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So taking consent based data, which at the simplest level is taking data from their other bank accounts, their position and where they stand, and other information the customer is willing to offer, so they can get a better rate, a better officer, they can get accepted, their journey improves. And not only do you improve your acceptance rate, but you minimise risk at the same time.
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So then the question comes, how do you make sure that you have the right data? One of the ways is with this consent based data to get real time access to positions. And open banking makes that easier. Kazi also took the time to share his thoughts on the impact of COVID on the banking industry, as well as the economy more broadly. In terms of how companies are responding, Kazi said that it is his belief that a lot of what has come before the pandemic will now largely be irrelevant - and that companies need to adopt a far more real-time and forward thinking view of how to approach data and services.
At Santander, some of his work will now involve helping customers transition away from the old world to the new. Most companies have thrown their models out the door for now, because they're based on rear view models.
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There's no point. That's where I think the access to real time data becomes even more valuable because you can't rely on the rear view, because that's based on a very different world now. Nobody predicted the pandemic. If you look at some of the small businesses who are our customers, they are just trying to survive. So my success as a platform will be about being able to create something that allows them to provide, thrive and bounce back.
But what does that mean? That means finding an easy way for SMEs to sell. How can they go digital? Finding an easy experience of converting these people over to digital. Another aspect is helping Santander transform internally too in response to COVID, which is likely to involve some heavy data work.
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You have to architecturally build out what you need, which is what we are doing with making sure we have access to the right data, building our APIs for the core systems, etc. And on the infrastructure side, making sure all the data lakes are in place. At the same time you have to drive what the business needs. For instance, one of our large banks and countries is dealing with a data quality issue.
They have data on millions of customers and they have realised with the pandemic that that data is not where it needs to be. They are trying to contact customers now without them coming into the branch. How do you deal with that? Editorial This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.
Banco Santander appoints former Googler Kazi to chief platform officer Banco Santander has hired former Google exec Aiaz Kazi to fill a newly-created role as chief platform officer with responsibility for helping the bank to improve the way it delivers products and services to customers. Related Company Banco Santander. Comments: 0 Sign in to comment.
Santander acquires bookkeeping app Albert. URL copied to clipboard. CLOSE 3 s. Santander Share. Madrid 4. Information for shareholders and investors. Corporate governance and remuneration policy. Scroll down.