July 19, 2019 | Louise Basse
How much data did you produce today?
Without even realizing it, we’re pumping out huge amounts of data onto the web. And by huge we mean 2,5 quintillion bytes of data.
Every. Single. Day.
Let’s translate that number into something a little more relatable. Every minute of every day, we’re watching 4 million Youtube videos, match 7.000 times on Tinder, and Amazon ships over 1.000 packages.
And so what?
Well. The large volume of information is not a problem per se. The real problem lies in our inability to find and choose the right information. Given the situation, it’s no surprise that we probably have an urgent need for an information detox.
As a result, we’re starting to see a higher demand for personalised, convenient and user-driven services that puts the consumer in focus.
For hundreds of years, banks have had a ‘one size fits all’ approach, serving their customers with the same, undifferentiated products and services.
Now, banks have a golden opportunity to bring their A-game and create personalised services that fit the demands of tomorrow.
Even though many fintechs and major consumer service companies, such as retailers, are starting to gain ground in the financial sector with convenient and personalised solutions, it isn’t all bad news from a bank’s perspective.
First of all, banks are largely trusted to keep the consumer’s money safe. And second of all, they’re already in possession of the most important tools to build a top notch banking service.
To take advantage of the new opportunities and meet the demands for convenience, why not make the ultimate, seamless banking experience for the consumers instead of just the bank customers? A solution that serves the customers with relevant products and helps them live more convenient lives.
But what can you build on top of real-time bank transaction data?
Here’s a couple of ideas:
Will you be the bank that takes advantage of PSD2 to build services, offering convenience to all consumers and in return for this, owning the relationship and interface with other bank customers?
The next step is up to you.