DATA PERFORMANCE or from usage data . You can still find products at all points on this spectrum , but more and more are at the ‘ simple ’ end .
“ The downside is that it does allow for less personalisation , meaning it ’ s harder to encourage usage once customers have signed up , and sometimes the products seem less ‘ smart ’. What the best brands are doing ( copied from the signups of tech firms like Spotify ) is to give customers the choice . Make the data collection optional , but make it obvious at each stage how each piece of additional information helps make their experience better . Visibly adding or removing tabs , shifting buttons up or down the page , or even just a ‘ profile-o-meter ’ filling up will show users how the tool is learning more about them and will adapt to their usage .”
The quality of data is just as important as the quantity of data , Louise Potts , Head of Banking Customer Advisory Practice at SAS UK & I , tells FinTech Magazine : “ The more good-quality data and information an organisation has on its customer , the better service it can offer . However , the quality of this data is hugely important , especially for those using artificial intelligence ( AI ) and analytics to inform decision making .
“MORE THAN EVER BEFORE , IT IS IMPORTANT FOR FINTECHS TO UTILISE MODERN TECHNOLOGIES SUCH AS ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING ”
JAY REILLY SVP EMEA , PRECISELY