“We had a couple of different reactions, some customers were very much in their infancy around using data and data analytics, some had to get their own house in order and some thought it was almost witchcraft in terms of the insights we could gain.
“It was about getting them comfortable and not committing too much to what we could do, and proving ourselves out and creating beachheads with customers, building their confidence and moving onto something bigger.
“A lot of the issues we had to manage and a lot of the things we had to overcome were things around data privacy – that’s paramount at Westpac, that’s just non-negotiable. We obviously worked very closely with our legal and risk teams, we even went outside and got extra legal counsel around what we can and can’t do. That then gave our customers comfort around what we provided and the insights we were providing.”
"It is really exciting time because we’re discovering how many different ways in which that data can be prepared and the myriad data assets that can be produced.
They’d frequently be asking ‘well, we have some data sets here, what is that worth?’ – is that just as data, or in terms of the value that can be derived from these data sets.
And that can be a challenge for a lot of our customers who wonder ‘what should I pay for this, and what should I sell this for?"