In order for financial institutions to grow a loyal customer base and stay ahead of the competition, they must serve customers with simpler processes and personalised experiences that respond to financial needs in real time. This level of customer service excellence and deep personalisation requires large volumes of data. But with great data access comes great responsibility. To be transparent and accountable to the customers they serve, financial institutions must balance the customer experience with data privacy.

Complicated processes, disjointed accounts, and legacy technology can make such transparency difficult to achieve. To overcome this challenge, financial institutions must think of data privacy as a competitive differentiator that improves the customer experience, not as a back-office activity for compliance. They also need technologies that let them identify, link, and reconcile data from various sources for a unified and trusted customer view — with the flexibility to evolve with business growth and changing regulations.