Banking Frontiers|June 2020
As much as 64% of customers felt worried about companies using their data for data analytics, a recent study on data privacy concerns showed. And 74% of the customers said they are paranoid about their personal information being sold to third parties and 64% said if they can trust the company then they will share their information.
In these times when customer data is available at dead cheap rates, not all data available may be relevant data. Another aspect of data science is that do analytics for decision support, personal information may not be necessary. Hence data experts aver just collecting data does not make an organization competitive in the market. Besides, the most relevant aspect is the objective of the business for which the data is being collected. Governance and risk practices around data are extremely important for enterprises.
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