Voice-controlled devices and other internet-enabled and artificial intelligence all feed another technology that is shaping today’s competitive landscape: big data.
In fact, the way big data is reshaping how consumers make choices is nothing less than a “digital revolution,” says Kirk Kordeleski, senior managing partner with Best Innovation Group.
“Buying stuff has evolved into that one-click model, of which Amazon is the greatest example,” Kordeleski says. “That model is fueled by massive amounts of usable data, and that data is now maturing to be used not only from a historical perspective but for decisioning processes as well.”
Anne Legg, director at AdvantEdge Analytics, a CUNA Strategic Services alliance provider, notes that between mobile devices, the internet of things, artificial intelligence, and big data analytics, credit unions can build lifestyle profiles of members.
Kordeleski provides an example. “I’m 61 years old, but I’m not a typical 61-year-old male as you may think of one,” he says. “I’m enthralled with digital and data life. I love the idea of robotics. I’m a different 61 than someone else.”
‘Use data to know your members better and make their lives easier.’
The challenge is accumulating all of the data sources and “normalizing” the information to make it actionable. “It’s about building a strategy and then producing metrics that reflect good, clean data you can make decisions with,” says Matthew Maguire, chief data officer at CO-OP Financial Services.
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