Mint.com May Begin Selling Access to Anonymous Consumer Data - B. May 18 (Bloomberg) -- Mint Software Inc., an online service that helps consumers track every dime they spend, has a goal for its own pocketbook: boosting sales as much as 10-fold this year. To fuel revenue, the company may start charging for access to anonymous data, Chief Executive Officer Aaron Patzer said. The company’s site, Mint.com, monitors everything from bank balances and credit cards to 401(k)s. That could give valuable insight into consumer spending and the economy, he said. “If Mint has a record of everything people have spent in the past and the record of what they want to spend in the future, that’s a pretty damn good position to be in,” Patzer, 28, said in a May 6 interview. Mint doesn’t track the identities of its users, so there’s no danger of personal data being revealed, he said.
As consumers cope with the recession by cutting spending, new information could help Wall Street traders, ad agencies and buyout firms find pockets of growth. Bad Impression? Rudder’s Plans. A better Internet Bank? Who gets it right... A Better Way to Serve Your Existing Customers - The Conversation. Info in Demand at Banco Popular - Bank Technology News Article. Governance is about prioritization, and data management is no different-certain types of informational inaccuracies need to be corrected before others, particularly for compliance and reporting. There's not much in banking that doesn't hinge on data these days, whether it's risk management, compliance, customer relationship management or marketing.
Ensuring that data is reliable, and available when needed, has become a growing industry as banks hire data scrubbing firms to keep things in order. Spain's Banco Popular is at the forefront of this movement, recently wrapping up a project that added automation to the bank's data management procedures. Spain's third largest bank, which also has a presence in U.S. markets such as New York and Florida, has installed a data quality engine from Informatica to help inspect the data the bank uses to for compliance, sales, reporting and service. There are still challenges. Do You Mind If Mint Sells Data Based On Your Transactions? - The. CRM analytics seeing investment. Several years ago, US Bank wanted to improve its uplift modeling , an analytical method for finding the incremental impact of targeted marketing activities. "It's a very difficult modeling objective," said Jane When you register, you'll begin receiving targeted emails from my team of award-winning editorial writers on the latest customer relationship management (CRM) and call center technology issues today.
Our goal is to keep you informed on the hottest issues facing this fast-changing industry. Muelhapt, vice president of consumer direct for the Minneapolis-based bank. As an alternative, US Bank turned to Portrait Software, an analytics software vendor, for its Uplift Optimizer and saw some good results. US Bank, with about 30 people in its marketing department, quickly expanded the project to other direct marketing initiatives.
Analytics are a ripe area for investment, particularly in the CRM arena. Rich, not so coincidentally, is also head of Accenture's CRM practice. The Scientific Marketer: Uplift Modelling FAQ. Misys Bankfusion: Misys’ flagship moves into sight. 3086.pdf (application/pdf Object) The Next Level in Business Intelligence by Bank Systems & Techno. While the goals of business intelligence always have been to improve the value of customer relationships and thus the bank's bottom line, the ever-increasing competitive business environment in financial services is forcing banks to rethink their BI strategies. A new philosophy centered around enterprisewide use of BI tools -- coupled with advances in analytics and data management -- is helping banks make better and more-profitable business decisions.
All the arrows point to the increasing priority placed on BI by financial services firms. As companies seek to enhance their decision-making capabilities for everything from underwriting to cross-selling to risk management, investment in BI-related technology is on the rise in banking -- according to TowerGroup (Needham, Mass.), spending on BI will reach $16 billion to $17 billion in 2006. To optimize their BI investments, however, banks have some work to do, experts agree. Other industry observers share Burton's point of view. Next. To Anonymize or Not to Anonymize, That is the Questi. I see a future in which organizations planning to transfer sensitive information from one system of record to some other destination will first ask themselves the question: "Can our data be shared in an anonymized form while achieving materially similar results had the data been transferred in clear text?
" And if the answer to this question is "yes," I would then argue, "Why would that organization ever share that sensitive information any other way? " A new class of technology, "Analytics in the Anonymized Data Space", is making this possible. With this type of technology, information can be anonymized before being transferred between parties, while still permitting sophisticated analysis to be performed on the data even though the data is in a non-human-readable and irreversible form i.e., anonymized. I think this will become a best practice. When? Here is an anonymization scenario: To stay competitive, banks must understand their customers at least as well as their competition. Standard Bank SA live with LAPS. Deutsche Bank delivers payment services across Asian markets. Bank of East Asia improves payments infrastructure in China - Ca. Hong Kong's Bank of East Asia (BEA) has implemented vendor Clear2Pay's open payment framework in China, allowing it to improve control of payment transactions.
The bank implemented the new technology infrastructure in Shenzhen where it will support its growing China business. The framework allows BEA to build a payments hub to improve flows between its back-office systems and its corporate internet banking and electronic commercial bill system, a move that will allow it to better meet its wholesale banking customer's treasury needs. The solution does not cover the bank's Hong Kong operations. "This is an important step for us as we embark on a wider process of upgrading our payments environment into a bank payment hub with all the business and functional benefits such an exercise brings," said a representative of BEA in a statement.
"The core proposition of OPF [open payment framework] is to allow BEA to tailor its business processes for their corporate customers," he said.