Dr Rafael Coronel, CDO and Data Protection Officer at financial services platform Digio, talks to us about steering the company through the Covid-19 pandemic, CX innovation and the future of digital banking
What role does data and analytics play in Digio’s broader business strategy? What makes your approach different to that of more traditional banks?
The data and analytics team plays a very important role in our company.
We support all business areas end-to-end, especially the product and new business teams, to better understand key events related to quick changes in the market. We also provide insights to improve decision making in relation to future moves before they happen.
Last but not least, we also regularly put predictive models into production to anticipate when undesirable phenomena may happen (e.g., churn models), so we may not only prevent them from occurring, but also observe how we may quickly make small changes to the product just in time.
Our approach is different because we have a deep knowledge of the digital banking market and we know how to precisely put business, market benchmarks and data science together using state-of-the-art technology.
You joined Digio as its CDO and Data Protection Officer in April 2019. What would you say have been your greatest achievements over the past year?
Since we are customer-centric, as a DPO I need to ensure we may offer the best product to our clients with two eyes on data protection regulations. We believe that we can improve user experience through guaranteeing that users can rely on safe operations while using our products and services.
On the other hand, as the Chief Data Officer I need to support Digio to achieve its goal, which is offering the best experience based on data instead of relying only on our opinions.
What challenges will your team need to overcome in order to achieve your goals in 2020 and beyond?
The main challenges my team will face in the coming days lies in giving our operations a precise drive, taking into account recent market changes due to Covid-19 restrictions. We not only need to keep delivering numbers, forecasts and models but also pay close attention to market quick changes.
However, Digio relies both on strong back office technology and experienced business teams whose knowledge, together, makes us stronger and capable of keeping Digio moving in the right direction.
How do you think the Covid-19 pandemic will affect your business and the work of your data team in the coming months?
Recent facts have hit the market in a very generic way, regardless of if we are talking about banks, retail or transportation markets, for instance.
Digital banks specifically now have several advantages over traditional ones. Digital platforms may offer a differentiated kind of service through which users can operate their transactions from home.
Nevertheless, it’s paramount that digital platforms are able to offer the best user experience to their clients. We are using our analytics capabilities to support our clients, in terms of understanding how to assist them best during this quarantine period. Moreover, we take special care to make customers feel they are not alone and can always count on us.
How do you think the work currently being done by Latin American data leaders in financial services will shape the future of the sector?
Innovation is a key part of any business nowadays, since we have to meet people’s expectations on products and services.
Speaking specifically about financial services, technology has completely transformed the way people look at traditional banking. In terms of innovation, the financial services market is expected to incorporate the best experience to clients when it comes to products and services.
Leaving home to get food or to purchase goods is becoming less and less necessary and there’s now an opportunity to reinvent the way people pay for food or purchase goods.
Banks and other financial branches have a huge opportunity to reinvent themselves to offer superior experiences to clients with security and agility. Data can allow companies to better understand clients’ needs and expectations at an atomic level, where we may look to a particular person not big clusters of people.
Today, data may help with tailoring products and services to one specific person. That is the milestone companies are looking at now and it will certainly make the difference and will directly reflect on people’s preferences.
For more tips and insights from the cutting edge of data and analytics, join Corinium at Data Champions Online, Latin America from 28-30 April. Find out more here.