In the 3rd episode of the Data Lake BIGcast series, Disruptive Data, John Best speaks with Allied Solutions’ David Hilger and Michael Bryan, Senior Vice President and Head of Digital Strategy respectively. The discussion features a very interesting conversation with Allied Solutions about the drastic changes taking place in the financial services industry. They also discuss their partnership with OnApproach and how the implementation of a collaborative data lake for credit unions will completely change the landscape of the industry.
The worlds of business, financial services, and even our daily lives are constantly changing because of increasing technological capabilities. One major discussion point lately has been the introduction of autonomous vehicles. Leading the charge are large car manufacturers like GM, Ford, BMW (to name a few) and the well-known tech giant, Google. How would this change the insurance industry and how could big data and analytics impact this massive change? David Hilger explains:
Some say it’s a threat to the individual insurance market. At some point when everyone has an autonomous car, where does insurance fit into that? When people stop lending for cars then they will have to stop worrying about the insurance for the cars. The goal of our product is to make sure that the financial institution is protected if there is an accident. For autonomous cars, it depends on the ownership model. Predictive analytics could provide us with more insight. What type of cars, people, borrowers are a greater risk to the institution? Our client is the institution and that’s who we are trying to protect but there is a whole lot of other things that play into this. We don’t have the perfect insight, but we have the scale of data that can help achieve this.
Meeting Consumers’ Expectations: Not Easy but Essential
There have been successful and unsuccessful stories with the use of big data in the past decade or so. As discussed in the Disruptive Data podcast, a primary example is the clear difference in data integration capabilities across companies like Amazon, Netflix and Domino's, compared to the once promising Blockbuster. Being able to analyze and better understand where consumers’ tastes lie is very important to the financial viability of an organization and the community. Consumers have come to expect excellent, personalized and consistent customer service behavior from the merging companies like Amazon, Netflix and Domino's. Michael Bryan explains: