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  • @fintechna 8:53 am on May 16, 2020 Permalink | Reply
    Tags: , , data, , , ,   

    More Data, More Digitalization Creates More Cyber Risks 

    Corvus Insurance Holdings offers risk insurance that relies on advanced to underwrite coverage for companies with up to $ 2 billion in annual revenues.
    Financial Technology

     
  • @fintechna 2:53 pm on October 10, 2019 Permalink | Reply
    Tags: , data, Farm, , , , Silos, ,   

    Farm Tech Meets FinTech — Grain Silos And Data Silos 

    Farms are using more to run their operations, sometimes mirroring the work, and the problems, that have — such as in addition to silos.
    Financial Technology

     
  • @fintechna 3:35 pm on September 18, 2018 Permalink | Reply
    Tags: , , , data, ,   

    How will data shape the future of banking? 

    Guest blogger Tara Brady discusses how -driven value creation can help their .

    The digital revolution and mobile have transformed the way people interact with their bank. This trend is set to continue, with new figures revealing that mobile transactions are set to rise by around 121 percent between 2017 and 2022, and average branch visits are set to drop from seven to four per year by 2022.

    Traditional providers have also been faced with the emergence of challenger banks (such as Monzo and Starling), which are striving to capture the attention of millennials with their agile, digital offerings. The territory of the high street stalwarts is being encroached on by the likes of PayPal and Apple Pay, which have disrupted the payments market, traditionally an area that banks have dominated.

    Customers or fans?

    New entrants have energised their customer base to something often more akin to a fan club, often incorporating gamification principles to encourage customers to use their digital platform, with the ultimate aim of improving their customer retention and online customer experience.

    Driving this is the principle of personalisation, and the ability to customise, which promotes a sense of ownership in the game through self-expression. Having experiences that deliver delight, preferably packaged into social media-friendly personalised snapshots, is what drives many consumers.

    As brand loyalty diversifies and consumers want more personalised experiences, these techniques become a great way to attract and retain customers. Personalisation allows businesses to understand why their customers do what they do, and that they share their values.

    Data is king

    However, what is underlying this ability to personalise and drive delight is data. Data has quickly become king. The value of the UK data market is set to hit £1.1 billion ($ 1.58 billion) in 2018, making it the second-largest data market in the world and the biggest in Europe. No longer just a by-product of transactions and interactions, customer data itself has become a valuable commodity that can be used to give insights into customers’ tastes and habits. Learning how to interpret and influence those tastes and habits is one of the keys to unlocking the power, and the value, of data. Being able to offer customised products based on the trends, demographics and insights derived from the data, as well as providing the platform to bring all these services together, is where providers like Atom and Monzo have raced ahead of the field, finding unique ways to gamify the data they collect.

    Whilst data is king, not all data is created equal. The key is deciphering how best to use it to play to your strengths.

    But it is not just these challenger banks that can harness the value of data—retail banking as a sector is uniquely placed to ride this wave of value creation. Purely in terms of reach, whilst 78 percent of UK adults use Facebook, a full 97 percent have some kind of banking product. So the opportunity is there.

    The evolving banking ecosystem

    As a result, the retail banking industry is beginning to broaden in unprecedented ways. This is partly due to multitudinous new and evolving technologies generating, among other things, completely different access to data. All this is spurring increasingly serious conversations around how the future of banking will be shaped. The key to long-term success will be a move away from the monolithic banking model, towards an evolving ecosystem that encourages competition but also supports success for all. And data represents a major monetisation opportunity in this changing environment.

    It&;s critical though that banks play to their strengths rather than forcing themselves into models within which they don’t truly fit. Established banks do not need to emulate the personalisation and game-logic of the challengers to make a success of this new marketplace. That said, without banks taking a different path and creating different offerings, the ecosystem won’t be able to function. Banks need to understand their natural fit within the future banking ecosystem to give themselves the greatest chance for success and ensure the strongest foundation upon which to build a data monetisation strategy. The potential benefits of a successful approach are ample, but starting from a shaky foundation could bring this tumbling down early on.

    What kind of bank do you want to be?

    Our new point of view, which discusses this topic and asks &;What kind of bank are you?&; and &8220;What bank do you want to be?&8221; provokes an inward look at your place within the future retail banking ecosystem. To read the report in full, please email [email protected].

     

    Tara Brady
    Senior Managing Director
    Financial Services, UK & Ireland

     

     

     

    The post How will data shape the future of banking? appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 pm on August 8, 2018 Permalink | Reply
    Tags: , , data, , ,   

    Forget Your Data, Facebook Wants Your Bank’s Chatbot 

    The Wall Street Journal has it wrong. Recent news that  is in talks with on a solution other than “services like customer chat or account management” overlooked how the social media platform already works with banks, a representative of the social network told Bank Innovation. Facebook offers services for Citibank customers to connect to customer [&;]
    Bank Innovation

     
  • @fintechna 12:18 am on August 7, 2018 Permalink | Reply
    Tags: , , , data, ,   

    Facebook Asks Banks to Share Customer Data 

    has entered discussions with major U.S. in an attempt to gain access to , the Wall Street Journal reports. The exact timing of the request is not clear, but talks are reported to be currently ongoing. At a time when Facebook&;s data management is under intense scrutiny, this news is unlikely to be greeted [&;]
    Bank Innovation

     
  • @fintechna 3:35 am on July 25, 2018 Permalink | Reply
    Tags: , , , , , data, imperative   

    The data imperative for credit cards 

    Over the past dozen years, numerous US regional have relaunched consumer card programs on a self-issued basis. At the outset, the growth component for many of these relaunch strategies relied heavily on branch channels, customer loyalty and the desire to consolidate banking relationships. In recent years, the banks’ credit card programs have been plateauing to low, single-digit growth rates without obvious incremental prospects for growth in accounts, spend and balances. Although credit card portfolio health and returns continue to be favorable, without the ability to demonstrate further stepwise growth potential, these programs are at risk of atrophy in key areas, such as attention from senior executives and ongoing investment in innovation.

    Often, the keys to reinvigorating growth include identifying and addressing root-cause growth inhibitors (which often relate to approval rates, credit line assignment and service experiences), and finding ways to digitize and integrate customers’ credit card experiences with those of their overall banking relationships. exhaust created by these card programs and other players in the payment value chain could hold a secret to vast amounts of information value to unlock growth opportunities.

    Card issuers and, in particular, the payments industry generally have been early adopters of data-driven insights to grow their business; and rightly so, since the industry generates a massive volume of data. Banks are increasingly recognizing and reaching the point at which they need to drive innovative applications of the insights in functions that traditionally do not leverage them fully or consistently—for example, for enhancing customer experience or devising new product strategies.

    In addition, as depicted in Figure 1, prospect and customer segmentation can be a key component of focusing growth strategy investments on areas of greatest opportunity. For instance, segmentation can help a bank determine areas for product refinement to both improve experiences for existing credit cardholders and tap into unserved or underserved markets. We also see segmentation as the prudent way for many banks to carefully venture outside of their existing retail banking customer bases through twinning analysis to identify characteristics their most profitable cardholder segments may share with non-relationship prospect pools.

    Figure 1. Actionable segmentation driving key customer/prospect insights
    Source: Accenture research and analysis

    Card issuers see only one dimension of customers. However, there is significant information asymmetry with other players in the value chain, namely, payment networks, merchant acquirers and merchants. Issuers capture data about and cardholder details only, while merchant acquirers see details on merchants and transactions, merchants collect data on their customers and purchase basket, and the payment networks record data on movement of funds between these players and authorization tokens. Building a cross-payment cycle data view allows creation of rich micro-segments for hyper-personalization (Figure 2). It also enables banks to conduct merchant, store and product-level marketing studies, generate early warning indicators for fraud and delinquency, and create visibility into customer and industry trends.

    Figure 2. Types of data captured and analyzed across different parties involved during the payments process
    Source: Accenture research and analysis

    Collection, cleaning and deciphering this data exhaust is an onerous task. However, advancements in artificial intelligence capabilities, like machine learning and Big Data, is making it easier and faster than ever before.

    Capabilities, such as Accenture’s Intelligent Enterprise Platform that sits on top of the Accenture Insights Platform allows banks to layer third-party data from social media, web browsing and geo-tagging over the payments data. This further deepens card issuers’ understanding by manifolds around customer needs and behavior. It’s opening previously unimagined use cases, like real-time mood-/persona-based recommendations, geo-tagging and location-based offers to customers.

    Looking forward, we anticipate that a cross-payment cycle data ecosystem together with machine learning will play a broader role in how banks generate new growth in accounts, spend and balances, as well as how they harvest value in their credit card programs.

    We invite you to read about data as the new ecosystem currency in our report, The New, New Normal: Exponential Growth

    Special thanks to Sanjay Ojha for his insights, as well as Rajat Mawkin and Uday Gupta, who also contributed to this blog. 

    The post The data imperative for credit cards appeared first on Accenture Banking Blog.

    Accenture Banking Blog

     
  • @fintechna 12:18 pm on July 18, 2018 Permalink | Reply
    Tags: , , data, , , , ,   

    Financial Services will Invest $9 Billion in Big Data This Year 

    is created at every transaction, and as datasets expand beyond what a single database can hold, big data is born. As complex as these datasets can be, they hold valuable information for financial institutions and are spurring financial investments. A report from the technical consulting firm SNS Telecom &; IT, published July [&;]
    Bank Innovation

     
  • @fintechna 12:18 pm on July 17, 2018 Permalink | Reply
    Tags: , , data, , ,   

    3 Fintech Data Analytics Startups to Watch 

    Financial institutions harnessing the power of big must glean meaningful insights from many disparate data sets. Several helping and financial institutions make sense of data, alternative and otherwise, have emerged. According to one of our featured startups, Hexanika, the regulatory environment has intensified substantially lately. Hexanika found that there has been a [&;]
    Bank Innovation

     
  • @fintechna 12:20 am on June 25, 2018 Permalink | Reply
    Tags: , Conservative, data, , , Scandals, ,   

    Banks Embrace Conservative Use of Social Media in Wake of Data Scandals 

    PREMIUM — appear to have recoiled from the deep, detailed use of in their marketing. One taking a approach is U.S. Bank. “U.S. Bank tends to be more conservative than most banks, which can be frustrating for marketers,” said U.S. Bank’s senior vice president of brand advertising and social media, Kelly [&;]
    Bank Innovation

     
  • @fintechna 12:18 pm on June 24, 2018 Permalink | Reply
    Tags: data, , , , , , ,   

    The Facebook Files: Here’s the Financial User Data Facebook Really Is — and Is Not — Sharing 

    There are boundaries, with a fair amount of grey areas, around what will share with its partners, presumably including Royal Bank of Canada. In a massive release of information, Congress yesterday made public around 450 pages of written responses from Facebook on its data and privacy practices. The release offers the most [&;]
    Bank Innovation

     
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