Improve your lead decision-making with phone validation

When purchasing leads from ping trees or other lead generators, it is easy to waste money on poor quality or ‘dead’ leads- not only on the bids themselves but also on expensive traditional checks such as through the credit bureau. Can phone validation for lead purchasing help?

For every 10,000 leads you purchase, let’s say that on average 60% will convert into loans. That means that the money spent on purchasing and performing checks on 4000 leads is essentially wasted.

A simple and efficient way to significantly mitigate these costs is through instant phone number validation. Validating the quality of phone number provided by the loan applicant can more accurately predict whether the lead will convert into a loan.

With Fraud Web, you can accurately verify in real-time:

  • Location of number
  • Whether the number is active/live
  • Network of number
  • Whether the number is linked to crime or fraud

For more information on how Fraud Web can improve your decision-making process instantly, get in touch or book a demo

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SXSW, Dancing Robots & AI

As our first event in our second ‘home town’ Austin, SXSW 2017 was – in a word – incredible. The trade show was like a glimpse into the future, the city was like walking through a different film set around each corner, there was a continuous soundtrack to each day thanks to the hundreds of artists and bands, and the nightlife was non-stop. Let’s break it down…

The SXSW 2017 Trade Show

The SXSW 2017 Trade Show was the most diverse exhibition event we have experienced at Hello Soda. With running themes being AI, VR and robotics, there was no shortage of interesting and engaging innovations to experience (yes that is an actual robot dancing to Brazilian music!)

https://vimeo.com/235883258

Situated in the International Pavilion opposite the Great Britain and Northern Ireland and Manchester stands, we were proud to represent the United Kingdom (particularly the Northern Powerhouse) as an international, fast-growing tech business. Here’s a picture of our Head of Analytics, Consultancy and Solutions Leanne testing out their VR headsets…Innovation IS Great!

Sticking to the buzz around AI at the trade show, we offered an Anki Cozmo (a little robot powered by advanced artificial intelligence technology) as a prize for our draw. Congratulations to our winner Tom Edwards from Epsilon!

 

So where did Hello Soda fit into all of this?

Businesses from around the world flocked to the trade show to discover new technologies to help with the problems they are facing in the digital age. Luckily Hello Soda offer solutions to a lot of these challenges and, in particular, the wide range of advanced techniques we utilise in our software solutions including Natural Language Processing, Psycholinguistics and Bayesian Belief Networks seemed to be on the top of most peoples’ lists to find out more about in order to improve their business processes.

If you would like to find out more about our software, its applications, or the techniques used to derive insight, get in touch or visit the website

 

The city during South By

Finally, one of the best aspects of being in Austin during the busiest time of year is that the entire city transforms into a work of art. From a pop-up Los Pollos Hermanos (the infamous fast-food joint from Breaking Bad) to guitars in the street, we saw it all.

 

 

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4 key insights to increase propensity to collect by 250%

How to increase collections success

Imagine being able to increase the probability of collecting by 250%. A great frustration in the collections industry is not being able to reach your consumers, not just that but not knowing which to contact first. Perhaps this is due to the contact details you hold being out of date or incorrect, perhaps this is due to a lack of knowledge surrounding their affordability or perhaps you can just never catch them at the right time on the right day. Here we discuss how to increase collections success.

These issues are even more of a problem now with regulations limiting the number of times that collectors can contact an individual as well as when they can contact them.

So how can you priotise your contact list for the maximum chance of success?

With Discovery, you can turn the limited amount of contact information that you have into a plethora of detail.

Verify:

  • active contact points
  • up-to-date location data
  • whether an individual is employed – and therefore more likely to repay on time (by up to 2.5x)

…toto increase collections success by prioritising based on highest propensity to collect.

Additionally, Discovery can be used to price entire collections books in the bidding and acquisition process to help you to determine whether it is worth bidding on.

This all works through you inputting a single unique identifier per individual (such as an email address) which can be done in batch. This acts as a jumping off point from which Discovery traverses from one piece of publicly available piece of data to another. It then returns a detailed and applicable report which can be easily integrated into your CRM to help segment and prioritise collections.

So there you have it, how to increase collections success by verifying whether your customers have active contact points, whether they are employed, and other insights into their online activity.

Find out more

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Will we see you at SXSW?

Almost 4 months after our official Austin office launch, Hello Soda is exhibiting at the SXSW trade show as its first official event as a US Incorporated business!

We will be at booth no. 1232 and our expert team still have a few remaining slots left for meetings so please email usa@hellosoda.com to secure on of the remaining demo slots or simply pop by the stand for a chat and a coffee.

Don’t miss your chance to discover the innovation that will change how you do business for the better.

Book a demo today

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How to increase re-purchase rates with interest-based audience segmentation

Imagine being able to discover all of your customers’ likes and interests. Not only that but what brands they are talking about, what celebrities they discuss, and even how they feel about certain topics or companies, all by inputting just one unique identifier. Here’s how to increase re-purchase rates with interest-based audience segmentation.

With Discovery, you can identify in-depth interests and likes, personality, and sentiment for better targeted marketing including:

  • what to offer
  • how to tailor messaging
  • when to contact
  • which contact method to use

for maximum engagement. For example, you can find out that this person really likes sports, that they are particularly passionate about football and they support the Texas Longhorns. So instead of a generic social ad or email campaign, with Discovery you can tailor these to specific factors and – as a result – massively boost click-through-rates.

Say you are a major mobile phone company, you can identify which of your prospective customers use Apple, which of them feel negative about this, identify whether they are passionate about photography or music, and discover their favourite band or artist. You can then utilize these insights to tailor offers as to precisely why they should (and why they actually want to) move to your brand instead.

While standard social listening tools identify trends and hot topics – and can flag mentions of your brand or competitors – Discovery holds capabilities which go far beyond this, delivering real-time advanced breakdowns of interests, likes and personality (including sentiment) in a format that can easily be integrated with your existing CRM for more effective marketing.

You can gain these actionable insights through inputting any one unique identifier for each consumer that you look up (such as an email address or social media handle) in batch form for easy, more in-depth segmentation and more accurate targeting to maximize engagement and ROI.

Discovery uses this initial input as a jumping off point, and traverses from one piece of publicly-available data to another to thread together a detailed image of the individual consumer, all in real-time. We call this the ‘Hop-Hop’ method.

Personalizing marketing based on individual insights like interests has positive impacts on revenue, with 39% going out of their way to use a customized offer, 36% of consumers purchasing from that brand again, and 27% recommending it to their social circle

Turn the list of email addresses or Twitter handles into a plethora of detail with minimal effort so that you can segment your audience by specific or combined interests, what celebrities they follow, what their favorite band or football team is, or even by personality type so that your email campaigns or social advertising will be always be relevant to each individual recipient.

Discover more, with Discovery

 

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The travel data goldmine

Holidaymakers and travellers alike are leaving huge data trails in their wake. Whenever a destination is researched, a trip booked, a place visited or comments and reviews left online, insightful travel data is being created. Travel companies have cottoned on to this and are now utilising big data to their advantage. The challenge lies in deciphering this unstructured data to determine relevant insights that have the potential to boost revenue. Like a goldmine, the raw materials for these insights already exist, and travel companies now need to drill down in order to extract and apply them.

Times have changed

Big data analysis lends itself particularly well to the travel sector. Smartphones are ubiquitous amongst millennials, who are now the largest generation in history and constantly connected. This combination makes for incredible volumes of data production and the data insights that can be gleaned from one aspect (such as geo-tagging) alone are vast.

“Bored of the same old French Ski resort? Excitement isn’t far away – get 10% off a 2 night stay in Grenoble Ski Resort if you book before Friday”

It should come as no surprise that fewer people are heading into a high street travel agent in person to discuss their travel options. The global online travel industry was responsible for a staggering $498 billion of revenue in 2015. The percentage of adults who purchased travel arrangements and accommodation online was almost 40% in 2014. The rise of online travel websites and platforms has brought convenience to consumers, as well as greater choice and the ability to make quick and easy comparisons. By extension, this has granted more power to consumers but also results in more effort being required on their part. And without the human element within the buying cycle (eg. a travel agent who can make suggestions based on your likes, interests and requirements) the dilemma that online travel companies now face is how to establish a customer’s perfect holiday and to suggest it to them before they’ve even opened Google.

The holy grail of personalisation

True personalisation to the consumer’s wants and needs brings with it greater customer loyalty. In the current comparison-driven market, building brand loyalty has become a greater focus than ever before. 46% of travellers stick to using just two or three different websites when making a purchase online. And whilst 34% agree that online travel companies have nailed down the basics of search and shopping, more than half (53%) think that they can do more to improve.

With the aid of the right tools, big data can allow travel companies to be proactive rather than reactive to their customer’s wants and needs, and the personalisation of travel offers and services is becoming a hallmark of good customer service­­­­. Tailoring how you market your business’s goods or services to particular interests and needs is the key to obtaining the best conversion rates and ROI and – while traditional data sources can segment audiences by factors such as age and gender – in an ever connected world, this data quickly becomes outdated.

Using advanced text analytics, our flagship software solution PROFILE establishes a person’s likes and interests with astonishing accuracy. Utilising this technology opens up a wealth of marketing possibilities, and – in a busy marketplace – this can provide online travel companies with a much needed edge over the competition. The same technology also enables you to establish a customer’s personality traits, allowing you to make more informed decisions about how you promote or advertise your carefully tailored offer.

PROFILE uses the scientifically-backed Big Five method of scoring an individual’s personality. For instance, an individual who scores highly in conscientiousness is much more likely to respond better to comparative adverts which show how one deal compares to another. Perhaps they score highly in agreeableness, in which case the emphasis of your campaign should focus on the enjoyment and feelings that the consumer is likely to experience. Unique insights including these can empower your marketing campaigns by enabling you to identify cross-sell and up-sell opportunities, boost customer loyalty, and in turn uplift revenue.

Why wait until everyone else does it first? Get in touch to book a demo and revolutionise your marketing with PROFILE Personalisation.

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Big Data in the Gaming Market

Big data verification in the gaming market

The gambling industry is estimated to be worth 50.7 billion US dollars as of 2017. Identity checks are a vital element of any gambling registration process, but relying on current, outdated data sources can lead to you missing out on potential users and millions in revenue. Is big data identity verification the future?

There are consumers who will (and do) visit your website or your app, go through registration, and then drop off due to an inconvenient and drawn-out signup process such as requesting copies of driving licenses. Even losing 10% of potential players because of this can radically harm your revenue, something which is avoidable by implementing the right tools to optimise registration processes.

Smart phone penetration is predicted to reach 70% by 2020, and, by 2018, the mobile gambling industry is expected to be worth $100bn. The mobility that these devices provide to customers, and the rise of publicly available Wi-Fi, enables them to play anywhere, resulting in an increase in user demands for convenience and efficiency, with quick verification processes being a particularly vital part of the user experience for time-dependent bets or offers.

Technology is sufficiently advanced to no longer have to rely on traditional data sources alone. Digital data is expected to reach 180 Zettabytes by 2025 (up from 4.4 in 2013) and but, at present, less than 0.5% is ever analysed and used.

With 2.5 Exabytes (or 2.5 billion gigabytes) of digital data is produced every single day, why continue to rely on outdated data sources alone when there are solutions available that leverage this digital data to enable quicker, more user-friendly verification processes?

Big data analytics software can be utilised to verify identity and detect fraud to ensure that safe and genuine customers are seamlessly and quickly authenticated. Our solution PROFILE provides an efficient and modern form of ID verification by harnessing a customer’s existing digital footprint to drastically improve the user experience. Following consent from the user, in simple terms PROFILE assesses both the quality and quantity of data available about an individual, ensuring it is consistent, meaningful and real. This use of big data can determine whether an individual is who they claim to be, in real-time, without affecting the experience of the gamer.

With PROFILE, you will supplement traditional data with the user’s digital footprint to enhance existing verification processes. PROFILE will be just as accurate and work just as well regardless of where in the world the player is.

PROFILE is revolutionising the way that the gaming industry verifies identity. With clients already seeing 63% uplifts in ID verification on thin-files versus traditional processes, PROFILE will drastically improve your odds of success in a crowded and competitive market.

Our 2017 big data predictions

This has been the year that big data has become, if possible, even bigger. A survey by Gartner found that 48% of companies invested in big data in 2016, and nearly three quarters of those surveyed have already invested, or plan to invest.

And this trend looks set to continue. Decisions are being driven by data in many different sectors, from marketing and pharmaceutical companies to third-sector organisations. Algorithms within the advertising industry are influenced by information about shopping habits, and the same data-driven algorithm is used for engineering both Formula 1 vehicles and asthma drugs.

But just how far can big data take us? Has it reached its peak or is there more potential to explore? We’ve had a think about what 2017 means for big data.

 

1.     There will be more data

Perhaps the most obvious big data prediction for the upcoming year is that there will be more of it. The increasing number of individuals living their day-to-day lives largely through the internet means that there is more opportunity than ever before to create and collect data, and by 2020 the amount of data that is worth analysing is predicted to double.

Everything from social media, health monitors and taxi apps collect data from the user, all with the aim to improve and personalise the user experience and make more efficient, cost-effective business decisions.

Recently, British Airways put out a patent application for a ‘Digital Pill’ – a system which intends to personalise the travel environment for each passenger. It would work as an ingestible sensor and would supposedly monitor temperature, sleep phase, and heart rate. This data would then be fed to the airline which would then alter elements of the individual’s in-flight experience, such as their meals, sleep-times, lighting, and in-flight entertainment, accordingly.

This revelation shows just how advanced the use of data can get, and raises the question of what other innovations we will see emerge in 2017 that we had previously thought to be impossible.

 

2.     There will be more demand for big data and analytical skills

Businesses should get big data analytics on their list of new year’s resolutions if they want to provide a better service to their customers and keep their competitive edge. Personalisation has become ordinary for consumers, who now expect businesses to go a step further. For example, users of TV and film subscription services such as Netflix assume that the app will understand what they’re looking for and recommend shows for them to watch. Businesses should use data to make the customer’s journey more efficient and convenient, something that traditional data, such as demographics and credit scores, can struggle to achieve.

A significant benefit of big data is that it encompasses a large number of data points from a range of sources, and can therefore paint a much more accurate picture of an individual consumer at one point in time than businesses could have dreamed of ten years ago.

It allows companies to verify identity and detect fraud, and provides insight and predictions into behaviour like travel, outings, and vote outcomes. It could even save lives – researchers have discovered a way of utilising machine learning to develop predictive models for the onset of type two diabetes.

This demand will subsequently lead to businesses needing to recruit staff with big data analytics skill sets, or work with an external specialist to keep up with industry competition and customer expectations. This may mean a rise in people with jobs like data scientists, data modellers, data analysts, developers and more.

 

3.     There will be more monetisation

Plenty of experts have predicted that the creation of this data and its use will result in its monetisation. The chief executive of Dell, Michael Dell, has predicted that big data analytics is the next trillion-dollar market. IDC predicts that that data monetisation efforts will result in enterprises increasing the marketplace’s consumption of their own data by 100-fold – or even more.

By 2020, the amount of data that is worth analysing will double. Forrester expects that as firms will try to sell their data, ‘many will sputter’, but in 2017, an increasing number of firms will look to drive value and revenue from their ‘exhaust fumes’. Forrester declares that ‘all companies are in the data business now’.

The trouble comes with identifying which type of data is useful – but it seems that businesses aren’t too far away from achieving this. IDC predicts that by 2020, organisations that are able to analyse all relevant data and deliver actionable information will achieve an extra $430 billion in productivity benefits over their less analytically oriented peers.

Although this is a good few years away, we are likely to see a move towards this in 2017, as a similar figure for revenues associated with data monetisation would get us closer to Michael Dell’s trillion-dollar prediction. In the same interview, Dell described the current state of data analytics, saying that: ‘If you look at companies today, most of them are not very good at using the data they have to make better decisions in real time’. However, as the big data market continues to grow, we are likely to see companies making better business decisions as a consequence.

 

4.     There will be a deviation away from the buzzword

‘Big data’ has been one of the biggest buzzwords of the last couple of years, but as its use grows, this term will be used less. Big data itself is raw and unstructured, making it near impossible to derive meaning from it without implementing tools that are capable of analysing it and creating meaningful insights.

However, we have already started to see move away from the ambiguity of the term ‘big data’. Terms such as ‘smart data’ and ‘actionable data’ differentiate between the offerings of the different types of analytical tools available.

Ultimately, it looks like big data is here to stay in 2017. Data analytics has gone a long way towards transforming almost every sector this year, and patents for innovative products, huge growth in the amount of data generated, and increasing customer demand mean that data will likely be the driving force behind many business decisions next year.

Read the full article

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Cutting chargebacks with big data verification

A massive 51% of purchases are now made online, with that statistic being much higher in younger populations. We are at a stage where consumer behaviour is in limbo between the online world and the offline world, and the increasing demand for convenience and efficiency means that it is essential for businesses to implement more efficient and innovative verification systems – soon.

Many young consumers, including millennials, and even more so Generation Z, have grown up with technology at their fingertips, and the ability to get whatever they want with a click of a button

Read the full article

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How to leverage big data to improve customer experience

Enticing new customers and understanding existing ones in order to encourage brand loyalty is essential in every sector, and has arguably never been more important than it is today. Consumers are saturated with marketing when it comes to products and services of all types, and the financial services industry is no different.

Fintech start-ups have been appearing at an increasingly rapid rate, leaving consumers with plenty of options for lending, insurance, banking, and much more – rather than having to rely on the handful of traditional players.

With so much choice, differentiation is key in order to win new business. One reason for the popularity of many fintech providers, including online banks and lenders, is their seamless user journey. From using a smartphone to make contactless payments and being able to chat to an expert on demand, modern consumers demand quick and easy access to services they require. Too many steps before a payment, too many details to input into a form or a complicated user interface can each prevent a customer from using a service or completing a payment. Word travels fast in the digital age, and if a fintech company can make the customer’s life easy, it is bound to be popular.

Read the full article

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