REGISTER   |   LOGIN   |   HELP
Home  |  Blogs  |  Message Boards  |  Webinars  |  Resources |  By Channel
Contrary Opinion | Your Bank in Your Business

What Banks Know About You Could Be Good

NO RATINGS
View Comments: Newest First | Oldest First | Threaded View
Page 1 / 3   >   >>
WaqasAltaf
User Rank
Data Doctor
Re: As long as I benefit
WaqasAltaf   2/12/2013 10:05:22 AM
NO RATINGS
@ HH

It might seem frustrating some time, but I think that is a good security feature. 

I wouldn't mind if such a security is in place. It is for my own financial security. Putting in controls esp on credit card spending is extremely important as quite often it is one of the most targetted area of hackers.

WaqasAltaf
User Rank
Data Doctor
Re: ...and then there's reality
WaqasAltaf   2/12/2013 9:59:40 AM
NO RATINGS
@ HH

Has anyone in the A2 community ever been negatively affected by the information their banks share with associate companies without their consent?

Neither been affected nor heard any friend getting affect in that way. It is the bank itself that makes sure that you are negatively affected from calls that encourage you to use credit card :)

ecox
User Rank
Blogger
Re: In defense of banks and data
ecox   2/11/2013 5:23:12 PM
NO RATINGS
Blogger Cordell,

Oh on the contrary, (as far as credit goes) most banks are in partnership with a Card Company (Discover, Visa, Master Card) and dont see the tender details of the card holder.

They see the total tender, and work through a maze of data transfers to authorize the transaction (Tsys to the card company to the Bank and the retailer).

The retailer knows far more than the the bank in this situation. Even in the situations where the bank holds the card product it typicaly does not store the transaction data. They have to work with a third party to get their hands on the details. It can be done, i've done it enough. So, yes they care what it is your buying (ever hear of Lifecycle marketing).

Selling data, as you stated is not likely in the near future. But hope is not lost. Most financial services companies (Yes, banks included) are learning the true meaning of CRM and the data that supports it, and that Customers are a key component of success. It may not change overnite but it will change. the data that has been sitting underutilized is now being looked at as an internal asset, with customer service at the forefront.

Thanks for the comments Cordell.

Cordell
User Rank
Blogger
Re: In defense of banks and data
Cordell   2/7/2013 2:31:57 PM
NO RATINGS
Banks do sit on a lot of data and they know it.  But they still struggle with how to monetize it (believe me they want to).  Trouble is, as ecox pointed out they don't really care if you're purchasing pattern indicates that you're likely to by snow gear from REI.  How does that help them lend money or service customers (unless they have and REI credit card program)?  It doesn't.  Now if they could sell the data to REI then they'd have something.  So far that's been legally and contractually problematic.

ecox
User Rank
Blogger
In defense of banks and data
ecox   2/6/2013 2:35:16 PM
NO RATINGS
 

I am writing this from my Consumer / Retail data & analytics background.

First, I am a consumer too. I also have a bank.

When considering the massive amounts of data and in the right hands Insights that are collected on individuals from most industries Banks should not be any different. Credit card companies (Most of which are NOT owned by a bank) collect far more data than most people can imagine. Where you shop, how often you shop, your typical spend amount (RFM Models). These are used HEAVILY to aid in avoiding fraud. My wife and i like to travel, we drive across the country. We have such tight controls on our credit cards that we need to inform the CC companies of where we plan on going so that the charges will be approved, and not fall into the FRAUD alert system. Is this to much knowledge from the CC companies? I do not believe so.

Retailers join all trackable tenders together to get a holistic view of their customers. Once a spend profile is established they can fill in the spend gaps (Cash transactions) by identifying the merchandise that is not showing up in your baskets. When you also include the On-line data that is available (Sourcing sites - destination sites) purchase history, interest levels, other sites shopped....

Nice exercise in analytics and predictive methods.

Now, As Beth stated banks are in the business of making money. OH SHOCK!!!  They are not a Not-for-profit business. They sell products and services to both customers and prospects just like most other businesses. But, one big difference between banks and other retailers is the extremely high level of scrutiny from federal agencies and regulators. There cannot be any mis-use of data. There are fields that cannot be used for model development... period. There are clear goverance rules surrounding offer management as well as data management. 

So they use the data just like any retail organization to make the best offer based off of needs and wants. While following the governance of regulators.

In my past (Retail world) i either managed or organized a large number of focus groups around the topic of consumer data usage. The vast majority of consumers told us they did not mind retailers or organizations collecting data information around their product use. As long as the offers that were made back to them were relevant, meaningful and 1:1 personal. They wanted offers developed for them, that saved them money.

I agree with the comments around better customer relations, better loyalty management, and better service. Cannot agree more, and you will find these topics being discussed at every senior leadership meeting, across the industry. Most companies would be better off focusing on this as a clear objective.

As far as i know Banks do not sell their data to third party companies. But this data is available from other sources. So the marketing material you receive (Junk Mail) was most likely NOT sourced from banks.

One final thought. My experience has showed me the massive amounts of consumer data i was able to collect, model, target from, measure incrementality that was available to me from the Retailer side was larger and more "Usable" than a typical bank can collect and use.

Some of you would be very surprised at the amount of data that is available to analyst on a person by person level. Every click, screen, tender, view and collected somewhere. Google your name sometime, or your phone number.

Happy Analytics!

 

 

PredictableChaos
User Rank
Data Doctor
Re: Banks should have higher aspirations
PredictableChaos   2/3/2013 1:11:20 PM
NO RATINGS
Yes, but why is it that banks lack a sense of customer service?

People can be delighted with their favorite hotel or college or beer or phone or car. Is it just me or is nobody delighted with their bank?

The bank that can change this will earn our trust when it comes to putting big data to use.

Noreen Seebacher
User Rank
Blogger
Re: Banks should have higher aspirations
Noreen Seebacher   2/3/2013 12:09:01 PM
NO RATINGS
PC - maybe just the desire to serve customers?

PredictableChaos
User Rank
Data Doctor
Banks should have higher aspirations
PredictableChaos   2/1/2013 7:02:37 PM
NO RATINGS
 

Banks could be great.  With they data they own, banks could do so much better than just letting people "opt out" of useless credit offers and other junk.

Does anyone use  Mint.com ?  It's a website and phone app that gathers transactional data from your various banking and credit card sites.  Using your information they suggest products for you, yes, but that's not the real attraction. Mint offers access to all your accounts in one place with some nifty budgeting software and alerts when you exceed one category or another.  This can actually help people.

"Don't be evil" is a weak aspiration.  What prevents banks from using their information to serve customers?

PC

tinym
User Rank
Data Doctor
Re: ...and then there's reality
tinym   1/31/2013 11:25:54 PM
NO RATINGS
I haven't seen anything good or bad come from information my bank has about me. I might like to know about new services or lower fees but they don't seem to send out any marketing like this.

Hospice_Houngbo
User Rank
Prospector
Re: ...and then there's reality
Hospice_Houngbo   1/31/2013 9:49:22 PM
NO RATINGS
Has anyone in the A2 community ever been negatively affected by the information their banks share with associate companies without their consent? The only annoyance I've experienced so far is unsollicited ads and phone calls that I use to decline. I don't think it hurts to recieve offers that may be valuable sometimes.

Page 1 / 3   >   >>
More Blogs from Point / Counterpoint
Companies seeking to extract maximum value from data and statistics need a specialized data visualization expert.
Chances are you've already got good data visualization experts on staff, even if you don't know it yet.
Banks have tons of customer data at their disposal; unfortunately not all will use it scrupulously.
Using big-data to drive retail prices up and down several times a day just seems likely to make already skittish consumers more anxious.
Digital Audio
Latest Archived Broadcast
If anybody knows how to finesse predictive insight out of data, it's this A2 Radio guest, John Elder, founder and president of Elder Research. Tune in Wednesday, Oct. 15, at 3:00 p.m. ET.
October 30th 2pm EDT Thursday
Quick Poll
Readerboards
Have a question or topic but don't want to write a blog? Post it on our readerboards and get feedback from the community!
MORE READERBOARDS
AllAnalytics on Twitter
AllAnalytics Twitter Feed
AllAnalytics House Ad
Upcoming Events
for the Business and IT Communities
Executive forums with additional hands-on learning opportunities offered around the world
Each ideal for practitioners, Business leaders & senior executives
Visual Dashboards for Self-Service BI
TDWI Webinar with analyst, Cindi Howson
Analytics 2014
The Analytics 2014 Conference is a two-day, educational event for anyone who is serious about analytics. This annual event brings together hundreds of professionals, industry experts and leading researchers in the field of analytics. All Analytics members save $500 on conference fees by using promo code ACAA.
Oct. 20-21, 2014
Las Vegas, NV
Premier Business Leadership Series 2014
The Premier Business Leadership Series is an exclusive event for senior executives and decision makers that focuses on solving the current issues that affect governments and businesses globally. The Series is a unique learning and networking experience focused on the most innovative leadership strategies and analytic solutions for competing in today’s global economy.
Oct. 21-23, 2014
Las Vegas, NV
2014 VA Interactive Roadshow -- Boston
The 2014 VA Interactive Roadshow will feature SAS® Data Management and SAS® Visual Analytics experts covering topics like prepping data for VA and VA integration with SAS® Office Analytics. This year's events will keep presentations at a minimum and focus on giving attendees hands-on exposure to the latest version of VA.
Nov. 4, 2014
Boston, Massachusetts
Data Exploration & Visualization
Get hands-on training that focuses on the critical steps in the process of analyzing data: accessing and extracting data, cleaning and preparing data, exploring and visualizing data. This INFORMS course will use several of the most popular software tools intensively, and provide an overview of the range of software options.
Nov. 7-8, 2014
San Francisco, CA
Foundations of Modern Predictive Analytics
In this INFORMS course, learn about modern predictive analytics, the science of discovering and exploiting complex data relationships. This course will give participants hands-on practice in handling real data types, real business problems and practical methods for delivering business-useful results.
Nov. 7-8, 2014
San Francisco, CA
2014 VA Interactive Roadshow -- Atlanta
The 2014 VA Interactive Roadshow will feature SAS® Data Management and SAS® Visual Analytics experts covering topics like prepping data for VA and VA integration with SAS® Office Analytics. This year's events will keep presentations at a minimum and focus on giving attendees hands-on exposure to the latest version of VA.
Dec. 11, 2014
Atlanta, Georgia
AllAnalytics Video Blogs
Canada Post on Data Delivery
James Smith, lead of enterprise data governance for ...

02:53

2 comments
Big Data Checks In
Roger Ares, vice president of analytics at Hyatt ...

03:45

5 comments
Good Data, Smarter Travel
iJET International's Rich Murnane, Director of ...

2:50

4 comments
Healthcare Data Needs a ...
Tackling healthcare data management challenges ...

2:39

0 comments
In the Talent Sweet Spot
Gen Y shapes the new analytics workforce.

3:25

0 comments
A2 on the Road
What we found at last month's SAS Global Forum 2014.

2:28

0 comments
T-Mobile Hears Data's Call
Internal customer data provides an analytics ...

2:50

0 comments
A Is for Analytics in Academia
Professors and students agree that access to ...

4:11

0 comments
Advocating for Analytics ...
Analytics and business experts explore what it ...

5:51

0 comments
Analytic Myths: True or False?
Analytics experts give us their perspective on four ...

4:29

0 comments
We'll Be Your Eyes & Ears
We'll be on the scene at SAS Global Forum events in ...

2:15

0 comments
7 Tips for Deploying ...
We chat with Analise Polsky, a data visualization ...

33:15

0 comments
Top Big Data Platforms
All Analytics editors Beth Schultz and Michael ...

31:53

3 comments
Attention on Retail Shoppers
The retail store of the future will track customers ...

02:14

16 comments
Demand-Driven Forecasting
Charles Chase, chief industry consultant for the ...

02:22

1 comment
Live Video
On-demand Video with Chat
As retailers evolve toward an omnichannel environment, much of their success will depend on how effectively they use big-data and analytics.
AllAnalytics Videos
Intro to Visual Analytics
Find a way to visualize your data and watch it come ...

1:58

0 comments
Visual Analytics, Instant ...
Analytics results delivered in visual form are ...

2:06

5 comments
Big Data, Fast Infrastructure
Big data calls for a high-performance analytics ...

3:35

6 comments
Red Hot Analytics
Jayson Tipp, Redbox VP of Analytics and CRM, ...

3:51

7 comments
Hotelier Checks Out Analytics
InterContinental Hotels Group has woven analytics ...

06:55

11 comments
Like Us on Facebook
Point/CounterpointBlog
LEADERS FROM THE BUSINESS AND IT COMMUNITIES DUEL OVER CRITICAL TECHNOLOGY ISSUES

The Current Discussion

Visual Analytics: Who Carries the Onus?
The Issue: Data visualization is an up-and-coming technology for businesses that want to deliver analytical results in a visual way, enabling analysts the ability to spot patterns more easily and business users to absorb the insight at a glance and better understand what questions to ask of the data. But does it make more sense to train everybody to handle the visualization mandate or bring on visualization expertise? Our experts are divided on the question.
The Speakers: Hyoun Park, Principal Analyst, Nucleus Research; Jonathan Schwabish, US Economist & Data Visualizer
MORE POINT/COUNTERPOINT BLOGS
About Us  |  Contact Us  |  Help  |  Register  |  Twitter  |  Facebook  |  RSS


Beth Schultz
Canada Post on Data Delivery

5|12|14   |   02:53   |   (2) comments


James Smith, lead of enterprise data governance for the Canadian postal service, explains how and why the organization has embraced an enterprise data governance program.
Michael Steinhart
Big Data Checks In

4|30|14   |   03:45   |   (5) comments


The hospitality industry gathers massive amounts of customer data, and mining that data effectively can yield tremendous results in terms of improved CRM, better-targeted marketing spend, and more efficient back-end processes. Roger Ares, vice president of analytics at Hyatt Corp., discusses the ways he and his staff use big data.
Beth Schultz
Good Data, Smarter Travel

4|24|14   |   2:50   |   (4) comments


Charged with keeping track of travel assets, including employees, iJET International relies on data management best-practices and advanced analytics to keep its clients in the know on current and potential world events affecting travel, Rich Murnane, Director of Enterprise Data Operations & Data Architect, told All Analytics in an interview from the 2014 SAS Global Forum Executive Conference.
Beth Schultz
Healthcare Data Needs a Booster

4|23|14   |   2:39   |   (0) comments


W. Ed Hammond, Director of the Duke Center for Health Informatics, spoke from the recent 2014 SAS Global Forum Executive Conference about the data management challenges involved in healthcare today.
Beth Schultz
In the Talent Sweet Spot

4|23|14   |   3:25   |   (0) comments


Jason Dorsey, chief strategy officer for the Center for Generational Kinetics and keynote speaker at last month's SAS Global Forum 2014, describes how Gen Y professionals are enhancing the makeup of multigenerational analytics organizations.
Beth Schultz
A2 on the Road

4|22|14   |   2:28   |   (0) comments


From analytics talent development to the power of visual analytics, All Analytics found a variety of common themes circulating throughout the exhibition floor and session discussions at the 2014 SAS Global Forum and SAS Global Forum Executive Conference events held last month in Washington, DC.
Beth Schultz
T-Mobile Hears Data's Call

4|22|14   |   2:50   |   (0) comments


Talking with All Analytics live from the 2014 SAS Global Forum Executive Conference, Eric Helmer, senior manager of campaign design and execution for T-Mobile, discussed the importance of customer data -- starting internally -- in devising the mobile operator's marketing plans.
Beth Schultz
A Is for Analytics in Academia

4|21|14   |   4:11   |   (0) comments


Interviewed live at SAS Global Forum 2014, professors and students agree that access to enterprise analytics software in academic programs better prepares graduates for their careers.
Beth Schultz
Advocating for Analytics Culture

4|21|14   |   5:51   |   (0) comments


Speaking at the recent SAS Global Forum Executive Conference, analytics executives, business experts, and SAS insiders explore what it means to build an analytics culture.
Beth Schultz
Analytic Myths: True or False?

4|21|14   |   4:29   |   (0) comments


At the recent 2014 SAS Global Forum Executive Conference, five analytics experts give us their perspective on whether four common myths about IT and analytics are true or false.
Beth Schultz
We'll Be Your Eyes & Ears

3|20|14   |   2:15   |   (0) comments


We'll be on the scene at SAS Global Forum events in Washington, D.C., March 23 to March 25, glad to share what we learn with our community members.
Beth Schultz
7 Tips for Deploying Visualization

3|7|14   |   33:15   |   (0) comments


We chat with Analise Polsky, a data visualization thought leader on the SAS Best Practices team, about what you need to know before you deploy data visualization.
Michael Steinhart
Choosing a Big-Data Analytics Platform

2|19|14   |   31:53   |   (3) comments


The big-data analytics market can be a confusing place. Among the vendors vying for your dollars are traditional database management providers, Hadoop startup services, and IT giants. In this video, All Analytics editors Beth Schultz and Michael Steinhart sit down in a Google+ Hangout on Air with Doug Henschen, executive editor of InformationWeek. Henschen discusses use cases for big-data analytics, purchase considerations, and his recent roundup of the top 16 big-data analytics platforms.

Related posts:

— Michael Steinhart, Circle me on Google+ Follow me on TwitterVisit my LinkedIn pageFriend me on Facebook, Executive Editor, AllAnalytics.com

Michael Steinhart
Keeping a Close Eye on Shoppers

2|13|14   |   02:14   |   (16) comments


At the National Retail Federation BIG Show last month, All Analytics executive editor Michael Steinhart noted a host of solutions for tracking and analyzing customer activity in retail stores. From Bluetooth beacons to RFID tags to NFC connections to video analytics, retailers must find the right combination of tools to help optimize the shopper experience, streamline operations, and boost revenues.

Related posts:

— Michael Steinhart, Circle me on Google+ Follow me on TwitterVisit my LinkedIn pageFriend me on Facebook, Executive Editor, AllAnalytics.com

Michael Steinhart
Real-Time Demand Drives Forecasting

2|11|14   |   02:22   |   (1) comment


The days when historical shipment trends and gut feelings were enough to forecast retail demand accurately are long over. SAS chief industry consultant Charles Chase outlines the benefits of pulling real-time sales information from point-of-sale and product scanner systems, then flowing that data into dynamic forecasting tools from SAS.

— Michael Steinhart, Circle me on Google+ Follow me on TwitterVisit my LinkedIn pageFriend me on Facebook, Executive Editor, AllAnalytics.com

Videos
Intro to Visual Analytics

6|5|13   |   1:58   |   (0) comments


With today's advanced visual analytics tools, you can stream data into memory for real-time processing, provide users the ability to explore and manipulate the data, and bring your data to life for the business.
Videos
Visual Analytics, Instant Insight

5|16|13   |   2:06   |   (5) comments


Dynamic data visualizations let analysts and business users interact with the data, changing variables or drilling down into data points, and see results in a flash. Advance your use of data visualization with tools that support features like auto-charting, explanatory pop-ups, and mobile sharing.
Videos
Big Data, Fast Infrastructure

2|14|12   |   3:35   |   (6) comments


No doubt your enterprise is amassing loads of data for fact-based decision-making. Hand in hand with all that data comes big computational requirements. Can traditional IT infrastructure handle the increasing number and complexity of your analytical work? Probably not, which is why you need a backend rethink. Big data calls for a high-performance analytics infrastructure, as Fern Halper, a partner at the IT consulting and research firm, Hurwitz & Associates, discusses here.
Videos
Red Hot Analytics

1|10|12   |   3:51   |   (7) comments


Redbox's bright-red DVD kiosks are all but ubiquitous these days, located in more than 28,000 spots across the country. Jayson Tipp, Redbox VP of Analytics and CRM, provides an insider's look at how the company has accomplished its phenomenal nine-year growth.
Videos
Hotelier Checks In With Analytics

12|14|11   |   06:55   |   (11) comments


InterContinental Hotels Group (IHG), a seven-brand global hotelier, has woven analytics into the fabric of its operations. David Schmitt, director of performance strategy and planning, shares IHG's analytics story and his lessons learned.