Transferring money globally might seem to have simple and basic reasons behind them, but on further inspection each transfer tells a story. It is the story behind the transfer that can help build innovative technology to improve the system. We, in the UK, are becoming more aware of the unbanked people around the globe. Living in the UK you becomes accustomed to all of the services at our fingertips, whether it be on a mobile or in a traditional bank but we need to understand that not all countries have such luxuries. There are many people around the world who do not have access to banks or financial services – we refer to them as the unbanked.
By using big data, money transfer companies can gain valuable insights as to why, when, and how these transfers are initiated. Big data encompasses the whole story. Identifying patterns is the job for the big data industry, from timestamps, device information, or even the location the transfer took place at. One may think that, as long as there is not a problem, the customer will keep using their current supplier and if there is a problem, they will let the company know. That is not always the case and customers can be lost without the company ever knowing why they stopped.
Big data collects all of the information it can. Some is relevant and some may not be. That is when smart data comes into play. The data collected can be turned into smaller points of interest or focus. It helps to connect the company to their consumers. Feeling like a person, and not just another number, to the company they deal with is empowering for the consumer and helps to build brand loyalty. A company with a vast number of customers can add a personal touch to their outreach to customers, making the customer feel important and have a better user experience. Companies who truly value their customer’s loyalty will engage in big data and smart data to ensure they retain their customer base as well as grow it.
The possibilities are endless and using a big data company with experience in understanding the application of this data for your company is a smart way of doing business.