Digging into data

I made my first Internet of Things purchase this month: “Unlimited Meows” for my son’s Amazon Echo Dot.

Yes, now we can enjoy (er, “enjoy” may not be the correct word) the uninterrupted sound of meows, while undoubtably torturing our poor cat, for as long as we want. Or until I shout, “Alexa! Stop!”

What does this bit of data tell you? That I love cats? That I’ll spend 80 cents to make my son laugh? That I was bored on a Saturday morning? This single piece of purchase information likely won’t be valuable to my credit union—though if its marketing messages contained adorable cat pictures, I’d be more likely to click! But when combined with data that shows recurring purchases at Chewy.com and the occasional purchase at pet stores across the country, it adds up to a more complete picture of a woman who spends money on her cat, even while traveling. This might tell my credit union that I’d be a prime candidate for a pet insurance policy or that I would be pleased to know the CU supports a local animal shelter.

In our cover story this month, we dive deep into the possibilities of data, especially when it’s coming at you from all angles—including from connected and smart belongings. If you make a purchase at the coffee shop with your debit card, your CU knows something about you. But in the future, your credit union could work with payment processors to learn much more, explains Fred Cook, CIO at BlueShore Financial in Vancouver, British Columbia. It could see that you authorized the payment from your internet-enabled car in the drive-through, for example.

 

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