Responsible Banking Framework
Responsible use of customer data is a top priority for banks.
Failure to safeguard customer data or use it appropriately is an expensive mistake that erodes away a firm’s competitiveness and business viability1.
CEOs have a difficult balance to strike: too much red-tape and conservative decision-making stifles agility and innovation.
Our Responsible Data Framework can be used to:
- Identify potential risks of harm to customers and employees.
As emerging technology such as AI, IoT and Biometrics come into play, we can get carried away with the upsides, and downplay the potential risks. Run through the “Potential Harm” list to enhance your perspective-taking capability.
- Remain mindful of what opportunities are at stake.
As governing bodies put in place procedures and systems to ensure responsible use of data, they should consider the opportunity cost. Run through the “Opportunities at stake” list to help you maintain business balance.
- Guide decision-making.
The job of executive teams is to balance the tradeoffs between risks and opportunities. But often one does not have to come at a cost of the other. Use our set of guiding principles to help lessen the potential risks whilst maximising the business benefit.
- Adopt a more holistic approach.
We have a tendency to play to their strengths. For example, a process expert tends to favour ‘process design’ in their solution to solve problems. Run through the list of “Capabilities” to take a holistic view of what capabilities are required to avoid misuse of customer data.
Consider this framework a living and changing document: we will continue to update it with use cases and examples as technology and regulation evolves.
We invite comments and revision – please share your thoughts via email: firstname.lastname@example.org or through LinkedIn.