Big Data – How Fin-tech companies like Experian use this mine of wealth

How would you feel if you happen to get a personalised item from a renowned brand? Is it enough to draw you right? What has this got to do with big data? Everything. Moreover, recently Coca-Cola has ratified that big data can make big money through its ‘Share a Coke’ campaign.

This campaign witnessed the cola maker tying up with a financial technology company, Experian, to choose a few better-known names among possible cola consumers in Britain. The name was printed in place of the brand logo. They made the list of names by using customer data (19029) demography.

Coke’s bespoke bottle campaign has been in operation in over 100 countries has contributed immensely in expanding its market share. In fact, Experian’s strategy has facilitated the stock shrug off Brexit even in a turbulent year for a majority of the Financial Times Stock Exchange 100.

Since 2015, Experian almost doubled – this when the British benchmark could hardly rise from the market crash. In November 2018, Experian announced a 7% revenue growth (to 2.4 billion USD) and they were mostly due to sales of its analytics tools to industries.

Everybody knows how e-commerce companies like Amazon and Flipkart use consumer data to recommend products to you personally (based on your purchase history), Fintech firms can also do the same to endorse financial products and services and help people make informed decisions. It all depends on how the data is utilised.

Recently, Experian launched Ascend, a fully integrated big data and analytics solution. Backed by AI and machine learning, it predicts consumer behaviour and preferences for companies. PowerCurve is another platform for the same.

One disadvantage of being a big data firm nowadays is the risk of privacy scandals. There are also the hacker threats that are prevalent. That said, the problem can never be fixed completely. It will be an ongoing process.