What’s new with data this week? Happily, a majority of financial institutions now have a data plan in place. New EU regulations will likely shift the way we all collect and consider data, while our increasingly sophisticated use of data reveals new segments to target and AI-driven tools to reduce false declines. On a darker front, the use of outside sources for data might be leading some financial institutions down the wrong path with customers.
Are Banks Headed for a Facebook-Style Data Crisis?
As financial institutions increasingly turn to nontraditional outside sources for data, what risks do they take? Taking a proactive approach to data and digital transformation is a positive step for credit unions. But data that does not come from internal sources or trusted partners may be inaccurate or misleading, causing a disruptive series of consequences.
GDPR and the End of the Internet’s Grand Bargain
Harvard Business Review
Under the General Data Protection Regulation (GDPR), new European Union data privacy rules will go into effect for all industries in just a month. There are specific impacts for financial institutions doing business abroad (think credit cards), but what about the global effects that a more conscious approach to data collection might bring?
5 New Customer Segments You May Be Overlooking
The Financial Brand
Of course, data isn’t all about security breaches and European regulation. Here, data analytics reveal five new ways to understand (and hook) new members based on psychographics you may not be considering.
Survey: It’s a Coin-Flip for Credit Union Data Strategy
Credit Union Times
While a majority of credit unions have a strategic plan for their data, a troubling 45 percent do not. Where are credit unions in their digital/data transformation journeys, and where should they be focusing their attention and resources now?
AI Gets Personal to Reduce False Declines
Here’s a good use of data: Applying AI technology for more accurate fraud intervention. While we all focus on the cost of fraudulent charges, we are less likely to think about the hidden cost in false declines – not the least of which is a loss of trust on the part of the cardholder.
The original article 5 Must-Reads: GDPR, Facebook and Good News on Data can be found on Insight Vault.