A data-led future
The New Year will be one of increasing data usage in business, and those that can master its application will earn themselves an advantage in an increasingly competitive marketplace.
The general trend of digitisation and automation accelerated rapidly in 2020, fuelled primarily by the COVID-19 crisis but also the ongoing shift seen in the past few years.
There's been a substantial increase in interest from CFOs and treasurers in straight-through processing and real time payments, as well as a rise in adoption of these tools. This will continue to build through 2021.
Expect to also see further progression on digital ID in 2021, ensuring consumers and businesses can transact digitally in a secure and trusted manner.
At ANZ we’ve using to data to figure out what our customers need and deliver it in a way that can help them manage their business better. In 2021, we’ll continue to take a design-led approach to deliver efficiency gains for our customers, and help them create a better experience for their customers.
With business and customer interactions moving to digital formats there's a world of opportunity before us. Data use can help inform improved decision making; lift the quality of the customer and supplier journey as we move to real-time payments future; and drive faster adoption of revolutionary digital technology.
With open banking on the horizon, ANZ’s experience with data means we're in a unique place to help customers use their information to make informed decisions in the way they manage their business.
Unfortunately, the digital revolution also brings increased risks and vulnerabilities for organisations regardless of their size, industry or location. Securing the right governance structure and recognising sensitivities around data is critical. All businesses need to protect the trust customers have in the system.
To succeed in 2021, businesses need to keep doing what they were forced to do in 2020: embrace ambiguity and accelerate the adoption of digital and innovative solutions. We need to stay flexible and think differently.
Emma Davine is Head of Public Sector, ANZ Institutional
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