Planet Act #11
OP – Data Balance Sheet
Data is the raw capital of a modern business. More than ever before, the use of data & AI define the opportunities and risks of a business. Soon companies will be valued based on how well they utilize their data. Therefore, more transparency is required in improving customer and investor understanding of data & AI usage.
OP Financial Group aims to be a forerunner in responsible use of data and artificial intelligence. With this Planet Act, we encourage companies to start simple and set goals and milestones on how to transparently manage and utilize data and AI across their business.
Lead data and lead with data
Data is as valuable as the use of it! The Data balance sheet describes the raw information capital (liabilities) and the value added (assets) created from it. The future performance of a company can be predicted on how well value is created from the information capital they have.
Manage with a Data balance sheet
For customers and other stakeholders, the data balance sheet provides information on the key principles and practices governing responsible and safe use and processing of data. It depicts how company uses data to implement its strategy and, through this, improves its business, customer experience and risk management.
Make the customer king
Customer must be the king in data usage. Providing customers easy to use tools to govern data is essential. OP Financial group’s MyProfile is a widely used and continuously developed service within our customer base, where we want to provide your customer a tool to manage their data.
Use AI ethically and transparently
Ethical usage of AI is hot topic right now. Ethical guidelines typically cover human centricity, transparency, impact estimation, ownership and privacy. We encourage companies to look into creating ethical guidelines for the use of AI.
Create customer impact
OP’s data balance sheet, AI ethics and other transparency improvement initiatives have received positive feedback from private customers and interest from other companies. From OP’s point of view, the investment has been fair as data is really in the core of any financial company.