BIG DATA! BIG INSIGHTS OR BIG PROBLEMS? ARE YOU SURE YOU ARE READY FOR THIS?

Dimitri Anagnostopoulos

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I love buzzwords

FintechDisruption

Innovation

Blockchaincryptocurrency

Transformation

Change management

Information technology

Artificial intelligence

Machine learning

Algorithms

IDEAS

Internet of Things

Cre

ativ

ity

Value proposition

Organisational Culture

Real Time

Multi-channelEcosystem

B2B P2P

Vir

tual

Augmented

Agi

lity

hyper-digital

omnichannelC

lou

d

Ro

bo

-ad

viso

rs

Gamification

Segmentation

Micro-segmentation

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Think of quintillion bytes of data created every day across multiple dimensions

So, what can we do with Big Data?

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Financial information is the foundation for categorising our clients

Could such data provide information for early warning indicators or affordability?

Life events Everyday behaviour

Stressed

Nervous

Unsettled

Active

Relaxed

Lovable

Romantic

Happy

Tired

Calm

Mood

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Social interaction can potentially identifying mood

Could these be good insights affecting the riskiness of a life-policy or a credit line?

Photos attributes showed

early signs of depression

70% accuracy

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By the way, any of this sounds a bit scary?

Because there is more coming…

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Paypal is the underlying payments platform for Uber

Scarier?

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If Paypal can do this, surely insurers can do it too

Make sure not to forget what real client needs is about!

Distance

Routes

Time of the dayDriving behaviour

Where accidents take place

Frequency

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None of the above examples is ‘news’

So what is the ‘element’ that may determine the outcome?

It can help you … break youor

The question is not ‘what’ can we do, but ‘how’

Think of ‘Big Data’ as a tool set

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Get ready for another buzzword

Do you have a Big Data Culture?

Risk cultureRisk modelling

Risk

Fintech

Fintech adoption vs.

Fintech Culturehttps://banknxt.com/58293/fintech-culture-banking-innovation/

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Here is where Chris Skinner’s FiBD starts beeping

… think of

Leda Glyptis,

and

organisational

‘alignment’1

1 BankNXT: Leda Glyptis “What ‘disruption’ really means for banks” - http://banknxt.com/56920/digital-disruption/

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Business alignment is equally important

People manage their careers not their jobs!

Τhe issue is not lack of data (big or not)

KPIs

- but management mentality and internal processes

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Big data cannot solve the cultural issues of your organisation

Don’t forget or neglect what we already know

▪ Causation and data interpretation

Big data can be a big risk – don’t forget the usual suspects

▪ Sample bias and sample error

▪ Applicability

▪ All other known issues when we work with data

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To harness the capabilities, we need to look across all processes of the organisation

You need to grow all dimensions in parallel

AI&ML can only give you the answer to “life, the universe and everything”

Privacy – Security – Risk – Regulation

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Where to from here…

‘Value’ for the organisation is not always ‘value’ for the client

Start with the question, not the data

What are we trying to achieve?

Outwards looking

For our clients

Inwards looking

For our organisation

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Summary

You are probably here:

Data Rich

You want to be:

Data Rich - Insight Rich

Data Super-Rich

With Big Data, you can be:

Data Super-Rich

- Insight Poor

- Insight Poor

- Insight Super Rich

Three key things to remember

1. Start with the question

2. Evaluate capabilities

across dimensions

3. Beware of ‘theory free’

Organisational

culture

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The information contained herein is proprietary, confidential and may be legally privileged. Please do not distribute this presentation without the

prior written consent of True North Partners LLP or its authorised affiliates.

© 2018 True North Partners LLP.

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Dimitri Anagnostopoulos

www.tnp.eu

dimitri.anagnostopoulos@tnp.eu