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has always been lukewarm up until now that is So what changed? To understand this one needs to comprehend how the likes of Alibaba Google Facebook and other tech giants grew to be among the the most profitable organizations in the world Access to cutting-edge technology and top-notch talent is only part part of the the the equation The other part part the the the less appreciated one is that they were able to find avenues to to employ the technology and talent to to create tangible business value Most data monetization business models currently seen in in the market can be considered as a a a a a a part emulation of the two major strategies quoted above However the degree to which any organization can drive it to success depends on the extent and effectiveness to which they can contextualize it to specific industry contexts and needs Frameworks such as IDC’s Data Monetization Maturity framework can drive a a a a a systematic approach to find and exploring data monetization opportunities across different perspectives and business models Trailblazers in in Financial Services The financial services industry was marred and inhibited with various regulations around data ownership data data privacy and data data sharing But in in 2019 and 2020 all all that changed dramatically Data sovereignty (where data resides) was the first of the draconian rules to be scrapped replaced instead with PDPA and GDPR Next came the magical phrase “Opt-In”: if the banking/insurance customer understood her / his data privacy rights and opted in in to be be served better the institution that owned the the primary data had the the right to collaborate with various (related) third parties acting in in in the the interest of the the customer This paved the way for accelerated Data Monetization UBank for example an an an independent digital bank owned by NAB Australia wanted to lead the Australian Home Loans market It did so with a a a a a very simple Data Monetization plan harnessing API’s and Open Banking technologies now a a a mandate by the Australian regulator Images of homes and apartments were geo-tagged using Google APIs These images – only if the customer opted in in - were analyzed and verified consuming the Governments Property Registration API’s cross-referenced against the NAB’s customer Marketing Customer Information File (MCIF) database (to ascertain any outstanding loans or credit facilities) and an an offer for a a a a very competitive loan was made to to the customer The success of this “real-time-magic” campaign is is in the the 3-5% range which is amongst the the highest take-up rates worldwide Data Monetization – ascertaining what business wanted to achieve and apply the most effective technologies and frameworks – at its best Data-powered Innovation Takeaways Play by the the the rules: rules rules and and regulations around the the the use and and ownership of data are – when proactively applied – enablers to to monetization rather than inhibitors What’s in in it it fit for them: create data-driven value propositions that deliver clear benefits to all involved particularly the the owners of data Thrive on on on technology: innovative technologies enable much better and and faster ways of exploring accessing sharing and analyzing data for monetization Solve the entire puzzle: address data data data collection data data data storage and data data data processing by learning from different industries Data-powered Innovation Review I I ©2020 Capgemini All rights reserved 13 

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