in place – effectively “learning to walk” before the organization could “run.” To do this effectively, DNB initiated four tracks as part of the Chief Data Office Change Program. First, it started with people: putting the right people in the right place to enable success. Second, it introduced processes that would promote data ownership through DNB. Third, it incorporated technology to provide context and “make the invisible visible.” And last, it established a focus on delivering value to the business through quick wins.
Four key objectives are at the core of DNB’s 4theFuture strategy:
- Increase innovative power
- Increase the use of customer insight
- Drive skills enhancement
- Incorporate corporate responsibility in all processes
Underlying these objectives is a comprehensive focus on addressing regulatory requirements. As Millar notes, “Regulations are often seen as a burden and should be reframed as best practice, but why wouldn’t you want to be compliant with best practice?”
One of DNB’s key challenges was to establish an ongoing data-driven view of customer data quality to drive better customer engagement while meeting aggressive timelines to address regulatory compliance requirements (BCBS239, GDPR, and AML). To address this challenge, DNB moved forward with a strategy for a customer data platform incorporating critical components for data quality and data governance.