BIG INSIGHT PREDICTS FUTURE BEHAVIOUR
NEW CHALLENGES
NEW OPPORTUNITIES
The biggest challenge for providers is to convince
people to see the benefits of sharing personal
information about their lives and that they will keep
this data safe. Currently we are exposed to media
coverage of high profile data breaches, leading to
discomfort and insecurity around the opening up of
analytical intelligence.
As data analysis advances, customers will begin
to understand the advantages of highly tuned
messages that are potentially useful rather than
irrelevant clutter. This age of ‘Big Insight’ will give rise
to a raft of innovative financial products focused on
specific lifestyles and tuned into individual needs and
wants. From a consumer point of view, mortgages
would be a prime opportunity space for predictive
analytics. The challenges facing young people hoping
to enter the mortgage market increasingly feel
insurmountable, so attempts to use predictive data
analytics could be positively received – and make
the incentive for sharing data with financial providers
clear. Loans could then become an investment in
people’s future rather than earned through past
behaviours which may have been beyond the control
of individuals, or circumstantial in nature.
Building a good reputation for security and
responsibility around data will be critical for brands
building trust in this sector. Communicating clearly
about changes and developments in the way
brands use predictive analytics needs to be carefully
considered and presented with the right tone of voice.
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PR ES E N T A N D P O T E N T IA L F UTURE S IN F IN A N CIA L SE RV I CES