Data monetisation in the South African financial sector: Exploration of business models and strategies for revenue generation from data assets

Abstract

This study explores the business models and strategies for data monetisation in the South African financial sector, focusing on the transformative potential of data as a strategic asset. It examines current data monetisation practices, identifies systemic barriers, and evaluates the role of internal capabilities such as leadership advocacy, technical infrastructure, and workforce skills in driving successful implementation. Through a qualitative research methodology involving semi-structured interviews with key stakeholders, the study captures nuanced insights into organisational challenges and opportunities. Findings reveal significant barriers, including outdated infrastructure, fragmented data silos, low data literacy, and cultural resistance, which hinder the sector’s ability to realise the potential of data monetisation fully. Leadership commitment and stakeholder engagement emerged as critical enablers for fostering innovation, aligning organisational strategy, and navigating ethical and regulatory considerations. Opportunities such as hyper-personalisation, open banking, and API monetisation were identified as pathways for driving growth and enhancing customer experiences. However, their success depends on foundational improvements, such as scalable infrastructure, robust data governance frameworks, and metrics to measure financial and experiential outcomes. The study contributes to the academic discourse on data monetisation by providing actionable recommendations for overcoming systemic challenges and cultivating a data-driven culture. It calls for further research to validate findings quantitatively and examine the role of ecosystem- level collaboration in advancing sustainable and innovative data monetisation strategies. This research highlights the importance of aligning technological, organisational, and ethical dimensions to unlock the full potential of data as a revenue-generating asset in the financial sector.