BIG INSIGHT PREDICTS FUTURE BEHAVIOUR
“What’s so interesting with all this new data is a new
ability to really personalise, to a very, very granular level,
people’s risk profiles. It used to be based on postcode.
Now of course it’ll be based on so much more.”
Tamar Kasriel, Futurist
NEW LANDSCAPE
Dramatic changes in lifestyle mean old ways of
assessing risk are not as relevant today as they
once were. Jobs for life have given way to careers
characterised by variety and change rather than
conventional linear progression. People are living
longer and starting second and third careers postretirement. Research shows that today’s children will
work in jobs that don’t even exist yet. So the data
patterns of the past can no longer provide a reliable
indication of future worth. All of this starts to make the
old ways of assessing a person’s viability unreliable
and counter-productive.
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PR ES E N T A N D P O T E N TIA L F UTURE S IN F IN A N CIA L SE RV I CES
Increasingly, financial services need to be poised to
anticipate and invest in people’s futures, rather than
using their past as collateral. Sophisticated sharp
data, drawn from the vast ocean of big data, will
make this predictive model more than possible. It will
become essential. Predictive analytics and behavioural
analysis at macro and micro levels can take account
of demographic shifts, future lifestyle trends and habits,
allowing financial brands to transform big data into
incisive indicators of an individual’s future economic
potential. The value of credit histories is diminished when
contemplating the changes taking place, although they
could still have a role to play.