Issue 6: October 2018
These simple and quick actions are common place, but did you know the one thing they all have in common is they leave a data footprint? With our data universe expanding at an exponential rate, we produce a mind-boggling 2.5 quintillion bytes of data every day! It’s a monster, with hundreds of billions of our transactions, interactions and behaviours recorded every day.
But how many of us have ever stopped to wonder what happens to the data collected from all of these every day interactions? What are businesses doing with our data and why? We hear about ‘Data breaches’ often, companies having to admit to their customers that their data may have been compromised and personal information may have been affected.
So what does this mean for us? As a bank it goes without saying that we have a duty to protect our customers and colleagues by doing the right thing when it comes to their privacy and the data we collect. The consequences of not doing so are high! Yes, GDPR has also given consumers more protection by boosting our right to control the information we choose to share. But in reality for many of us this simply means clicking yes to agree to a privacy statement before accessing a website – do we really understand the small print?
Our new companion app Mimo is doing just that. Currently in pilot, it gives customers a huge range of personal insights and new services that banks haven’t been able to provide before. It does this by using contemporary and clever technologies, such as Open Banking APIs, AI and data analytics.
Through extensive research, our customers have told us they lack the time or motivation to manage their life admin. This results in poor outcomes for our customers, e.g. they forget important tasks such as paying their credit card bill, and then get hit with unnecessary charges, or they miss opportunities to save money.
So Mimo has been designed to help customers save time, money and give them financial peace of mind by reminding them of the financial tasks they need to do and helping them to keep on top of things, a 24/7 virtual assistant if you like.
Mimo provides proactive and personal insights into their total financial position, such as their income, bills or day-to-day spending, as well as their insurances, subscriptions and utilities. These insights are delivered through notifications and interactive roundups (kind of like an Instagram story). Mimo also helps them budget their money and it will be able to take direct action for them - bringing them the best deals in the market delivered through our network of partners. What’s not to like?