Disruptive – a term that inspires startups, attracts investors, and haunts conventional business. Over the past decade, we’ve seen a number of industries turned upside down by an injection of ingenuity and private capital. As a result, the giants of every major industry are becoming increasingly more cognizant of the potential for disruption and the need to adopt new, innovative solutions to remain not only ahead of competition, but relevant, as their industries evolve.
Our CEO Ofer Tziperman offered his insights in a recent Retail Touchpoints article, “Balancing Consumer Privacy with Personalized Offers,” and discussed the challenges retailers face in reaching consumers with viable offers, as data privacy pressures mount.
Banks understand plenty about their retail customers’ financial behaviors and risk tolerances – but that’s far from the entire picture. Knowing customers beyond their direct interactions with their bank – through their day-to-day activities – will help financial institutions provide better services and gain an edge over competitors.
Businesses must review how data is collected, where it’s stored and how it’s processed, to determine whether they can get the same value out of information once it is anonymized to comply with GDPR and U.S. state regulations.
A lot of us (more than 70 percent) say if given the option, we would retain our personally identifiable information (PII) on our mobile phones rather than sharing it with big corporations and marketers.