Transforming Your Payments Data From a Cost Center to a Profit Center
Payments data can be a valuable asset to your business – driving a competitive advantage, launching new products or creating operational efficiencies. However, many organizations struggle to extract value from their data due to data being trapped in silos, lack of data knowledge or expertise, fear of headline or reputational risk, and data privacy regulations and compliance. There are many examples of organizations that are currently using their payments data to drive significant business value (i.e. machine learning and AI) and opening up new revenue opportunities. This session will share real-world examples and outline a road map organizations can follow to safely organize and generate tangible value from their payments data without compromising privacy or security.
• How can existing data management practices be modernized to take advantage of innovative technologies like machine learning and artificial intelligence?
• How can payments data be used as an asset while maintaining compliance with privacy and security regulations?
• There are 3 data types to use as part of your overall data strategy: raw, anonymous, and synthetic. Each data type has a different revenue potential and risk profile. Synthetic data is the “breakthrough” data set; it is the future of data, and you should be using it now.
• There is a proven, safe process that maximizes your data revenue while minimizing your risk, ensuring that your team is an excellent steward of data.