Digital is reconfiguring the world. From the advent of the commercial Internet on, technology advancements have made our day-to-day lives more virtual and global. Smart, always-connected devices and anytime/anywhere communications and interactions are now a given, particularly among millennials, who expect such conveniences in their banking and financial services relationships.
Data underpins digital’s disruptive promise. Combined with predictive analytics, hardware and connectivity, data opens the door to breakthrough insights through Code Halo™ thinking, which uses the digital persona of customers to develop new offerings, guide them to relevant and enabling information, improve service and anticipate future customer needs.
An example is JPMorgan Chase & Co., which analyzed 12.4 billion debit and credit card transactions to explore factors shaping the growth of local consumer commerce. The research revealed a dramatic slowdown in the growth of consumer everyday spending from 2014 to 2015, a valuable insight for shaping financial services strategies and offerings.
Companies large and small can gain distinct advantage by using analytics to look at the same data as their competitors do, in order to uncover new patterns and insights. They can then develop differentiating business propositions that lead to disruptive products and services. Consumers can also get into the insights game by selling their anonymous data through Datacoup, which analyzes it and provides the insights to companies.