Our news and views relating to Data Analytics, Big Data, Machine Learning, and the world of Credit.
Does Proof of Income (POI) enable creditors to lend more responsibly? Or does it reduce the access to credit for many South Africans? Last week a controversial court ruling was passed effectively eliminating the requirement for proof of income documentation on credit applications in South Africa. In this blog, I take a look at how the initial POI regulation impacted consumers and the credit world, why and how the changes came about and what these new changes will mean to South-Africans.
An average customer’s attention span is less than that of a goldfish, according to the National Center for Biotechnology Information. While a goldfish can focus its attention for 9 seconds, in 2015 customers were found to lose interest after only 8, down from 12 seconds in 2000. (Click to Tweet!) The reduced attention span, makes the initial impression all the more critical, especially in a call centre environment.
With the release of the 2018 Predictions at the end of last year, Forrester forecast an uncertain fate for retailers who were laggards in digital transformation and those immune to obsessing over customer experience. One without the other will result in an equally disappointing outcome.
Geo-location analytics is defined as the analysis of IP address data to determine a user’s location. With geo-location being the new buzzword in marketing, brands who ignore this powerful tool risk losing out on a valuable way of reaching new customers.
Machine learning, for all its cool applications, is at its core the generation of predictive models using advanced algorithms that learn from data. If we have enough reliable and stable data to feed it, we can build models and make predictions on just about anything. If you are new to machine learning, read more on What is Machine Learning?
The fourth industrial revolution, much like the first three, has the potential to increase income levels and improve quality of life across the globe. Something to look forward to, but what exactly is it?
As the pressure of intensifying competition mounts every day, companies must look to boost customer loyalty, considering that it costs five times as much to onboard a customer than it is to retain one. And with consumer influence now stronger than ever, businesses that fail to respond to their customers’ needs will feel the impact on their sales figures. A recent study by Bain & Company revealed a 10% increase in customer retention levels results in a 30% increase in the value of a company, and a 5% increase in customer retention rates increases profits by between 25 and 95%.
We chat to Principa's Chief Executive Officer, Jaco Rossouw, about the thrilling new world of data and how businesses can work wonders with data-driven insights.