KYC, AML, API, SaaS, PISP. In our world of financial technology and Open Banking, we pepper our everyday conversations and presentations with acronyms. In fact, our industry is innovating so fast that we are coining words every ‘day, developing a whole new lexicon to describe the latest ideas, tools and services that we are inventing. And then we realise that our new lexicon is too cumbersome. It’s slowing us down and it needs an acronym.
As recently as 2017, when we’re talking about the second Payment Services Directive we would probably go on to explain how the legislation was designed to facilitate Open Banking and allow consumers to give permission to banks and other lenders to access their account data. But now it’s just PSD2. It’s such a common and familiar concept that we ditch the explanation and skip most of the words too.
I was thinking about this. Maybe a concept only truly comes of age when it’s awarded it’s own acronym?
Data Driven Decision Making
That’s why I was delighted to notice recently that DDDM is slipping into blogs and articles. Data Driven Decision Making has achieved acronym status!
And this is important because turning data into information and then information into intelligence is fundamental to driving business growth. We need DDDM to be something obvious, familiar, part of our everyday business currency.
However, there are still many companies and organisations with hugely rich data resources that are not always harnessing them to make creative and profitable business decisions. And their problem is that their competitors are not only implementing data driven decision making – it has become so embedded in their business processes, it’s so much part of what they do every day – that they are using the acronym.
We’ve been working over the last few years with a range of banks and other lending organisations who have been passionate about transforming their data into valuable insights using our reporting, analytical, forecasting and predictive tools. And recently we have responded to a groundswell of interest from clients who want to co-create these kind of tools with us. We developed our Innovation hub to facilitate this collaborative approach and the feedback from clients so far has proved they value the opportunity to trial ideas in a safe environment, develop products that will integrate into their existing systems or create something brand new that creates a fix or opens up an opportunity to provide a better or more cost effective service for their customers.
For these clients, data driven decision making is at the very heart of their businesses.
And that is very encouraging. But we want to go a step further. We want our clients to be the kind of businesses that have integrated data driven decision making so deeply into the fabric of their organisation that it achieves acronym status.
We want DDDM to be part of their business’s DNA!