While all companies sell products or services, increasingly, the real value of a company rests in its data. As the value increases, so does the need to properly organize and store it and, just as importantly, protect it with good policies and procedures. Data governance policies consist of principles, guidelines, standards, roles, duties, and processes that ensure data quality and security throughout its life cycle. Although many businesses recognize the importance of data governance, they face challenges in consistently implementing best practices to make the most of their data. This Research Byte provides a summary of our full report on data governance best practices.

The banking industry has undergone a significant transformation, driven by technological advancements like AI and RPA, economic fluctuations, and rising operational costs. This led to over 16% growth in Banking BPO outsourcing and a 12% increase in active clients from December 2022 to December 2023. The demand for high-value services such as customer analytics, risk, and fraud detection has risen. Geopolitical tensions have also led to a surge in nearshore outsourcing in regions like the Middle East, Africa, and Latin America. Service providers are responding by offering technology-enabled solutions and expanding into new locations.