Michael Steinhart

Data Management Key to Banking Analytics

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Phoenix
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Re: Loaded question
Phoenix   2/1/2014 2:15:34 PM
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@Michael That is a very good idea. I'll have to check with the bank about setting up an alert system. They do send a SMS everytime we pay utility bills. Other than that they don't send any other alerts. Do you have a system like that with your bank?

Phoenix
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Re: Loaded question
Phoenix   2/1/2014 2:11:27 PM
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@Michael I don't travel much so a very small amount as a top up will last a long time for me. I would also know exactly how much I've used for a certain period of time.

Zimana
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Re: Loaded question
Zimana   1/31/2014 5:28:27 PM
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Beth, I also thinking financial service firms, from banks to personal insurance, struggle with what to say in social media. That sentiment can hamper enthusiasm for analysis, because a firm is not curious enough to engage with people or release information.

 

Some banks so well in a certain context, like a sweepstakes.  Chase did well with its Mission Main Street contest.  But for financial advise, the engagement can be limited.  Give the overlap of services a bank can provide, the hesitancy can seep into other data related activity.

BethSchultz
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Re: Loaded question
BethSchultz   1/31/2014 4:33:39 PM
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Right, which circles us back to the point we started out at, which is that, to me at least, trusting banks that know this about their customers and so are able to prey on them can be dangerous for consumers. This is especially so as the customer analytics gets more and more sophisticated and focused.

Michael Steinhart
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Re: Loaded question
Michael Steinhart   1/31/2014 4:29:11 PM
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That's what the payment card companies are counting on, Beth. But for those who can stay on top of it, the mileage and perks rack up quickly and deliver some good value. 

BethSchultz
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Re: Loaded question
BethSchultz   1/31/2014 4:04:02 PM
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I think the points programs a lot of credit cards offer, linked to airline mileage plans, for example, have exacerbated the problem, too. "Oh," lots of people think, "I'll charge this monthly bill (like a tuition or utlities), pay if off, and get all those points over the years." That's great if you keep to the monthly payoff but can get out of control quickly if you start skipping monthly payoffs or only paying off a portion of the charge.

BethSchultz
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Re: Loaded question
BethSchultz   1/31/2014 3:59:39 PM
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Credit card companies are not going to get a thing over on you, are they Michael?

Michael Steinhart
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Re: Loaded question
Michael Steinhart   1/31/2014 1:15:01 PM
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Why did you opt to stay with the top-up system, Phoenix? Isn't the benefit of the consolidated card that you can essentially set it and forget it?

Michael Steinhart
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Re: Loaded question
Michael Steinhart   1/31/2014 1:14:19 PM
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Credit cards in general are designed to be duplicitous, Beth, with seductive low APRs for the first six months, for example, or lower rates applied to transferred balances and then inflated well over the normal rate after a grace period. 

 

Michael Steinhart
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Re: Loaded question
Michael Steinhart   1/31/2014 1:11:52 PM
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I understand the paper-reduction measures that lead banks to do this, Phoenix, but I'm also wondering whether the bank will email or text you alerts as all this online activity takes place. Can you set the account to alert you if funds fall below a certain amount, for example?

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