COLLECTION, PROCESSING AND TRADE OF DATA IN THE FINANCIAL INDUSTRY - Наукові конференції
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COLLECTION, PROCESSING AND TRADE OF DATA IN THE FINANCIAL INDUSTRY

06.10.2019 10:01

[Секція 6. Банківська справа. Гроші, фінанси і кредит]

Автор: Emilia Sielicka, PhD Candidate, Wrocław University of Economics, Wrocław, Poland; Alicja Choma, PhD Candidate, Wrocław University of Economics, Wrocław, Poland


The idea of big data is one of the most important directions in the development of the financial industry - such data analysis allows the collection, processing and use of data of financial sector clients to maximize and systematize the profits made by financial institutions. The purpose of the article is to present management trends for such data analysis in the financial industry on the example of the Polish financial services market.

In recent years, the financial industry, along with widespread development of Internet access and the amazing advancement of modern technologies, has focused on collecting customer data and sales. Access to this data is facilitated by payment transactions made daily by their clients using credit cards and online transfers. These payment methods are the last preferred of virtually everyone lately and effectively replace payment with cash, which ensured the anonymity of shopping customers. Companies that issue credit cards, such as MasterCard or Visa, have excellent access to data that allows them to track customer shopping behavior. Banks have similar, very easy access to this data [Choma, 2015]. The aim of the article is to present in the cognitive and practical aspect of the problems of collecting data processing and trading by financial institutions.

A particularly aggressive practice was used in 2013 in the strategy of Barclays' largest British bank, bringing together around 13 million customers. The bank, by sending letters to clients, openly informed them about their intention to create reports based on their transactions and sharing this information with other companies. These data contain information on shopping preferences and the use of various types of services. So it's open to inform clients about the intention of selling their data by this bank [Barclays 2013; Choma 2015].

MasterCard, is in a very privileged position among other companies that accumulate and use data. MasterCard employees conduct an analysis of 65 billion transactions, which is carried out in 210 countries by more than one and a half billion card owners. These analyzes are sold to many companies. For example, the places where customers refuel cars were observed, which led to the conclusion that if the vehicle was refueled around six o'clock, then these customers make grocery purchases of around fifty dollars or go to restaurants spending a similar amount there. This information can be used in marketing, to create special discount codes or coupons for a store or restaurant located near this gas station. The demand for data trading is growing rapidly. MasterCard has the right to grant licenses to access aggregate data to other companies. It is likely that through the sale of information MasterCard will earn so well that it will withdraw from the current commission received from payments made by means of credit cards issued by it [Cukier, Mayer-Schönberger, 2013]

There are also banks on the Polish market that are trying to effectively use information provided about customers. Recently a new version of mBank appeared on the Polish market, which is part of BRE Bank. The main activity of the new image is to provide customers with special rebate programs that are created from consumer purchasing information. The mOkazja program has been created that sends personalized promotions. A complete novelty of this program is the post-transaction rebate system, not subject to applicable tax law. The bank declares that the goal of mOkazja is to increase the number of purchases made in the companies cooperating with mBank. MOkazja's regulations contain a provision stating that by accepting this program, the consumer agrees: "for mBank to forward to Partners information about a payment transaction made by the Customer in relation to the selected and used offer of this Partner (constituting bank secrecy and personal data) for the purposes of settling benefits granted to the Customer as part of the Promotion. "[BRE Bank, 2013a; BRE Bank, 2013b]

The largest, traditional Polish bank, PKO BP, which had over 7 million customers in 2013, also wants to keep up with the times and tries to change its policy so as not to lag behind the competition. Its goal is to reach all possible customers through various channels. The advantage is to use all data about current and possibly future customers. Accurate use of information from Big Data is to ensure its good financial condition in the coming years [Choma, 2015].

Small businesses, parabanks that rely on virtual data are a new phenomenon. Kreditio24, which is the owner, amazingly, for a low-capital financial institution of PLN 5,000, uses social networking sites to assess creditworthiness. This company was created to provide instant loans online, and the decision is made in ten minutes. An automatic program that downloads data from LinkedIn or Facebook for creditworthiness, searches about eight thousand data about a potential customer. Kredito24.pl directs its services to people who need an immediate loan, often young people who do not have a credit history yet, and people who do not have time to undergo the usually long procedure of obtaining a loan from a traditional bank. Here, all you need is the data that everyone has on hand: personal identification number, e-mail address or telephone number. In this case, you do not need any income statements from your current employer or other documents often required by banks [Kreditio24, 2014]

Any free space is used by financial institutions to achieve financial benefits. The policy of various banks also goes in this direction to convince the client about his uniqueness and give him the impression that the offer he gets is really the best and unavailable to others. The use of online banking in an independent manner by customers allows you to reduce costs and gives banks the opportunity to service an almost unlimited number of people. Giving them easy access to personal data enables their efficient use. IT programs of financial institutions are based on having appropriate algorithms and consumer data. This leads to accurate discovery of the client's current needs and risk assessment. The idea of big data is one of the most important directions in the development of the financial industry [Milic-Czerniak, 2014].

References:

1. Barclays, 2013, Summary of changes to our terms and conditions, London, http://www.barclays.co.uk/ImportantInformation/TermsandconditionsforPersonalcustomers/P1242558103284 [dostęp: 11.02.2019].

2. BRE Bank, 2013a, Regulamin Promocji mOkazje w serwisie transakcyjnym mBanku, Warszawa, http://www.mbank.pl/download/mokazje/regulamin-mOkazje-ST.pdf [dostęp: 11.02.2019].

3. BRE Bank, 2013b, Regulamin Promocji mOkazje na portalu Facebook, Warszawa, https://mokazje.mbank.pl/_files/regulamin.pdf [dostęp: 11.02.2019].

4. Cukier, K., Mayer-Schönberger, V., 2013, Big Data Will Transform How We Live, Work, and Think, Houghton Mifflin Harcourt, New York, Boston

5. Choma, A., 2015, Big Data in Finance: Ethical Challenges, Finance and the Common Good / Bien Commun, 42&43, s. 76-88

6. Kreditio24, 2014, Najszybszy sposób, aby na Twoim koncie znalazło się nawet 2 000 zł: Kredito24.pl, http://www.kredito24.pl/content/o-nas-kredito24 [dostęp: 11.02.2019].

7. Milic-Czerniak, R., 2014, Młodzi profesjonaliści o etyce w finansach, ale bank.pl, http://www.alebank.pl/index.php?option=com_content&view=article&id=44957:prezentacja-mlodzi-profesjonalisci-o-etyce-w-fi-nansach&catid=603&Itemid=219 [dostęp: 11. 02.2019].



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