SAT 3 1100am Ryan_Schurr_FINAL.pptx
WorldFuture 2016 A Brighter Future IS Possible
Transparency and Trust in the Age of Consumer Data Digitization
Marti Ryan & Eric Schurr
WorldFuture 2016 A Brighter Future IS Possible
The inquiry: 1. What do consumers want from their financial institutions and insurance providers? 2. What are consumers willing to share in order to receive what they want from their financial institution and insurance providers? 3. What concerns do consumers have about sharing information? What does “privacy” and “security” mean to you?
WorldFuture 2016 A Brighter Future IS Possible
What do consumers want from their financial institution?
• Specifically, they don’t know! • Generally, they want… 1. Advocate to assist them achieve financial health 2. “Personalized service” 3. Protect and not abuse their personal information
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
The balance between personalization and privacy Digital Footprint by Age
• • • • • •
Social media Site tracking Real-time location tracking Loyalty programs Online profiles App downloads
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
“How likely are you to share personal information with these industries?”
FIs are trusted because; 1. Required 2. Long-term relationship 3. Integrity
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
“How likely are you to share personal information with these industries?”
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
The information trade-off
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
Data used today by FIs • Payment • Credit Bureau • Relationship
WorldFuture 2016 A Brighter Future IS Possible
Consumer concerns with information sharing Concerns with data sharing: 1. Security breaches 2. Government use of personal information 3. Marketing communications that are a little too personal 4. Growing perception that Big Data means “Big Brother” 5. Inability to determine use
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
Consumers want to feel in control of their information
PWC – The Speed of Life
WorldFuture 2016 A Brighter Future IS Possible
Factors influencing willingness to share personal information 1.
Trust in data security
2.
“Give to get” factor
3.
Patronage & preference
4.
Clear communication SAS – Finding the Right Balance Between Personalization and Privacy
Future of Insurance! Marti Ryan, CEO Telematic!
00.
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72% believe it’s a better way to calculate rates
84% would change their behavior for a lower rate
@martifuturist
@marti_telematic
[email protected]
WorldFuture 2016 A Brighter Future IS Possible
Transparency and Trust in the Age of Consumer Data Digitization
Transparency and Trust in the Age of Consumer Data Digitization
Marti Ryan & Eric Schurr
WorldFuture 2016 A Brighter Future IS Possible
The inquiry: 1. What do consumers want from their financial institutions and insurance providers? 2. What are consumers willing to share in order to receive what they want from their financial institution and insurance providers? 3. What concerns do consumers have about sharing information? What does “privacy” and “security” mean to you?
WorldFuture 2016 A Brighter Future IS Possible
What do consumers want from their financial institution?
• Specifically, they don’t know! • Generally, they want… 1. Advocate to assist them achieve financial health 2. “Personalized service” 3. Protect and not abuse their personal information
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
Bain – Consumer delight
WorldFuture 2016 A Brighter Future IS Possible
The balance between personalization and privacy Digital Footprint by Age
• • • • • •
Social media Site tracking Real-time location tracking Loyalty programs Online profiles App downloads
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
“How likely are you to share personal information with these industries?”
FIs are trusted because; 1. Required 2. Long-term relationship 3. Integrity
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
“How likely are you to share personal information with these industries?”
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
The information trade-off
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
Data used today by FIs • Payment • Credit Bureau • Relationship
WorldFuture 2016 A Brighter Future IS Possible
Consumer concerns with information sharing Concerns with data sharing: 1. Security breaches 2. Government use of personal information 3. Marketing communications that are a little too personal 4. Growing perception that Big Data means “Big Brother” 5. Inability to determine use
SAS – Finding the Right Balance Between Personalization and Privacy
WorldFuture 2016 A Brighter Future IS Possible
Consumers want to feel in control of their information
PWC – The Speed of Life
WorldFuture 2016 A Brighter Future IS Possible
Factors influencing willingness to share personal information 1.
Trust in data security
2.
“Give to get” factor
3.
Patronage & preference
4.
Clear communication SAS – Finding the Right Balance Between Personalization and Privacy
Future of Insurance! Marti Ryan, CEO Telematic!
00.
Enter Title here
Click Here To Edit Subtitle Click Here To Edit Paragraph
72% believe it’s a better way to calculate rates
84% would change their behavior for a lower rate
@martifuturist
@marti_telematic
[email protected]
WorldFuture 2016 A Brighter Future IS Possible
Transparency and Trust in the Age of Consumer Data Digitization
