Data in the age of the consumer

first_img 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr The world of data is nothing new. Information has been captured and stored in databases for decades. If you think about it, consumers’ expectations for personalization and customization used to be fairly minimal. Information on a person such as name, address, age and birth date was likely the extent of a financial institution’s (FI’s) data library.Now, enter the age of technology and the development of consumer electronic devices. This has brought about a new era – the Age of the Consumer. Today, consumers are driven by three basic needs: Convenience – Accommodate my busy life and make it easy.Customization – Make everything personalized to my needs.Connection – Help me be a part of the Internet of Everything.Creating the optimal consumer experience, however, requires the use of both big and small data. While big data can help spot business trends and support fact-based decision making, small data contains the real information – the traces of consumer behavior left behind by actions taken every second of every day. continue reading »last_img

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