Data has become the currency of the digital age, especially for financial institutions like banks and insurance companies writes EY’s Anna Gozdalik-Coakley. Whether it’s improving fraud detection, enhancing customer experience, or accelerating time-to-market for new products, the ability to manage and use data effectively is vital, she says. Done right, data drives growth and competitive advantage. Done poorly, it can become an expensive burden, introducing compliance risks, governance issues, and operational inefficiencies, she writes.