Within the banking industry
In the banking industry, there are a large number of data that is collected daily, ranging from new client’s biodata, transaction data, audit reports, marketing reports, procurement reports and transactions as well as credit-related data. For the management or the executives of a bank, the data that matters most include the client’s data. This is because in case the client’s biodata is stolen or compromised, the bank may be in a very critical situation where it has to pay fines as well as compensation to the clients. Information that is very crucial in a bank is the transaction data. Banks are generally financial institutions, and once financial transactions are conducted every minute. As a result, the financial status of clients, as well as suppliers and that bank itself, are very crucial, and hence the executive treats the data as very essential.
Within the banking industry, several players require the data. The first group that needs that data are the internal as well as the external auditors to examine compliance as well as transparency and integrity of banking activities. Another group of people that requires the data are marketing as well as the human resource managers who use it to plan for resources as well as planning for marketing activities. Finally, the suppliers, as well as potential investors, require to have the data to make god investment decisions. To make sure that the right persons get the information without being compromised, the banking industry can use blockchain technology which is free of any malicious activities t distribute it to the users. Additionally, the use of encryption, as well as user-based authentication via a dashboard, will ensure secure data sharing to the right users.