“Exploring the potential that social data has for making the payments world more inclusive, safer and better for consumers is very much aligned with Visa’s core values, and I’m delighted that we’ve been able to work together in order to articulate a vision of what the future could hold in this area." - Mike Philpotts, Innovation Partner at Visa Europe Collab.
The purpose of this paper is to explore how Visa Europe can ultilise social data analytics technologies to enhance products and services relevant to its existing business model. The structure of the study focuses on potential applications enabled through partnership with a specific vendor. Visa has chosen data analytics firm Hello Soda to be that specific vendor.
Hello Soda is a cloud based software provider that enables third parties such as financial institutions and other service providers to analyse social data to draw useful insights from their consumers. Through the analysis of psycholinguistics, patterns of communication and the identification of personality traits drawn from social media data sources and based on the OCEAN model, the platform is able to collect and process learnings which can then be used to enhance new and existing products and services.
In the case of a financial institution, for example, this analysis can be applied to establish a more personal relationship between the bank and its consumers. This allows institutions to identify selling opportunities and tailor financial offerings based on the expected behaviour of specific individuals. This functionality will be a key focus in the identification of where the Hello Soda platform can be applied to enhance the existing Visa Europe operating model.
Hello Soda analysis could enable individuals with no credit history to establish risk and identity profiles and also has the potential to identify appropriate products for specific individuals. A higher propensity for unbanked individuals to engage with formal financial institutions could be achieved through enabling social data driven procedures to replace tiresome application processes.
As the amount of available and accessible consumer data increases, the proposition of enabling institutions to leverage information from social technologies becomes more interesting. A collaboration between Visa and Hello Soda that enables financial institutions to leverage a harmony of financial and social insights could have a significant impact on the way banks are able to identify and execute on market opportunities.
The understanding of consumer behaviour, alongside consumer spending patterns, allows the potential for businesses to identify customer wants, needs, eligibility and insights more accurately, predicatively and in real time.
Read the complete white paper here.