This week’s Conversation with Kip discusses the value of financial data, compared to clickstream data value.
Many very large businesses have found tremendous success in using clickstream and similar data, selling insights to businesses based upon consumer patterns. Consumers are generally aware of this use of the data but perhaps not all the implications of it at times.
Consumers see much less value provided by their financial data. I think some portion of this is because people will only do financial transactions with those they feel will trust their privacy, particularly when it comes to financial data. This very strong privacy concern though gets in the way of provided as much value as may be possible to consumers from their data.
There could be much more value made of financial data. Why am I not offered an analysis of my transactions, pointing to recurring charges, and then asked if I would like reminders, and asked to set tolerances for those things? Why do I still have a manually maintained list of bills that need to be paid?
These are just some very simple ideas of how financial data could be used more effectively for customers.
Trust in financial transactions is paramount. Insights from a trusted company would be very valuable.
Watch all episodes in order at the Conversations with Kip Playlist