D4t4 Solutions and DNB: digital transformation through data
D4t4 Solutions is dedicated to helping companies get the most out of their data assets, as Bill Bruno, Vice President, North America, explains. “We're all about the data. From our side, we’re really trying to help customers along the journey of digital transformation and there's two facets to our business that do that: our customer data platform, Celebrus, and our customer data management platforms.”
The latter side of the business involves ensuring customers are not overwhelmed by data. “As you look to build mature analytics programs, you need environments that are performant and scalable, and that can get the right data to the right place at the right time for people within the organisation to do something with,” says Bruno. “And that's where our customer data management side of the business comes into play - building environments that organisations can trust to scale and perform for various business analysis and customer experience initiatives.”
The company’s customer data platform is known as Celebrus, and is the trusted solution for numerous global banks and insurers who are on a data-driven transformation journey. Fundamentally Celebrus solves the inherent challenges brands have of capturing data at an individual level while remaining 100% compliant along the way. D4t4 helps brands build outstanding customer experiences that can be delivered at scale, in real time across all digital touchpoints and channels. ”If you're trying to activate digital transformation in the truest form, the most important and most personal channel for your customers is going to be digital, whether that's web, mobile or various other touch points that you build. Expanding your customer experience is a path you can’t go down without the most complete, contextualised data in the industry today. That’s where Celebrus comes in.”
Accordingly, Celebrus aims to get the most detailed data possible, further contextualised by AI and machine learning built into the platform, while remaining compliant with global frameworks such as GDPR and CCPA. “It really allows you to stitch the journey together across all devices and channels without the data management costs. The silos that generally happen in organisations are a key limiter to digital transformation, but Celebrus knocks those down. We capture everything, in an ethically compliant way, all the way down to individual key presses, mouse movements and mobile gestures, if you so choose. Then, we instantly stitch these behaviors together in milliseconds, across all channels and devices, to build the most complete and contextualised view of your customer. This ensures that you can use Celebrus data for marketing, customer experience, data science, risk, fraud, and other areas.”
Norway’s largest financial services group DNB and CDO Aidan Millar are users of D4t4’s technology, with the relationship taking the form of a true partnership. “We want to help clients to actively ‘listen’ to their customers, build hyper-personalised journeys for customers and go through transformations similar to the one that DNB has been on which, led by Aidan and his team, has been unbelievably impressive. Our goal is to provide leaders like Aidan the data that they need to realise their vision. Our role is to make sure that we're aligned to their purpose, constantly interfacing with them, understanding what roadblocks they might be running into as an organisation, and being ready to respond to any adjustment to that vision when unexpected events like a pandemic pop up. The data that Celebrus is capturing in real time is helping them activate everything that they have planned from a customer relationship perspective across the entire business.”
The partnership with DNB is a model of the relationships D4t4 creates with its clients, as Bruno explains: “We want to ensure that the capabilities of our platform are fundamentally aligned with the goals of our clients such that organisations like DNB can use Celebrus data to power use cases across the enterprise and can trust that the data is always available in the format required instantly.”
Read more about D4t4's work with DNB, here.
BIS and Bank of England launch Innovation Hub London Centre
The BIS Innovation Hub's work programme is currently focused on six areas: use of technological innovation in supervision and regulation (suptech and regtech), next-generation financial market infrastructures, central bank digital currencies, open finance, cybersecurity, and green finance.
The launch is part of a plan to expand the global reach of the BIS Innovation Hub, which also includes the opening of Centres with the Bank of Canada (Toronto), the European Central Bank/Eurosystem (Frankfurt and Paris) and the four Nordic central banks (Danmarks Nationalbank, the Central Bank of Iceland, the Central Bank of Norway and Sveriges Riksbank) in Stockholm.
“The BIS, together with its partners, is taking a leading role in coordinating the work of central banks on technological innovation in the financial sector to pave the way for the future of central banking. This new Centre in London reflects the Bank of England's critical role as an innovator in responding to the challenges and opportunities of the digital world while safeguarding financial stability.” said Agustín Carstens, General Manager of the BIS.
“The UK is known for pushing the boundaries of digital finance so it's great to have the new Innovation Hub opening here. Its work will help central banks to support safe innovation, and boost our efforts to capture the extraordinary potential of technology.” said Rishi Sunak, UK Chancellor of the Exchequer.
Importance of banks staying up to date with the latest technologies
It is important that banks upgrade their legacy systems to handle the new wave of digital payments and currencies. The hubs are focusing on the study of these areas so that they can help the various central banks and also carry out their own tests on these as the financial system across the world prepares itself for this digital transformation.
It is likely that there will need to be changes and upgrades to handle the various practices and processes that are to come into existence and it is expected that these hubs would advise the various central banks on how such practices need to be regulated and supervised as the new rules need to blend the processes of both legacy and digitalisation systems.
In the coming years, the focus will turn to green banking. Every institution has a responsibility to take care of the environment and bring in processes to help the Earth stay green. With digital currencies using a mass amount of electricity, it remains to be seen how the banks are going to handle this new developing situation.