“Data is the oil of the digital era.” You are a little bit tired to read the hundredth time, aren’t you? We are going to declare a mobile phone data shaping the new landscape of the world instead.

 

It seems that nothing can stop fast-growing digital corporations such as Amazon, Apple, Facebook, or Alphabet, which are accumulatively earned over $25 billion in net profit in the first quarter of 2017. Every company from these five is collecting and controlling enormous database. Taking into account that nearly 80 percent of social media time now spent on mobile devices and the mobile access aspire to reach the same amount of other online pages, we can name all these gathered data the mobile phone data actually.

 

The next step on the way of data economy’s development after gathering a huge amount of data is consumer services reinventing. Yes, that’s right, all the data analyzed have the one and the main goal – to enhance companies’ services. An innovative approach to the data usage by Uber, Airbnb, Spotify, Foursquare, and many others changes the way of listening to the music, traveling, purchasing, and retailing. And the banking, of course.

“How much” doesn’t matter

Every single device in the world can be a valuable source of data. The question is HOW will you analyze all those gigabytes and what decision will be made be based on this analysis. Hard work of analyzing is taken by AI, artificial intelligence, extracting more value from the raw data with such techniques as machine learning and Big Data tools.

 

Algorithms, for example, analyzing lots of running traces, helping sporting goods store or health foods company locate their stores in districts where the number of runners is the highest. Whether a client started watching cartoons and purchased pregnancy test or canceled Netflix subscription and bought a canoe, algorithms can predict his or her further behavior. What for? To offer this client a better service, of course, and, as a result, to reduce the risk to lose the customer.

Analysis is the way to new opportunities

MicroMoney, the global fintech company, developed its own way in neural networks and self-learning algorithms using. The company created an app for the instant loan application approval so it doesn’t need any papers, documents or collaterals, or even a borrower in its office.

 

A customer should just download the app on a smartphone, to agree to process personal data and let the scoring system do all the work. In several minutes the system will evaluate about 12 000 parameters available from this mobile phone – from contacts to music saved, from social accounts to Google searches and will take the automatic decision about the client’s creditworthiness, and will give a status of loan approval then.

This is when your data are working for you. Scoring system based on neural networks can predict with high probability if you can be trusted depending on every single action you did with your mobile phone. And if the answer is “yes”, then you can plan a significant purchase or have the MicroMoney’s credit support for on urgent cases. Whenever you need money, you can complete a loan application and get a money within some minutes.

 

Data economy for companies and for people

We are witnessing the new digital world is taking shape. None can be blindsided for the new fields of knowledge, where the tech industry is the path breaker. The companies should consider new approaches.

 

Mutual sharing data with other businesses might give both sides a financial extension. For example, MicroMoney can give banks the access to the completely new audience — to unbanked people around the world. The company can share the database of reliable borrowers not only for lending organizations but for insurance, service and retail businesses because these exact people are ready to purchase services for their lives improving and have all the means to pay for them.

 

Mobile phone data are the world’s new oil, let’s use them wisely and collaboratively.

 

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