Data optimization, a real challenge for Fintech

VivaTech 2018, we were there! A great opportunity for PMP and our sector to discover innovations in the Fintech area.
 
Thursday, 5:30pm at Porte de Versailles in Paris, Mark Zuckerberg goes on stage. As it was impossible to access this Stage One since 2pm, we had to watch his speech from one of the screens of the place.   
Maurice Levy, iconic character of Publicis was leading the interview. After a few minutes, a question about the business model of Facebook sounded to embody the main challenge for Fintech we discovered at VivaTech. “What do you think about your own Business Model? How would it be affected by all the new technologies?” asked Maurice Levy.
According to Zuckerberg, the aim of Facebook is to connect people with each other for free. Free? Not for everyone: The Business Model is based on advertisement and data collection. Companies pay for this advertisement and Facebook offers targeted future customers thanks to the data collected on the social network. As time goes by, the use of data is getting increasingly precise and ables prediction and more individual follow up for each person.
 
Optimizing the use of Data: here is the new challenge for some Fintech we saw at VivaTech.
 
Data ables customer to access to free services. The business model of Controltechniquegratuit.com works on data collection. The customer has a form to fill and answer a certain amount of question about his consumption and use of cars. The car industry pays for information collected by the startup: The more the form is filled, the less money you will have to pay for the technical inspection of your car.
 
Mark Zuckerberg also discussed the topic of GDPR with Maurice Levy, saying that privacy and choice for the customer is a core principle of Facebook since the very beginning. So it is for Fair&Smart, a startup which enables the customer to take back the control on its personal data. The startup automatizes the possibility to claim the right on personal data to any company.
 
Data is also a key for to develop more fintech solutions. For the VivaTech event, HelloBank introduced Heloiz, a new chatbot. At the time, it is only able to answer to 5 main questions based on the previous FAQ on the website. The real challenge is to make the chatbot able to answer any customer question.
 
Data offers the possibility for insurers to adapt their offer to the market. Minalea is one of the examples. Based on data on the internet and the profile of the customer, this smart sale assistant generates a speech to help customers choose the best fitted product. The tool can also answer to customer’s questions automatically.
 
Some of the Fintech we met offer a possibility to collect and use the data with efficiency to sell in a more effective way. One example is Zelros. With advanced analytics and machine learning, they change the way the insurers access data: prediction, automatic use of chatbots, understanding of customer behavior, … 
 
This development of Fintech won’t succeed without a strong support of authorities. Emmanuel Macron delivered a speech on the very first day of VivaTech. For him, France must become a country where regulation promotes technology, instead of threatening their development.  And this right after RGPD came into force. France, a future paradise for Fintech? Let’s follow what happens next.



Brune de Bejarry
Consultante PMP, Pôle Assurances

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