The rise in non-technology companies becoming technology companies has been made possible by the availability of data but close to it is trust, as Juan Jiménez Zaballos, Head of Financial Industry Transformation, Santander Digital Platforms stated in a 2020 Finastra publication.
The 2020 Deloitte Global Marketing Trends Report demonstrated to us that for businesses to gain trust from their customers in the digital age they need to think of and start “Building a structure that systematically builds trust by protecting customer data from both external cyber threats and unethical internal data misuse”.
Apart from building trust with your organisation, data governance will help it automatically comply with most aspects of the Data Protection Act 2019 and the EU General Data Protection Regulation, GDPR.
With the Data Protection Act 2019 in place and the continued consumer awareness on their rights, businesses urgently require a form of data governance mechanism before it is too late and expensive.
A proper data governance mechanism will help an organisation easily convert to a technology one and will be able to help it utilise its data assets legally and morally.