I read an article recently titled “The Man Who Knows Everything.” Based on the forward-thinking mission of data-mining mogul Vivek Ranadivé, the article explores several what-if scenarios where the “what if” is the harnessing of real-time data.
Here’s just one of the setups from the article:
Airlines can know before you hit the ground that your bag won’t arrive, so you don’t have to be the one to tell them that your luggage didn’t show up at baggage claim. They’ll be waiting for you when you land, telling you where your bag went and when you’ll get it.
The writer makes an important observation mid-way through his article, writing that the data to power excellent client service has always existed. It’s simply never been captured and put to work before now.
Business intelligence based on real-time data is becoming a dominating principle for many businesses across many industries. Indeed, it is one of TMG’s three core business objectives for 2012. The unimaginable amount of transaction data running through our offices during any given minute, we know, holds valuable truths. These truths, when uncovered and leveraged strategically, can help our clients – credit unions and community banks – serve their customers in new, yet intuitive, ways.
Following the article’s lead, let’s develop one of our own what-if scenarios:
What if your financial institution was able to determine that the typical cardholder in your portfolio continued to make purchases only until he reached a particular percentage of his credit limit? At that point, he ceased transacting (likely switching to another card in his wallet). By taking an even deeper – yet just as simple – dive into the data, you could also see which of these cardholders made regular payments, making them ideal candidates for credit line increases.
Another important observation made in the article was this:
Because of data – because, more specifically, of the technology that tallies and stores and disseminates data – we can know almost anything we want to know about our species.
Our entire team is committed to making this technology available to our clients in the very near future. Stay tuned for some exciting announcements on how we plan to do exactly that.