We’re going to Money20/20 Europe

Following the success and fun we had at this year’s events, including ICE Totally Gaming and SXSW, we can finally announce that Hello Soda will be exhibiting at Money20/20 Europe for the first time!

Hello Soda will be present throughout the event in Amsterdam – you will be able to find us at Stand L45 from Monday 4th June through to Wednesday 6th June. Pop by to find out more about how your company could benefit from the ID and Personalisation big data solutions that we have to offer.

Three of our big data specialists will be attending the event from our Manchester HQ and would love the chance to catch up with other businesses.

The future of money

We’re excited to hear talks on payments, artificial intelligence and data analytics – all areas that we’re experts in. Let’s catch up while we’re there and build the future of money together.

Our diaries are filling up quickly, so get in touch now to booking a meeting with the team, or simply pop down to our stand for a quick chat.

We look forward to seeing you there!

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The Future of Identity Verification

Recent research reveals that an astonishing majority (84%) of financial services in the UK are concerned about their identity verification capabilities, and rightly so.

No consumer is likely to sing praises about the verification processes currently in place in a lot of institutions, a common example being providing a recent utility bill.

With sharp advancements in technology across a vast majority of sectors, it’s a wonder why identity verification in many still rely on traditional methods such as official documents.

Financial institutions need to consider the evolving needs of consumers, predominantly Millennials and generation Z, both typically lacking in traditional data such as credit history. These populations are in danger of finding themselves stuck in cycles where they put off big purchases such as cars or houses because they lack adequate credit for financial support, and therefore fail to build up a credit history.

An age-old problem

Millennials reportedly earn 20% less in salaries than the Baby Boomer generation, and as a result, many are putting off significant purchases that would actually help them to build credit such as houses and cars. The lack of credit history means that a large amount of this generation – and possibly even more of Generation Z – class as thin-file and, as a consequence, find themselves unable to access services such as traditional loans, rental agreements and mortgages.

So what does the future hold?

Big Data = Big Possibilities

There’s a lot of talk about ‘Big Data’ but this simply refers to any large amount of unstructured data and is entirely meaningless without the adequate analytics tools to derive meaning from it.

There are huge amounts of digital data created daily, therefore a continued reliance on the same traditional sources as twenty years ago risks restricting access for consumers who could otherwise be verified.

Balancing Customer Convenience & Security

Customer’s data is extremely important to keep safe, and with fewer and fewer consumers finding themselves adequately covered by traditional sources alone, it is important to take into account alternative ones that we have available to us in the digital age. Consumers have become used to being able to access goods and services within a few simple swipes and clicks, and any requirements for more vigorous checks adds friction and can result in high drop-off rates throughout the process.

This is how leveraging a multi-pronged approach to analyse digital data in real-time (assessing the quality and quantity, as well as looking for corroborative data) can robustly verify identity quickly and efficiently all online with less friction than traditional methods. Harnessing alternative data sources throughout the verification processes can help boost inclusion and increase access for those currently excluded or restricted, helping them to invest in business and property and, in turn, the economy.

To find out more about how you can bring your identity verification processes up to speed, visit our product page or get in touch for a chat/ free personalised demo.

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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.

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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