A few popular examples in addition to the Target example:
1. Uber – supply chain optimization platform using predictive algorithms that optimizes idle time
2. AirBnb – disruption in hotel industry
3. FaceDeals – connects online and offline sales. Check-in to the store, uses facial recognition and get deals.
4. Personal analytics with sensors on devices – Nike+, Fitbit, Jawbone, MyFitnessPal, etc.
5. Zillow – disrupting real-estate marketplace via data
6. Flipboard – discover, view and share content. Personalize.
7. Metlife “The Wall” project using MongoDB integrated data from >70 systems to create a 360 degree view of customers for their Support organization http://www.informationweek.com/software/information-management/metlife-uses-nosql-for-customer-service-breakthrough/d/d-id/1109919?
8. British Airways “Know Me” system leveraged online behavior and buying habits from 20M users to provide customized offers for continuing loyalty or upgrade offers to offset service lapses.
The Yodlee Platform consolidates data from a variety of sources.
Each source has unique information about the consumer that provides insight into that consumer’s financial profile
Within each account type Yodlee is taking appropriate action to normalize the data specific to each account type so that it can be used effectively by Yodlee and it’s clients
Example: For bank and card data, transactions activity is automatically categorized to apply to expense analysis and budget information
Vs. balance information which is unique for each account type – Bank account is normalized to Current Balance, Available balance, Interest rate etc. where Card balance information is centered on current balance vs. available balance vs. amount due and interest rate etc.
Those examples are very different from Investment account Types that have different elements like holdings, different transaction sets etc.
Challenge for Yodlee is to ensure we are effectively retrieving the information in the right context to help populate this single source repository for consumer data
Data Coverage & Volumes
Account types supported
Banks, Credit Cards, Investment, Insurance, Loans, Mortgages, Rewards, Tax, Real Estate
13,700+ data sources in US, Canada, UK, India, Australia, S Africa, France
Daily refreshes across network for over 40M users, ~75M accounts
>50% volume is from data feeds
Mechanisms in our Toolbox to Aggregate Data
Data Feeds
OFX/Web Services integrations with top FIs
High performance & reliability, low latency & high success rates
Non-MFA Aggregation
White labeled sites that bypass MFA
HTML scraping with high success rates
Scraping with MFA
Dynamic MFA, Static MFA
Support Q&A, Screen Captcha & Tokens
Batch Feeds – utilizes our Payments Engine – High Volume Process & Scalable Framework to process Issue Handling
Runs Independently
Initial Loads
Incremental
FINDAT
Financial accounts
Transactions
APRs
Merchants
Categories
ATM interactions
OTHER DATA
Geo targeting
Social media (Yelp reviews, FB, Twitter, YouTube, Pinterest…)
Google data
Photos, video, recordings
Cell phone data
Click stream data
Call center data
Credit bureau data
TV viewing data
POS transactions
Weather data
Etc!!!
This is the wealth management division.
This division increased the population of aggregators from 2000-24000 over a 4 month period. When doing that, they were able to do what the statistics show above and convert 1.25 of new management fees to the FI. This was only over a 4 month period and the total market opportunity is much bigger. None of this would be possible without the data aggregation available from PFM.
Major Brokerage: With 24K Users Leveraged Client Data to Generate $1.25M in 3 Months
Example [ANZ]
Example 2: In a marketing relevancy pilot, the FI used Balance Transfer Offers to very targeted users, and with very specific data. For example, FI could see all of the aggregated accounts of user…could see that one credit card had an APR of 18%, then offered a balance transfer with a APR of 12%. This targeted approach resulted in increased click throughs, increased take rate, increase in avg balance transfer amount, A big win!
Data Mashup ideas:
1. Financial data + click stream data + call center data + ATM interaction data => customized offers and products
2. Financial data (consumer spending at stores, that includes GEO data) + weather data + fuel data + holiday data => helps retailers on timing and type of marketing campaigns
3. Financial data (transactional data) + bureau data => credit decisions, cross sell/up-sell offers
4. Set-top television viewing data + supermarket and drug-store POS transaction information + auto ownership => provides advertisers deep insights into buying behavior crosses with television viewing habits, to place ads on the right networks targeting the right audience
5. Financial data + review data (Yelp) + check-in data (FourSquare) to correlate spending and reviews