Jordon W. on LinkedIn: #fintechfuture #fintechprivacy #fintechinnovation (2024)

𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐓𝐫𝐮𝐬𝐭 𝐢𝐧 𝐅𝐢𝐧𝐓𝐞𝐜𝐡: 𝐏𝐫𝐚𝐜𝐭𝐢𝐜𝐚𝐥 𝐒𝐭𝐞𝐩𝐬 𝐟𝐨𝐫 𝐒𝐮𝐜𝐜𝐞𝐬𝐬Last week, I discussed how data analysts can bridge the trust gap in FinTech by empowering users. Today, I’ll explore how leading companies are translating that concept into real-world practices.𝐒𝐮𝐜𝐜𝐞𝐬𝐬 𝐒𝐭𝐨𝐫𝐢𝐞𝐬 𝐢𝐧 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐓𝐫𝐮𝐬𝐭Chime - 𝑆𝑐𝑒𝑛𝑎𝑟𝑖𝑜: Chime's interactive "Credit Builder" tool uses gamification to increase financial literacy by showing users how actions impact their score. - 𝐼𝑚𝑝𝑎𝑐𝑡: Transparency empowers users, fostering trust and financial well-being.Monzo Bank - 𝑆𝑐𝑒𝑛𝑎𝑟𝑖𝑜: Monzo's app offers detailed spending categorization with customizable budgets and spending alerts. - 𝐼𝑚𝑝𝑎𝑐𝑡: User control fosters trust and strengthens Monzo's reputation for being user-centric.Starling Bank - 𝑆𝑐𝑒𝑛𝑎𝑟𝑖𝑜: Starling Bank utilizes AI to personalize security measures by adjusting the level of authentication required based on user behavior and transaction risk.- 𝐼𝑚𝑝𝑎𝑐𝑡: This approach reduces inconvenience while maintaining security, encouraging trust with users.𝐀𝐜𝐭𝐢𝐨𝐧𝐚𝐛𝐥𝐞 𝐓𝐫𝐮𝐬𝐭-𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬 𝐟𝐨𝐫 𝐅𝐢𝐧𝐓𝐞𝐜𝐡 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬The approaches used by Chime, Monzo, and Starling Bank offer a strong foundation for other FinTech companies. - Deepen data explainability by developing user-friendly dashboards with clear visualizations. - Enhance user control by providing granular data access and download options for personal record-keeping or third-party analysis. - Build trust and optimize their features by regularly gathering user feedback and clearly communicating updates. This two-pronged approach demonstrates transparency: users feel heard, and they understand how their data is being used.𝐓𝐡𝐞 𝐇𝐮𝐦𝐚𝐧 𝐄𝐥𝐞𝐦𝐞𝐧𝐭: 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐓𝐫𝐮𝐬𝐭 𝐁𝐞𝐲𝐨𝐧𝐝 𝐃𝐚𝐭𝐚Building trust also requires a human touch. Strong customer support, open communication channels, and a commitment to ethical data practices are all crucial. Prompt and effective support builds confidence, while open communication allows users to feel heard and valued. Finally, prioritizing user privacy and security demonstrates responsible data stewardship. By emphasizing these elements, FinTech companies can build stronger relationships with their users.𝐓𝐡𝐞 𝐁𝐨𝐭𝐭𝐨𝐦 𝐋𝐢𝐧𝐞: 𝐖𝐡𝐲 𝐓𝐫𝐮𝐬𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬 𝐢𝐧 𝐅𝐢𝐧𝐓𝐞𝐜𝐡Beyond reputational benefits, fostering trust in FinTech is the cornerstone of a thriving FinTech industry. User adoption hinges on transparency and data control. By focusing on building trust, FinTech companies cannot only ensure their own sustainability but also empower users to make informed financial decisions and achieve their financial goals. #GetEmpowered #BeDataSmart #FinTechFuture #dataanalyst

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𝐀𝐦𝐞𝐫𝐢𝐜𝐚𝐧 𝐄𝐱𝐩𝐫𝐞𝐬𝐬 𝐃𝐨𝐮𝐛𝐥𝐞𝐬 𝐃𝐨𝐰𝐧 𝐨𝐧 𝐃𝐚𝐭𝐚-𝐃𝐫𝐢𝐯𝐞𝐧 𝐃𝐢𝐧𝐢𝐧𝐠 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞𝐬 American Express's recent acquisitions signal a major step towards data-driven dining experiences. (https://lnkd.in/eYiTUDRQ) Let's unpack why these acquisitions are crucial for Amex as well as a couple thoughts on how this will impact Squarespace 𝐖𝐡𝐲 𝐓𝐨𝐜𝐤 𝐚𝐧𝐝 𝐑𝐨𝐨𝐚𝐦 𝐚𝐫𝐞 𝐊𝐞𝐲 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐟𝐨𝐫 𝐀𝐦𝐞𝐱: • As a leader in online reservations, Resy, acquired in 2019, has provided Amex with valuable data on user preferences and behavior. Similar to how Target famously leveraged shopping habits to send targeted coupons and offers to expecting mothers. This allows Amex to curate exclusive dining experiences and recommend restaurants based on individual spending habits and tastes • Tock known for its focus on high-end restaurants, adds a network of premium venues to Amex's offerings. Combined with Tock's reservation and table management tools, Amex can personalize the booking process and offer exclusive access for Epicurean client to sought-after reservations for their cardholders. • Rooam a leading contactless mobile payment platform, boasts extensive partnerships across the industry, and offers "frictionless integration with every major POS provider" according to their website. This not only streamlines the payment process for Amex cardholders but also provides valuable data on spending patterns within restaurants and entertainment venues. By integrating these solutions, Amex creates a powerful ecosystem for cardholders. Imagine seamlessly booking a coveted table at a Michelin-starred restaurant, preordering your meal, and paying effortlessly with your Amex card – all within a unified platform. This level of data-driven convenience and personalization differentiates Amex from other competitors in the FinTech landscape.𝐈𝐦𝐩𝐚𝐜𝐭 𝐨𝐧 𝐒𝐪𝐮𝐚𝐫𝐞𝐬𝐩𝐚𝐜𝐞:• The press release mentions a continued partnership between Amex and Squarespace to offer additional value to small businesses that use Amex cards. This could translate to special offers or benefits for Squarespace users who are also Amex cardholders.• Squarespace can now focus its resources on its core business of empowering entrepreneurs to build online brands. They still offer other tools for the hospitality industry, such as scheduling with Acuity, making them a strong player for smaller restaurants with simpler needs.𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧:American Express’ recent acquisitions make them a one-stop shop for premium dining experiences. Amex is well-positioned to attract high-spending customers with a comprehensive platform for both diners and restaurants. Squarespace faces a challenge, but it also has an opportunity to innovate and cater to different needs within the restaurant tech landscape.#FinTech #DataAnalysis #RestaurantTech

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FinTech's Trust Gap: How Data Analysts Can Unlock Wider AdoptionThe FinTech boom faces a surprising hurdle: trust. Despite explosive growth, many users remain hesitant due to data privacy concerns . But what if the key to unlocking wider adoption lies within the realm of data itself?Data analysts can bridge the trust gap by empowering users with control and clarity. Here's how:Demystifying the Algorithm:• Challenge: Opaque algorithms leave users confused about how their data shapes their FinTech experience.• Solution: Data analysts can create user-friendly explanations:- Interactive dashboards visualizing data flows and decision points.- "What-if" scenarios allowing users to see how data changes impact outcomes.- Explainable AI (XAI) techniques translating complex algorithms into plain language.• Impact: Empowered users build trust and feel in control of their financial decisions.Tailored Security: Leveraging Behavioral Analytics:• Challenge: Traditional security measures can be inconvenient.• Solution: Data analysts personalize security with behavioral analytics:- Risk scoring: Analyze user behavior and transactions to assess fraud risk.- Adaptive authentication: Utilize stronger measures (like fingerprint scans) only for high-risk situations.• Impact: This targeted approach balances security with user experience, keeping users protected without constant intrusion.Transparency in Data Usage: Clear Communication is Key:• Challenge: Many users worry about data collection, storage, and sharing within FinTech platforms.• Solution: Data analysts ensure clear communication:- Easy-to-understand privacy policies: Ditch the legalese! Present data usage terms in a user-friendly format.- Data dashboards: Develop dashboards that show what data is collected, how it's used, and who it's shared with (if applicable).- Proactive communication: Inform users about data practice changes and provide clear explanations.• Impact: Open communication fosters trust and empowers users to make informed decisions about their data.In Conclusion:By addressing data explainability, user control, and clear communication alongside data security, data analysts can become champions of trust and transparency in FinTech. This multifaceted approach will be critical for wider adoption and long-term FinTech industry success.How about you? How has your experience been in building trust within FinTech.#FinTech #DataAnalysis #TrustBuilding #FinancialSecurity

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I recently came across a fantastic LinkedIn post highlighting the importance of data in the nonprofit world. It resonated deeply, especially the author's point about the crucial role both quantitative and qualitative data play for nonprofits. Think of it like this: quantitative data showcases the scale of your impact. Numbers like program participants served or meals provided paint a clear picture of your reach. Qualitative data, on the other hand, reveals the human stories behind those numbers. It's the voice of the lives changed, the challenges overcome, and the communities empowered. Combining these two data types is a winning formula!A common problem for many nonprofits is building internal data expertise. Thankfully, organizations like Idealware, Nonprofit Data Collaborative (NPCD), and TechSoup offer a helping hand. These groups provide training and support programs specifically designed to build data capacity. Imagine equipping your team with the tools to transform data into actionable insights – that's the power they offer!Data Triangulation: A Stronger FoundationThe article also touched on data triangulation, a powerful technique for a holistic view. Think of it as examining an issue from multiple angles. By using both quantitative and qualitative data to investigate the same issue, you strengthen the credibility of your findings and paint a more complete picture of your impact.The Bottom Line: Balanced Data for Maximum Impact This post serves as a great reminder that a balanced data approach is key. By leveraging both quantitative and qualitative data, organizations nonprofits can effectively demonstrate their value and achieve even greater impact through compelling storytelling.

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Building on Britt'ny's great work, data analysis can pinpoint areas where energy efficiency programs can most benefit low-to-moderate income households. By identifying high-need and low-affordability communities, we can target outreach efforts and ensure resources reach those who need them most. #CommunityEngagement + data = a powerful combo for achieving #EnergyEfficiency for all! #dataanalyst

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Thrilled to see Aetna (a CVS Health® company) leading the charge in #digitalhealth Their commitment to personalized care is evident with the upcoming launch of a next-generation virtual assistant in early 2025.This innovative tool promises a perfect blend of cutting-edge technology and the essential human touch in healthcare. It aligns perfectly with Aetna's core values of:Innovation: Tackling complexity with smart solutions.Personalization: Prioritizing a human-centric approach to care.Empathy: Striving for a warmer, more supportive experience.As data analysts, we have a unique opportunity to ensure this virtual assistant delivers a seamless and valuable experience for Aetna members. The question is, how can we leverage data to make this a reality? For example, by using member data to personalize interactions, employing predictive analytics to anticipate needs, and continuously analyzing user behavior to optimize the assistant's capabilities. What other data-driven strategies can you think of to make this virtual assistant a game-changer in healthcare? Let's share our ideas in the comments!#Aetna #PersonalizedCare #Dataanalyst #Datainhealthcare

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I agree 100%. Streamline your hiring process – speed isn't everything, but efficiency is! Multiple interviews can be a drag, so companies must find ways to get a clear picture of the right candidate without a marathon session.Ultimately, the best candidate should choose the role that best suits their aspirations. But by offering a streamlined, positive hiring experience, you can show them that your company is a great place to land – and maybe even convince them to skip that other offer.

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