Smart Data for an Excellent Customer Experience

The term ‘big data” is being thrown around a lot lately, even though most people have no idea what it means exactly. Every action we undertake in life tells a lot about us, even though that information is not always being utilized properly. Sending a money transfer, for example, tells so much more than just the amount of money we send and how we pay for it. 

Big data encompasses the whole story, including the sender’s identity, and where the money is transferred to. But there is much more information to discover, including why customers keep using this particular service to transfer money. Furthermore, companies need to look at when people are sending money, whether they use different recipients, and if the transaction amounts are often similar.

That is the primary use case for big data: identifying patterns that would otherwise go by unnoticed. Online service providers can collect a lot of valuable information through big data aggregation. Every browser session has a timestamp, device information, and may give insights as to which location the money transfer is initiated from. Is the sender at home, at work, or in a public place when sending money?

On the surface, not all of this information may seem relevant at first glance. Why would a company invest a lot of money in big data aggregation if their customers keep coming back anyway? Surely they will provide feedback if something needs to be improved? That is not always the case, and establishing a more personal relationship between service provider and customer is vital. That is why we need to look beyond big data, and venture into the world of smart data.

While big data presents a myriad of information, it is not difficult to get overwhelmed by all of these inputs. Not every business has a need to know at what time a customer accessed their platform, or how long it took them to confirm an action by clicking a link in the sent email. The vast amount of information obtained through big data aggregation needs to be turned into bit-sized points of focus.

This is what smart data does: it enables that personal connection between the consumer and the company they rely on. For the consumer, this is nothing but beneficial, as they can express their own needs and desires by doing things the same way as before. Businesses will use technology to gain a better insight into these trends, and act accordingly. 

Transferring money to anyone else in the world is not a privilege only remittance companies can execute. The average bank is capable of sending bank transfers around the world with little to no friction. That being said, bank transfers take a very long time and can be quite costly. But fees and time are not the only concerns, as it is not possible to send a wire transfer to the billions of unbanked people around the globe.

Since these individuals have limited or no access to financial services, opening a bank account is not always possible for them. Some of the remittance services let users send money around the world through other payment methods, such as cash or payment cards. Recipients can then pick up the funds through a local remittance office, and walk away with cash in hand.

With smart data, consumers can finally shed the feeling of only being a client number to the company in question. In fact, this technology will empower the user and leverage their position to create a better user experience. Smart data is the right way to go, as it will benefit consumers first and foremost. Companies who truly value their customers have no other option than to embrace smart data technology and establish that deeper connection with their users. 

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