Specifically, initial questions will focus on "whether compliance functions are adequately staffed, whether we have enough risk managers looking at all of the pieces of the puzzle and whether the board is involved. We're starting to see these regulators ask these questions," said Ellen Berge, law partner at Venable LLP as well as panel leader for the compliance panel at the Merchant Acquirers Committee (MAC). Berge discussed these issues during this issue's edition of the PaymentFacilitator.com's weekly payments podcast.
Tuesday, February 23, 2016
Regulators Sharpening Their Ordinance Knives For New Payments
Although regulators have never been mainstays of payment facilitators' holiday card lists, as payments grow increasingly complex, those regulators will become even more ever-present and, candidly, resented. As state regulators—along with their federal counterparts from the Federal Trade Commission and the Consumer Financial Protection Bureau, plus some global regulators—zero in on newer payment methods, their chief focuses will be organizational structure.
Monday, February 22, 2016
Two Sides to the EMV Migration Story
Ask us to describe the state of EMV migration at this moment, and we would have to call it a mixed bag of good and not-so-good.
On the positive side, certification of point-of-sale (POS) hardware and software to comply with the EMV payment technology standard, while slow to occur, is proceeding at a steady rate. Earlier this month, Visa released a statement stipulating that the ranks of chip-enabled merchants tripled in size in the second half of 2015 and now number 766,000, representing an increase of 872 percent in the last year. The volume of chip-based transactions in the U.S. rose by more than 30 percent in December of last year, to $15.8 billion from $12.1 billion the previous month, and seven out of 10 Americans now have at least one chip in their wallet.
Equally encouraging, at least one often-discussed obstacle to EMV acceptance is being scaled. That obstacle is the speed of EMV transactionsor, shall we say, concern about the slower pace of EMV transactions, which simply cant be processed as quickly as their magnetic stripe-based counterparts. Admittedly, some merchants, especially the larger ones, have been reluctant to educate consumers about how to use their chip-enabled cards at the POS; their modus operandi, spurred by a perception that EMV simply slows down lines, was to wait until customers learned at other retailers checkout counters to get the job done fast. However, a larger cadre of retailers has been actively engaging in employee and consumer training to minimize EMV transaction speed-related concerns and keep lines movingin turn kicking adoption up a notch.
On a less positive note, however, there are still repercussions from the EMV certification process followed by independent software vendors (ISVs). This process is extremely complex and has many layers, keeping ISVs well behind schedule in releasing new versions of their offerings.
Many integrated POS systems were also not ready to go in time for the October 1, 2015 EMV liability shift dateeven if the availability of appropriate software wasnt even an issue. And in the restaurant industry, the work needed to grapple with tips and tip adjustments in otherwise EMV-compliant restaurant POS software just hasnt been, and to a degree, still isnt proceeding as it should be.
Then, we cant forget about the chargeback problem. Among tidbits from a recent webinar hosted by Heartland Payment Systems and the National Restaurant Association is this one: Many small business owners are being hit with more chargebacks since the EMV liability shift than they had initially expected. We cant say were very surprised about such a trend; after all, fraudsters are shifting their attention away from merchants whose POS equipment can accommodate chip-enabled cards (and hence, thwarts their efforts) and toward those whose equipment is mired in easy-to-duplicate magnetic stripes.
Will chargebacks occur less frequently as merchants board the EMV train? We think so. Will ISVs finally catch up, and will retailers take a more proactive stance in getting customers accustomed to chip card use? Yes again. But stilland despite all the positivesit will take time for all of the pieces to fall into place. Well wait.
Big Data is Advancing Recruiting Methods
This article from the Denver Post shares an interesting idea; one that seems far-fetched now, but that may very well soon be our reality. Big Data will likely play a major role in recruiting, job searching and HR.
Big Data will help recruiters identify the best candidates for the job, and candidates that are more likely to accept an offer.
It is now inevitable that big data will take off in the world of human resources and recruiting. It saves companies time and money, while simultaneously discovering the best recruits. This means that things will change for recruiters and job searchers alike.
Are Companies Invading Employee Privacy With Big Data?
Big Data analyitics is intended to be used for the purpose of making connections and discovering insights that humans may miss or take longer to uncover. With the recent announcement that companies have been using Big Data to gain information on their own employees, it may be time to question the lack of limitations surrounding Big Data. Is it okay to use Big Data to spy on people ?
Big Data is used to study the behaviors of millions of consumers everyday so what makes this incident any different? When companies look at consumer behavior, it is done with the motive of ensuring customer satisfaction and retention by knowing what individualized customers want. The issue is that when companies use Big Data to spy on the behaviors of their employees, they are not doing it with the employees best interest in mind. Employers are studying their employees online activity to determine which individuals may be searching for other jobs, are more likely to develop a serious illness or even those who are planning to start a family.
Instead of encouraging company culture and facilitating open communication with employees, companies are taking the sneaky route to protect themselves from losing workers. It is understandable for companies to be concerned about losing employees and the need to maintain production, but does this give them the right to essentially spy on their own people? It is important to remember that big data is simply a tool and that it is up to the person using it to gain ethical insights, not sneaky ones.
Friday, February 19, 2016
Apple Refuses to Threaten Data Security of Users
On February 16th, Apple made a pretty big announcement in a letter to their customers, that stirred up some conflict with the FBI. Many fear that Big Data could turn into Big Brother, but Apple is determined to not let this happen; they have put their foot down and refused to compromise the data security and privacy of their customers.. In case you didn't read about it, I will briefly fill you in.
It all started with last year's terror attack in San Bernardino, California. During the investigation, conducted by the FBI, the iPhone of one of the shooters was discovered. Naturally, they wanted to get as much info about the shooter as possible, but the iPhone was protected by a password. The FBI turned to Apple. Apple worked with the FBI, even provided them with assistance from Apple engineers, and did all that they could to assist the FBI in their investigation, but as part of Apple's security measures, they lack the ability to unlock their own phones.
They defend this decision in their Letter to their Customers. "For many years, we have used encryption to protect our customers' personal data because we believe it's the only way to keep their information safe. We have even put that data out of our own reach, because we believe the contents of your iPhone are none of our business."
In response, the FBI asked Apple to update it's operating system in order to unlock this particular device. Initially, it is my understanding that Apple was attempting to delay the process, but when a judge ordered them to unlock the phone earlier in the week, Apple was forced to take action. The action they took? Putting their foot down, and saying, "no."
The FBI insists that this is a case when citizens' privacy should be compromised in the name of national security; and this backdoor would be built for just this one iPhone. However, Apple makes the good point that once this is done once, it can be done over and over again. They describe it as, "In today's digital world, the 'key' to an encrypted system is a piece of information that unlocks the data, and it is only as secure as the protections around it. Once the information is known, or a way to bypass the code is revolved, the encryption can be defeated by anyone with that knowledge."
This would simply jeopardize the company's privacy promise to it's customers and users. But now, the FBI is attempting to bypass legislative action by proposing the unprecedented use of the All Writs Act of 1789 to justify the expansion of their authority, to get Apple to create this iOS update.
I believe there are two major reasons why this is dangerous, and why it is admirable that Apple is refusing to follow the FBI's requests. 1) This could ultimately jeopardize our personal and global security even more. If this technology gets into the wrong hands and is used for harm, what happens then? Will the FBI still think it's worth it? 2) America would cease to be the free country as we know it. Tim Cook end's Apple's Message to Customers strongly, " And ultimately, we fear that this demand would undermine the very freedoms and liberty our government is meant to protect."
Big Data and Human Resources - An Opinion
Can Big Data be used with Human Resources? Beyond Facebook and LinkedIn? In an interesting piece, Aleah Radovich talk about Big Data's effect on HR and HR decisions. Radovich goes on to say:
"...In the near future, most HR departments (many large companies already do) will have access to considerable pools of data that can tell a recruiter more about candidates than they know about themselves. The data that can be gathered discloses what articles applicants read, what their online behavior is like, what shows they binge watch on Saturdays, and even what hotels they like to stay in.
Social media makes recruiters think they have access to big data. While this is partially true, big data analysis doesn't stop here. ..."
Big Data Saves Money And Time In Cancer Research
Cancer is a horrible illness that has been nearly impossible to figure out. Scientists have had a difficult time finding a cure for cancer because no two cases of cancer are the same. Everyone's bodies are different and therefore, those who develop cancer do not have identical cancer cells. For researchers this means that it is just that much harder to figure out how to stop cancer because finding a link between cases is like finding a needle in a hay stack.
In the past it has been hard for researchers to gather data on cancer to study, but with the recent development of more advanced technology it is much easier to access information from many different cases. Now that there are easily accessible databases full of medical records concerning cancer, researchers have the resources to dig deeper into what could possibly take down cancer. The problem is that no matter how many researchers you have, it takes a lot of time to comb through large amounts of data in search of a tiny clue. This is where Big Data becomes a great tool for scientists and researchers. With the help of data scientists, Big Data analysis goes in and scans through large data sets to find connections and insights that we may not have caught. Not only can Big Data analysis dig more deeply, but it can do this searching much more quickly than we can.
Big Data allows researchers to focus on connecting the dots between significant findings from the data and apply it to a possible cure. Research can become very expensive the longer it goes on, which is why Big Data can be a valuable asset to potentially find a cure faster. Big Data is a great tool for speeding up processes that could otherwise be very tedious. To learn more about how Big Data is doing big things, check out these informational articles!
Thursday, February 18, 2016
Original A Clockwork Orange Film Lobby Card
"A Clockwork Orange," 1971 science fiction, dysopian crime film takes place, in the near future. Stanley Kubrick's adaption of this screenplay, had him nominated for An Academy Award. The story offers Kubrick's detached view, of a shocked violent future. He also produced and directed the film. As a result, political, economics and social issues are not sparred as well ! Malcolm McDowell stars as a charismatic, sociopath delinquent. The film chronicles, his passion for rape and ultra-violence. Kubrick uses ultra-violence to raise the bar, for more vicious killing, torturing,, crippling and dehumanizing victims. McDowell even rips an eyeball, out of an opponent's face. Malcolm believes, he must do this to survive. The excess of violent sprees, is the film's trademark. As a result, it is considered one of the most disturbing films of all time. Stanley Kubrick's "A Clockwork Orange," was nominated for, 4 Academy Awards. He received 3, one for the script, + 1 for directing, and producer, for a Best Picture Nomination as well. "A Clockwork Orange," was so successful, it even resulted in several copycat public versions of "ultra-violence." The film's lobby card is #72 of 80, 10? x 14?, and offers an iconic sneering [...]
Wednesday, February 17, 2016
PF Flint Mobile Shuts Down, Turns Business Over To Stripe
Payment facilitator Flint Mobile's payments business was effectively shuttered on Monday (Feb. 15), seemingly a victim of a payments player coming into an already-developed market too late and with insufficiently deep pockets. The beginning of the end happened on Feb. 5, when "Flint abruptly suspended all new signups and closed all card processing for current accounts. Users who tried to process cards were met with a message saying, 'You have exceeded your processing limits.'"
A visit to the site late on Wednesday (Feb. 17) by PaymentFacilitator.com found a seemingly active homepage, but clicking on the Sign Up Now button delivered the note "New signups suspended. We are currently transitioning to a new platform. We appreciate your patience." Alas, it seems that patience will serve no purpose. Although it appeared that company executives, between Feb. 5 and Feb. 17, were indeed trying to find a way to keep the business going, it didn't work out.
Big Data Making Life Easier
Even though certain tough situations play a big role in making us stronger individuals, people generally want things to be easy. Simple is good. That is why we are always trying to come up with new processes and devices to make everything we do easier. Big Data is a great way to make things less complicated and frustrating.
It can become very difficult for companies to try to get inside the heads of their customers. Without any feedback companies have no clue what the public thinks about their service or product. The only telling sign is how many sales or deals are being made, but this is not a very reliable form of evaluation. There are many other key factors that can play in the decrease of business. It may be a marketing deficiency or maybe even location. There could be a horrible review out there that you don't know about or your customer service is bad. Big Data can seek out these issues and determine which one is the root cause for the lack of success.
With Big Data analytics and a savvy tech team, businesses no longer have to waste their time making and sending out surveys that people will more than likely use to make a cozy fire. Big Data analytics can quickly survey large sums of information and piece together the important connections that lead to hidden insights about what it takes to ensure customer retention. The best part about it is that Big Data is customize-able and can be used in almost any business setting.
To learn more about how Big Data can make YOUR life easier, check out CLIINTEL!
Who Was the Greatest, Kobe Bryant or Michael Jordan? A Data Comparison
It is undisputed that two of the greatest shooting guards in history are Michael Jordan and Kobe Bryant. But, what is constantly disputed, is who was the greatest of all?
In many ways they are alike. People consistently say that they have similar work ethics, and even play the game similarly. This makes sense, as they are both 6'6? and weigh roughly 200 pounds. They even play the same position.
Some argue that Bryant is the best "complete player" of all time, as he has a unique ability to motivate his entire team. But, let's face it- these are simply opinions. To truly determine who is the best player of all, we need to analyze the data.
This infographic displays some of the data that makes Michael Jordan the #1. We had the option to bombard you with raw data, numbers and stats. However, more than half of people are visual learners, so we provided you with a data visualization graphic. You can simply look at this graphic and identify the prominent pattern: Michael Jordan has more dots, and larger bars.
Don't dispute the data!
To A PF, The World Of Parking Is Doing Anything But Standing Still
Pity the poor standalone parking meter, nestled between communities' sidewalks and streets. A dozen years ago, five million were scattered across the U.S.. Today, according to the International Parking Institute, no one even bothers to count them any more. New York City is preparing to abandon its 85,000 meters to a PF-fueled mobile system, joining Los Angeles, Boston, Washington, D.C., Atlanta, Indianapolis and Pittsburgh with similar plans.
The movement is hardly surprising. Many of those metal poles could only handle coins and retrofitting them for magstripe--let alone EMV or NFC--is expensive and short-sighted. To get much of the money from those poles requires a municipal employee/contractor to physically move from pole to pole. The system for fining those who disobey the parking rules is equally inefficient. Enter Jon Ziglar, the CEO of PF Parkmobile, whose company is behind many of those municipal parking meter obliteration efforts. His vision is far cleaner. A mobile app pays for the space and can even text a driver when the time is about to run out. But this gets better. Parkmobile is in pilots today with Ford and BMW to integrate the app directly into cars. Marry the efficiency of a mobile app with a smartcar that can park itself and parking takes on a delightfully 21st Century shine.
Does Big Data Know If You Will Develop Diabetes?
Today, I am writing this post from bed, heavily under the influence of DayQuil. This got me thinking, could Big Data have predicted that I would get sick? Am I more, or less prone to illness? And how can companies utilize this information to reduce healthcare expenditures?
I started digging into the subject and found that some companies are already doing this. Employee wellness firms and insurers have teamed up with companies to mine data to predict individuals' health needs.
Not surprisingly, one of the companies doing this is Walmart. Specifically, they have hired firms to crunch employee data to determine what workers have a higher risk of developing diabetes. They use this information to send personalized messages to these employees, encouraging them to visit doctors, or even consider diet and exercise.
This is good for the employee's health, and also reduces health care costs for employers.
"I bet I could better predict your risk of a heart attack by where you shop and by where you eat than by your genome." - Harry Greenspun
It makes sense that a person that spends money at a bike shop is going to be healthier that a person that spends their money on video games. But what else can indicate better health?
- High credit scores (those with lower scores are less likely to pick up prescriptions or schedule follow-up appointments etc.)
- Voting in midterm elections (This was discovered among Colorado state employees. Midterm voters are more active in their community)
- Grocery shopping (Obviously someone who shops at an organic grocery store is likely to be healthier than someone who frequently purchases potato chips)
Some have questioned this in the workplace, as federal health-privacy laws prohibit employers access to employees' personal health data and information. However, companies can work around this by contracting with wellness firms that have access to this data. Furthermore, participation in these programs is optional. Although many people, I am sure would find it helpful to receive data and information that would urge them to improve their health and wellbeing.
Here's a video that shows what types of historical, medical and personal data can be collected to support health measures.
Javelin Report Finds What PFs Already Know: Faster Onboarding Is Critical
Onboarding speed isn't merely a consumer nice-to-have, according to a new Javelin study, but it has a concrete impact on whether customers engage at all and how many dollars they entrust.
"Banks and credit unions can boost the profitability of a new customer an estimated $212 a year with effective onboarding that emphasizes engagement," the report said. "Fully engaged customers are four times more likely than inactive customers to identify the new bank or credit union as their primary FI. Fully engaged customers not only 2.7 times more financial accounts than inactive customers at the new FI, but they also intend to open more accounts in the next 12 months." How much more? Three accounts versus an average of one-half of one account.
We're Not Playing Games. Actually, We Are. In-Game Payments Beget More In-Game Payments
An Israeli mobile game analytics firm has dived deeply into in-game payments and has issued a report on what makes pinball wizards pay.
The report from Soomla notes that average revenue per daily active user (ARPDAU) "is as low as 9?, but it varies drastically across genres, with board and racing games averaging to 28-32?. However, adventure, arcade, role playing and educational games generate less than 3? in ARPDAU."What is much more interesting is how rapidly users are willing to pay in a second game once they have paid in the first. Logically, that makes sense, in that someone who has already shown a willingness to buy will probably buy again. But what is unexpected is how rapidly those figures are climbing.
PCI Council's New EMV Payment Rules Are Worth Reading Closely
The PCI Council in late December rolled out its security rules for token service providers for EMV payment tokens, which overwhelmingly deals with mobile transactions. Today, the card brands handle the vast majority of tokens issued, but the council expects that to sharply change now that EMVCo has released the specification. Given the importance of tokens to payment facilitators, it's worth a read.
One of the fun things that this document does, in pure PCI Council fashion, is deliver more acronyms. Yes, these are brand acronyms. (No, no need to thank them.) One is TDE, for Token Data Environment. An important term--not an acronym yet, sadly--is Payment Token Data, which has a very specific definition: "Covers a number of discrete data elements, including the Payment Token and related data as defined in the EMV Payment Tokenisation Specification Technical Framework, which include the Payment Token Expiry Date, Payment Token Requestor ID, Payment Token Assurance Level and Payment Token Assurance Data."
Payments Patent Wrap: MC Wants To Take The Where In Wearables And Add A Who
In this week's look at interesting payments patents issued and/or applied for, MasterCard is our guest of honor for a pair of patent applications, a little patent pending power. MasterCard on Feb. 11 applied for this patent as a way to better authenticate anyone trying to make a purchase via a wearable device. The idea starts with the system grabbing a reference sample related to the cardholder and payment card info.
In another patent application, MasterCard wants to use mobile purchases to dictate--in realtime--what news stories the shopper will be shown.
Card Data Breaches Are Unseen Mobile Payments Killers
As payment facilitators see an increasingly high percentage of their transactions going through mobile, it's critical to acknowledge the many ways mobile payments could be harm. For example, I got a new debit card last month. Nothing unusual about that in itself. However, I may add that this is the third card in less than a year from the same issuer.
The reason: card data breaches. A few years ago, this would have been a minor inconvenience, but today a fresh card results in the myriad of digital connections I have being unceremoniously cut off. For the last couple of weeks, I've been revisiting the experience of a few months back when I had to re-establish card details with Netflix, Amazon, Spotify, Starbucks, my gym membership and countless others. It's frankly a huge pain in the ass. Again.
Podcast: The Small Merchant's Response To A Breach Is To Pretend It Didn't Happen
Of the seven stages of grief, the most remembered is denial. It's certainly remembered by small merchants, who often bizarrely gravitate to denial when they are told that they have been breached. At least that's how Chris Geron, chairman of the MAC Government Relations Committee, sees it.
The justifications for this denial are many, Geron said in this week's PaymentFacilitator.com podcast. Some cling to the absurd belief that being granted a letter of PCI compliance means "that it's not possible to be breached," Geron said. Other small merchants react negatively to a notification from a cardbrand, bank or processor. "Small retailers often believe that if the information has not been shared with them by law enforcement, that the allegation of a breach is not true," Geron said. And some smaller store chains believe that only large chains get breached, he said, despite the fact that the opposite is true. But the most likely reality-denying aspect is financial.
Tuesday, February 16, 2016
Women In The World Of Tech
When we go into a tech department or think of technology at all, our minds do not automatically spring to women. The tech world has been predominately men for a very long time, but that is beginning to change.
Although technology and science have always seemed to be more of a career for men, it is actually women who have very specific skill sets that are highly valued in the field of technology. It takes communication and problem solving skills to excel in the technology and coincidentally enough, those are two areas women tend to excel in.
The biggest areas of technology we are seeing women in today is Big Data and Statistics. It makes sense that women would go into these fields rather than say, programming, because Big Data and statistics include more communication and analytics.
Hopefully as the tables start to turn, women will begin to feel more comfortable going into a career where they are the minority. There has been a drastic jump in the amount of women majoring in technology and statistics which will hopefully drive the movement to increase the number of women we see in the tech world.
To learn more about how Big Data analytics is changing, check out THIS awesome website!
5 Reasons Why Your Business is Not Growing.
Watch the Customer Retention Video.
Watch this Presentation in Video Form.
Original SlideShare Version of this presentation.
Visa 'Cops' to Bigger Stake in Square
We're not going to start off this blog with any more references to Visa's famous, "Everywhere you want to be" slogan, as we did last week. But it seems that Visa is indeed everywhere, given the announcement it made on February 11. No, not another tool for developers like the one we've already talked about. This time, Visa disclosed in an SEC filing that it now owns a nearly 10 percent (9.99 percent, to be exact) stake in Square's Class A shares. Shares of Square rose by almost 10 percent after this news broke, but the surge was temporary.
This is not big news in and of itself: Visa said in a statement that it had not purchased any additional shares of Square since the latter's IPO in November, 2015. About four-and-a-half years prior to that, it had purchased a stake in Square for an undisclosed amount. The significant piece of information here is that given its stake in Square, Visa is now the second-largest owner of Square's Class A shares--behind only mutual fund powerhouse Capital Research & Management.
Square clearly needs a shot in the arm, which it appears Visa is able to give: After strong revenue growth (about 54 percent) that followed the IPO, saw an adjusted EBITDA for 2015 of negative $67.74 million. In addition to the fact that the IPO did not provide the breadth of financial infusion it had hoped, Square was also sucker-punched by Starbucks, which had been one of its investors but has opted not to renew the processing agreement it signed with the mobile company three years ago. That agreement expires in the third quarter of 2016.
Then, there are Square's competitive woes. Visa itself, along with MasterCard, provides significant competition for Square, as do the likes of First Data and PayPal. Also vying for a share of the increasingly crowded market in which Square plays are Alphabet, Facebook, Amazon, and Apple, all of which are looking to carve out a larger piece of the pie. Apple reportedly is considering leveraging ApplePay to launch a peer-to-peer money transfer service that could give Square's Cash and PayPal's Venmo a run for their money.
At the same time, Visa obviously wants to increase its own presence on the mobile side of the payments business. Getting closer to Square could conceivably be a way for it to do just that, especially because it would give the card network a leg up on MasterCard. Visa reportedly will unveil new payment technologies at the Mobile World Congress show in Barcelona later this month.
This could all be the start of something big--a new "shape," if you'll pardon the pun, for Square and Visa alike.
Monday, February 15, 2016
Big Data Should Be More Transparent
Big Data is now used by almost every big cooperation the learn more about their consumers and sell more efficiently. As the consumer, what are we getting out of these companies knowing everything about us? Is it right for companies to stalk our behavior and make conclusions about us with out us knowing anything about the company?
It seems that big Data should be an open door between consumer and producer and not just a one way street. When companies use Big Data to track customers, they gain access to the customer's entire history with that particular company. If you ever have any issues with that company they have a clear advantage over you, knowing everything about you while you have nothing on them.
Imagine you have a loyalty card with a company and one day a representative calls you to tell you the company wants to offer you a discount if you buy a particular item. A couple days you go to buy the item but the employee will not give you the discount you were previously promised. All the information you have is the name of the representative who made you the false promises to get you to buy more.
If companies are collecting data on the public, they should by more readily available to the public. Every conversation should be documented and available to all employees within the company. All of this information should exclude any personal details of course so we don't run into privacy issues. The main issue is that people have a right to their information, which is why Big Data should be more transparent.
You Don't Need To Be A Big Company To Utilize Big Data
There are many small businesses out there who may feel that they are being left in the dust by all of these huge corporations using Big Data to get the upper hand. This does not need to be the case. Small companies can use Big Data even if they themselves are not generating it. There is so much data produced by consumers every day that is just sitting there waiting for the taking. Where would you find these reservoirs of data sets?
There is a huge pool of them out there, but here are just a few of the resources that could be tapped into to receive valuable data to benefit your business.
Google Finance offers a wide range of financial data on the stock market
BROAD Institute offers data sets relating to cancer
Amazon Web Services allows access to a variety of different data
Topsy is a great resource for social media data
To see a more comprehensive list of the data sets available to the public click here.
To check out more about Big Data and the changes it is making in almost every industry come see our Facebook Page!
Video: Detox Your Business With Data
Check out this video to get an idea about some of the things our clients accomplish after they partner with us. Ultimately, we help you improve your business. Sometimes changes are necessary to improve your business. Going through these changes can be difficult, but we can help this process be less painful, and ensure that only positive things come about from it.
Contact us to see how you can use your own data to bring about change...positive change. Some changes can help you retain more customers and keep them happier. Your own data can help you identify inefficiencies, so you can run your business more efficiently. So does that make us consultants? Or data scientists? The answer is...neither. We are both.
We use the data as a tool, so you can make better decisions, based on facts. But you still need business acumen to make the best decisions.
Contact us to see how we can help you. After assessing your industry and your company, we can tell you how you can keep your customers, how you can retain valued employees, how you can reduce your costs and more.
Wednesday, February 10, 2016
Costco Learning An Expensive Lesson About The Cost Of Switching Cards
Intrigued by how Costco is discovering the many expensive complexities in transitioning from store-branded card to another.
Costco has said that it needs more time than originally announced to make its move from Amex to Citigroup Visas. It had initially announced an April 1 cutoff date but the retailer now says it will be closer to "the middle of summer."
Thirty-Five Years in Business
When I was 30 years old I started FiberCare Inc., not because I always wanted to be in business but because I didn't want to teach, I didn't want to look for a job, and I loved the fabric protection and service business.
Here it is 35 years later and we are still going strong with a high end cleaning business added on.
I could toot my own horn saying most businesses fail in the early years, or even brag that even with a Master's degree I had never had a business class. I didn't even know which was net and which was gross, to my Father's chagrin. So, what was the secret to creating a long lasting business?
The first thing is obvious, hard work. I worked hard during the week and spent the weekends doing paperwork with no computer just a calculator and a few friends doing secretarial duties.
The second thing, was customer service, I offer/ offered a terrific product and caring for my customer was always most important. The third thing was integrity.
I learned quickly that everyday in business is an integrity test. Would I give this designer a bigger referral fee just because my competitor would? Would I give this customer a discount because they were trying to intimidate me by losing a big job if I didn't ? Would I allow a furniture store to use my company's good name (FiberCare) but charge inflated prices?
These morality questions weighed hard on me the first months in business, I didn't like it that everyday I had to deal with these emotional dilemmas. So I made a decision. Integrity is black and white, just like the truth. I would ALWAYS take the high road, my company would always have integrity. I would not be intimidated by the very rich, I would not have my arm twisted by the powerful furniture stores and I will not be threatened by fear or blackmailed by what someone will write on the Internet.
So, thank you to my clients, my designers, my friends, my trusted employees and Patrick, who have all contributed to 35 great years of taking excellent care of your fine furnishings. I have a computer now, I don't work all weekend anymore but integrity, that hasn't changed. It's still black and white.
Sincerely,
Joan Friedman
Vintage Elvis Presley In Concert Memorabila
We have a rare opportunity, to present a treasure, purchased at a live Elvis Presley Concert, more than 50 years ago! We're offering, this vintage Elvis Presley Photo, Hand Held Fan, with a wooden handle. In the 1950's and 1960's, fans would use these to cool off. This one, was used many times. An Elvis ballad, might have fans, passing the fan around, to cool a bunch of them. Even Elvis Presley's R. & R. idol pose on the fan, will have you, in need of cooling off. This is a chance to own a historical Elvis Presley, vintage concert souvenir. Framed on your wall, people will admire, your classic "Elvis Eye Candy." Fan w. photo 8? x 8.5? incl. stick 12?. It's also, Elvis Bonus Time. For those who love Elvis Presley, from Head to Toe. These Red Elvis Presley Shoe Laces, will, seal the deal. These 40? unused laces are stellar. Red, with the Elvis name logo alternating with an image of the King's face. These are the only one's we've ever seen. Everyone will know, you love Elvis Presley. This item comes with, a "Where did you ever get these." ~ Guarantee. Contact us if [...]
What Do Lawyers Have To Say About Big Data Privacy?
Ever wonder where the public's privacy goes when it comes to Big Data? Does it just get thrown out the window to benefit big corporations? Today it seems like the internet knows so much about us it is almost like they are watching us. That is because they essentially are. Big Data tracks our every move online and sends back reports on our behaviors to companies so that they can better advertise to us.
So how does this come into play with social media? Facebook being a big one, it would be interesting to see how Big Data fits in with one of the biggest social media sites we have ever known.
Check out this informative podcast on Big Data privacy and Facebook!
Marc Schtul On Big Data, Privacy And Facebook!
Is What We Do At Cliintel Rocket Science?
We understand that there is a big difference between rocket science and data science. But, just like NASA we use data to "study" the things that are important to us, our clients, and their success. NASA finds more efficient ways to send people to space, we find more efficient ways to operate your business. We can use your own data to help you discover why your customers are loyal to your competition, but not to you. We can optimize your business processes, improve your training programs, discover inefficiencies and more...the possibilities are endless. Data is powerful for growing businesses. Data is powerful for exploring space.
Watch this video to hear our CEO, Richard Batenburg answer the question, "Is what we do at Cliintel rocket science?"
Visa: Everywhere Developers Want to Be
Several years ago, Visa made its mark with its "It's everywhere you want to be" consumer advertising campaign. Now the network is everywhere developers want to be, having on February 4 announced the debut of its Visa Developer platform. The introduction of the platform marks the first time in Visa's 60-year history that software developers have been given open access to Visa's payment technology, products, and services.
Visa Developer is intended to help financial institutions, merchants, and technology companies meet the demands of consumers and merchants, both of which are increasingly relying upon connected devices to shop, pay, and collect payments. The platform will initially offer access to a number of Visa's most popular payment technologies and services, including account-holder identification, person-to-person payment capabilities, secure in-store and online payment services (e.g., Visa Checkout), currency conversion, and consumer transaction alerts.
The creation of the platform involved a multi-year initiative led by Visa's global product and technology teams. Under this umbrella, Visa's payment products and services are being transformed into application programming interfaces (APIs) -the standard technology used by developers for building software and applications. Key attributes that reportedly differentiate Visa's global developer program from others include a globally accessible developer portal, said to provide an easy way to search Visa's extensive suite of payment products and services and an open platform that yields access to hundreds of Visa APIs and software development kits for some of the most popular Visa payment products and capabilities. Also on the list of purported differentiators is a testing sandbox that offers application developers a "plug-and-play" experience along with access to Visa test data, and Visa Developer engagement centers designed to foster collaboration and co-creation with application developers in such key markets as San Francisco, Dubai, Singapore, Miami, and Sao Paolo (Brazil).
Visa clearly is serious about the new platform and all that it represents: Its vision for the global developer engagement program, according to the announcement, includes the formation of a marketplace where thousands of financial institutions, millions of merchants, and technology companies to collaborate, share, and search for innovative digital commerce applications. It also intends to provide additional access to more of its payment capabilities over the next year.
Efforts to test the concept also underscore that Visa truly intends to go somewhere with it. Over the past few months, it has allowed leading financial institutions, technology companies, and start-ups to participate in beta-trials of Visa Developer; many have gone on to configure innovative prototype applications using Visa technology. Trial partners included Capital One, CIBC, Emirates NBD, National Australia Bank (NAB), RBC, TD Bank, Scotiabank, TSYS, U.S. Bank and VenueNext. If these players believe in the technology, well...so do we.
Visa Offering More Goodies For PF Merchant Magicians
When Visa on Tuesday (Feb. 9) officially rolled out its Visa Consumer Transaction Controls program, it provided puzzle pieces that payment facilitators are much better positioned to use than others in the payments arena.
What the program does is it allows account holders "to set simple, convenient, and effective spending controls, receive transaction alerts, or even temporarily suspend their accounts using a simple on/off feature," Visa said. "Spending controls can be applied to different transaction types, date ranges, or overall card spending to offer consumers visibility and control over their money. Alerts can be sent by text, mobile app, or email in when transactions take place." The magic is that these are capabilities that Visa will support, but others will have to put the programming effort into integrating these apps, mobile devices and anything else. The apps that PF merchants will be using can leverage these or not. Few merchants will see much reason to put in the development talent to make them happen as they don't directly boost sales. That's where PF magic comes in.
Global Payments Wrap: Bad News For MasterCard Out Of Australia
This week's global payments news takes us to Australia, the U.K., the Czech Republic, India and Hong Kong. Australia's ANZ Mobile Pay opts for Visa over MasterCard. Following a Visa-only deal announced from NAB Pay late last month, the ANZ move means double bad Australian bank moves for MasterCard.
American Express Global Business Travel's new system promises to "locate all travelers worldwide, visualize which travelers are closest to a potential travel disruption and enables travel and risk managers to not only locate impacted travelers but also communicate with them in real-time. The GBT solution enables companies to communicate with traveller via SMS, email, or a mobile application, and prioritize aid to those travelers with the greatest need," said an Amex statement.
Payments Patent Wrap: How Does A Payment Device Know Whose Voice Command To Obey?
In this week's look at interesting payments patents issued and/or applied for, Amazon and Visa are the guests of honor. Amazon was issued a patent on Tuesday (Feb. 9) for a way to help POS and other systems differentiate different people, when they are all giving voice commands. Amazon: POS, listen to the sound of my voice. No, not her voice. My voice.
Visa was issued a patent on Tuesday (Feb. 9) for ways to identify one user that works with multiple payments devices. The problem? "Each portable payment device associated with a single account within a payment processing system is distinguished using track data. The track data from the portable payment device is read at each of a plurality of merchant point of sale terminals (POS). Rather than relying on the PAN alone, a merchant may utilizes the track data, or a proxy thereof, as the unique identifier for the portable payment device," Visa's patent filing said.
PF Confusion May Yet Endanger This Embryonic Market
Confusion regarding the term payment facilitator poses a great risk to the PF community. It is only a matter of time before a registered PF goes belly up due to a lack of understanding of the risk associated with taking liability for sub merchants and meeting the rules of the card brands. When a PF does go belly up, there is a real risk of stifling innovation due to increased regulations.
SAAS providers, community heads and point-of-sale providers all need payments and view a PF license as the panacea to their challenges in processing payments. Investments are at stake and an expectation of get to market reigns supreme. Yet many providers, in their quest to get to market fast, don't have sufficient information to make an informed decision as to what it means to be a registered PF. The notion of simply signing a merchant agreement and paying $5,000 to register seems all too easy. The liability, regulatory requirements, audits, PCI and flexibility take a back seat in the go-to-market strategy.
Podcast: A Preview Of Next Month's MAC Show
The Merchant Acquirers Committee (MAC) show will unfold in Las Vegas March 8-10 and MAC President Richard Parrott makes his case this show will be a different kind of payments event. Specifically, it will be much more specific.
In this week's PaymentFaciliators.com podcast, Parrott argues that the show will be far more granular than other payments show, allowing for payments professionals to learn specific techniques and methods, rather than broad overviews of industry trends.
Tuesday, February 9, 2016
Medical Thermography Screening Available by Appointment Every Thursday at BeautySmart in Boca Raton
Thermography Boca Raton
Ashley Ageloff - Certified Thermographic Technician
Breast thermography was discovered in 1956 in Montreal, Canada and rapidly became popular throughout the world. It was FDA cleared as an adjunctive screening procedure for breast cancer in 1982.
Recent advancements in technology have produced even more accurate exams.
A 2008 study published in the American Journal of Surgery, performed at New York Presbyterian Hospital Cornell, showed a 97% sensitivity in discriminating cancer compared to biopsy.
Breast/Full Body Thermography:
This state-of-the art screening procedure captures heat images of the breast to aid in the early detection of breast cancer, in some cases up to 10 years earlier than a mammogram, with absolutely NO RADIATION. Thermography can establish overall breast health and is an excellent test for assessing fibrocystic breasts and response to treatment.
A very important area of consideration is the neglected category of women under the age of 40. There are over 20,000 case of breast cancer in this age group each year in the USA. There is currently no routine screening test for women under 40, and thermography is a perfect test for these women as there is no radiation from the exam. Annual thermographic exams are recommended starting at 20 years of age.
Prevention through Thermography:
Thermography can be used as a whole body approach to wellness with the understanding that there is no "normal" asymmetrical heat in the body. Thermal cameras can detect heat on the skin surface that may show underlying pathologies. Thermography is an excellent tool to assess your health.
The Professional Academy of Clinical Thermology (PACT) educates doctors to understand test results. No referral is necessary for thermography testing.
February Special
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Wednesday March 23rd, 2016 at 6-8pm
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Why Are Relationships So Hard Today?
Why Modern Relationships Are Falling Apart So Easily Today
Why do we fail at love every time, despite trying so hard? Why have humans suddenly become so inept at making relationships last?
Have we forgotten how to love? Or worse, forgotten what love is?
The No. 1 Secret to a Great Relationship
Incorporating ways to begin flirting with your partner again...
Being Able To Love With Abandon
So then, what is it about the act of loving with abandon, without the disclaimers that so often are put up as barriers to feeling too much, or falling too quickly into this thing we call love?
What horrible fate pray tell, may be awaiting the poor souls of the man/woman that gives too much or shows their cards too soon in love? Does the science of long-term bonds really play a part in the social dance of love?
5 Mistakes We Make in Relationships
Is Love a Game?
The old adage of "I don't like to play games" is still around today. So with this self professed claim of hating such games... why do people still so often feel the need to play them in the process of meeting each other?
Don't Know Where To Take The First Step Towards Success?
All of us want to be successful, no one wakes up in the morning and thinks to themselves " I really hope I screw up today and the company tanks!" That is not human nature. It is instinctual to want to succeed. When we talk about success we must consider the many different forms of success.
It is one thing for a company to make a lot of money, but are they truly successful if everyone within that company hates that organization and the people who run it? What about if you have a lot of employees who get along wonderfully, but have low production rates? In both of these scenarios the company is lacking a piece of success.
When I think of a successful company it must meet three criteria; 1) Company must be helping the community or working towards the greater good. 2) Company must have great culture. 3) Company must be making money.
For example, Google is a wonderful search engine that makes navigating from your email to documents to searching an absolute breeze, which makes people's lives easier. They are also a very wealthy company and have been voted one of the best places to work by their many employees. By my definition, Google is a very successful company.
You may be thinking, " well I'm just a start up, our company is no where near Google status" and that is okay. Any business can become successful as long as they start working towards the right path. The best way to get on this path to success is to have an outside source help find the holes in your operation and enable your company to perform at maximum efficiency. Check out this video to learn how Cliintel can help you take the first step in the right direction!
NASA Has the Same Big Data Challenges That Companies Do
In the short amount of time it is taking you to read this sentence, NASA has gathered over 1.7 gigabytes of data from their missions. They are gathering data every minute of every hour, of every day, and their rate of collection continues to grow each year.
This task isn't easy for them either. Storing, handling and managing this data is a challenge. Analyzing it is out of this world (no pun intended). But NASA continues to do so, as they understand the importance of accessible data for their work, and for all of humankind. As leaders and innovators in the world of Big Data, they have accomplished a great deal.
It used to take hours, if not days for a flight operations team to relay collected data. Now, flight operations teams can view this data, using custom data visualizations, in real time. They are analyzing data that helps them learn more about our Planet Earth, how commercial airlines can fly more safely, and even led them to discover Water On Mars.
The difference between NASA and most other companies is their ability and capacity to store, manage and analyze the data. The NASA Center for Climate Simulation alone, has the capacity to store 37 petabytes of data. They have a high-resolution data visualization wall that is 17 feet high and 6 feet to display any of the in-house data. They have two different centers to process, distribute and archive their data; one for Earth science, and one for planetary science. Over 1,200 users across the country use the supercomputer, Pleiades to help them analyze this data.
We understand that not every company has the ability to store, process and analyze all the data they have access to. But, we also understand that if every company did have this ability, then their business would operate much more efficiently. We are no NASA, but we use data to provide our clients with the vital information, needed to make optimal business decisions. This is why some ask, "Is What We Do at Cliintel Rocket Science?"
"Having the ability to leverage our rich history of data and combine it with new data we are receiving is a huge asset in making our missions successful." - NASA
Monday, February 8, 2016
How Does Big Data Relate To The Super Bowl?
They finally did it ladies and gentlemen, the Broncos have won the super bowl! If we look deeper into the Broncos and the super bowl we can see that Big Data is all around. One of the less obvious ways Big Data is utilized in football is viewing footage.The best teams are the ones who study themselves and their opponents. There is lots of Big Data that goes into relaying footage to a tablet to be viewed by the played on the sidelines.
Speaking of Big Data promoting the ability to view a play, that is how us fans at home watch each game! All of the lines we see on the field and the replays that show different play patterns are all produced through the quick analysis of big data from multiple different cameras and angles. At one point in yesterday's game there was a 360 shot of a paused play to show a birds eye view of every player in that formation.
Besides all of the technical stuff, the super bowl is practically an American holiday which means there are excess amounts of food, liquor and memorabilia. Social media is the platform for people to display their likes and dislikes about everything from the bar they are in to the amazing wings they ordered for their super bowl party. From the data produced through social media, companies can get a quick look at what their consumers think about their products.
To learn how else Big Data is used in professional football, check out this ARTICLE!
Marc Schtul On Big Data, Privacy and Facebook
Big Data meet Marc Schtul, and accomplished lawyer who understanding Big Data in this Big Data Podcast.
3D Printing Marketers Help 3D Printing Companies Get Customers
To help you get more, targeted Facebook Fans, they've designed a strategic Facebook "Like" and Engagement Campaign package that will hone in on the exact 3D printing prospects your business wants to connect with and expose them to your offer, with Facebook ads.
Their Facebook team knows how to get results and are ready to get more Likes, more Fans and more engagement for your Facebook Page too - in a package designed for your business.
Saturday, February 6, 2016
4 Ways to Leverage the Power of Big Data in Your Company
The success factors for a data-driven growth lie within the capacity of a company to develop and implement the right data management plan. Data should not only be stored, but analyzed and leveraged. High data quality is a crucial part of data management. If you can achieve this, you can fully leverage the Power of Big Data. Here are four steps to get the most out of your data.
1. Process as Quickly as Possible
This allows for a quick response to the insight gathered from the data. This has a direct and immediate impact on how a company is able to utilize the insight for better decision making. The sooner decision makers have the insight and information available to them, the sooner actions can be made.
2. Connectivity
The most successful companies are those that are interconnected, and therefore not working within their silos. Data from each of the silos needs to be compared to get a complete understanding of the entire picture. Data from marketing needs to be looked at with the data from manufacturing, sales and so on to understand the data from the entire company.
3. Empowerment and Feedback Mechanism
Companies need to encourage all employees to take action based on the knowledge obtained from their data; not just the decision makers. Often times frontline employees can benefit the most from data-driven insights; as they are the ones working directly with customers. They too must make decisions every day with every interaction they have with customers.
4. Measuring and Testing
Any organization that implements new initiatives should test them before they are deployed throughout the entire organization. This is crucial to understand how the new initiative will impact and alter existing programs, employees etc. which will help them to improve their ideas and programs. They can also learn how to best train their employees that will be utilizing the newly established initiative.
To Sum Things Up
Companies and organizations with a culture of evidence-based decision making and data-driven results ensure that all employees are treated as decision makers. They provide all employees with performance data, every day. They follow these four practices to achieve the best results, save the most they can, retain happy customers and ultimately, perform better than their competition. These are smart businesses.
10 Reasons to Try Acupuncture
Did you know that more than three million adults visit an acupuncturist annually, according to the National Certification Commission for Acupuncture and Oriental Medicine? Acupuncture was first introduced to Western Medicine in the 1600s and today, more than 3,000 U.S. physicians integrate the therapy into their clinical practices.
Aside from being recognized by the World Health Organization as a practice that has the ability to treat over 40 different common issues including gastrointestinal disorders, joint and nervous systems, chronic pain, circulatory disorders, anxiety, depression and more, here are the top ten reasons to try Acupuncture today!
1) Acupuncturists view each person holistically and individually.
No two people are alike. Every cell in that person's body is interconnected to others and is functioning as part of an integrated whole. In other words, acupuncture treats the whole person, not just parts and pieces. The root causes of a symptom that two people are experiencing may be completely different. During the initial exam, a full health history is taken. Questions are asked regarding overall health and symptoms, lifestyle choices, exercise, nutrition, career paths, and other life factors. All aspects of the patient are considered when putting together an effective treatment plan.
2) Acupuncture helps to re-awaken and energize the self-healing capacity of the body.
An acupuncturist treats more than symptoms and signs. Acupuncture activates the body's natural healing potential by treating the root causes that have led to the problem or disease. Research shows that acupuncture triggers the body's own mechanisms for manufacturing and releasing its own pain relieving chemicals. These chemicals are endorphins and dopamines, opioid-like compounds that produce the feeling of well-being and reduce pain. The body knows the exact dose that is needed at the right time. It is like a perfect pharmacy that can produce any "medication" needed for healing without any unwanted side effects!
3) Acupuncture is an effective preventative medicine with no negative side-effects, only positive ones.
Acupuncture is a completely natural therapy and works directly with the body's natural processes, not against them. No drugs are ever used. Invasive procedures and drug therapies used in Western treatment may produce undesirable side effects and accumulated toxicity in the body. Acupuncture does not have these side effects. In fact, feeling great is the most commonly reported result.
4) Acupuncture helps to support and strengthen the immune system.
The immune system works throughout our body to prevent and fight illnesses. Our digestive tract, skin, and lymphatic system are three important parts of the immune system. The immune system can be weakened at times by disease and/or certain treatments and medications. Lifestyle contributors such as poor diet, stress, and poor self care can also negatively impact the immune system. The goal of acupuncture is to find and treat the underlying imbalances that are affecting the flow of Qi (pronounced "chee"), our vital energy or power, and the immune system by addressing the root causes. Acupuncture can help you regain balance and improve your overall health.
5) Acupuncture effectively assists with recovery from drug, alcohol and smoking addictions.
With the help of acupuncture, recovery from drug, alcohol and smoking addictions can be made easier. Stress, anxiety and depression are some of the largest stumbling blocks in quitting addictive habits and behaviors. Acupuncture is successful at calming and relaxing the mind, reducing anxiety and alleviating depressive feelings.
6) Acupuncture is recognized by well-known and leading national and international health organizations*.
The National Institutes of Health and the World Health Organization are among those organizations who recognize that acupuncture is effective in the treatment of over 50 western medical diseases, disorders and symptoms including pain, infertility, allergies, depression/anxiety, migraines, digestive issues, arthritis, fibromyalgia and more.
7) Acupuncture is safe and painless.
When practiced by a qualified practitioner, acupuncture is safe. In 1996, the U.S. Food and Drug Administration (FDA) classified acupuncture needles as medical instruments, assuring their safety and effectiveness. The needles are one-time use only and are sterile and do not carry any risk of infection. Acupuncture needles are about ten times smaller in size than an average hypodermic needle, approximately the size of a cat's whisker, and they are very flexible. They don't hurt in the way that hypodermic needles do, however a slight sensation may be experienced as the acupuncture needle is inserted.
8) Acupuncture treatment is an excellent stress-relief therapy.
Along with treating physical and emotional symptoms and signs associated with stress, acupuncture and Traditional Chinese Medicine (TCM) addresses the root cause(s) of the problem. Qi is the vital energy or power that animates and supports the functions of the body. It flows through specific pathways, called meridians, and provides nourishment for the entire body. When Qi becomes "blocked" or the supply is inadequate, the body and organ systems become "stressed out" and our health is then compromised. With acupuncture and TCM, the practitioner's job is to support and restore the integrity of the various organs affected and depleted by the stress response, along with evaluating the quality and quantity of Qi.
9) Acupuncture is an affordable alternative.
Compared to some expensive Western medical therapies, treatments and medications, acupuncture is affordable and effective and it may help you avoid further medical expenses and complications down the road when it is used as a primary treatment plan or an adjunct therapy. Acupuncture can also help you make lifestyle changes and prevent future illness.
10) Acupuncture works!
Acupuncture has been used to successfully treat millions of people over the past 3,000 years. It is an effective form of medical treatment that has evolved into a complete holistic health care system. Practitioners of acupuncture and Chinese medicine have used this noninvasive treatment to help many become well and stay well. As the old adage goes, "there is nothing to fear, but fear itself"! Acupuncture works and this safe, natural, drug-free way of whole body healing is worth a try!
Call 303-777-1151 to schedule an Acupuncture treatment with our Licensed Acupuncturist Kalin Davidov and find out the benefits for yourself!
Source: http://www.navacenter.com/community/blogs/10-reasons-to-try-acupuncture
Where Is Big Data In Every Day Life?
We all hear about Big Data and how it is changing industries and allowing companies like Target to stalk their customers, but do we interact with Big Data in our everyday routines?
Here are two examples of how we are interacting and creating Big Data every day!
Every time you go to your local coffee shop and order your special little cup of delight, you are creating data. The reason we call it data is because you are giving the company information about its customers. Check out this podcast and learn how you are helping coffee companies become more efficient through Big Data just by buying your daily cup of Joe.
Big Data And Coffee - Can We Use Coffee Shops To Understand Big Data Uses?
Another example of our frequent run ins with Big Data is buying liquor. We all love it and drink it, but how do distributors know what kinds of people like certain types of liquor? Big Data shows liquor companies and distributors how to best sell their product and who their most profitable demographic is. Learn more about how Big Data is revolutionizing liquor distribution through this podcast!
Big Data And Liquor - Can Data Analytics Help A Liquor Distributor Or Maker?
Friday, February 5, 2016
CFPB: Banks Off Balance About Checking Account Access
The Consumer Financial Protection Bureau (CFPB) is upset about consumer access to checking accounts, or more accurately, impeded consumer access to checking accounts--and has taken action to turn things around.
Earlier this week, the bureau announced in a bulletin that it has taken action to increase the odds that consumers receive fair treatment when it comes to opening checking accounts. The CFPB made the move in light of concern that incorrect information used by credit unions and banks to vet potential account-holders is in some instances preventing consumers from being granted checking privileges.
In its announcement, the bureau said it is informing financial institutions and credit unions of their risk of consequences should they fail to accurately report consumer account histories. Entities that send details pertaining to checking account problems to consumer reporting agencies could face "bureau action" if the information they share is inaccurate, the agency warned. Financial institutions and credit unions were informed that they need to have in place "reasonable written policies and procedures" to prevent errors that "could cause adverse consequences for consumers when included in a credit report," as well as effective procedures for handling investigations when consumers dispute negative reports.
The inability to open a checking account was cited as an example of these "adverse consequences" if errors--which might encompass anything from duplicate records to mistaking one customer for another because both individuals have the same name--were to be found in a credit report. Those financial institutions and credit unions that do not implement the above-mentioned effective procedures, the CFPB said, would be subject to "enforcement actions to address violations," with "all appropriate remedial measures, including redress to consumers," sought by the agency.
Are the CFPB's threats empty ones? We would hesitate to say "yes."The agency has reportedly taken action against banks and credit unions for denying checking account access to some prospective account holders based on erroneous information.
Also part of the CFPB's move was the sending of a letter to the 25 largest banks, encouraging them to offer and promote "low-risk" accounts that do not come with overdraft protection. "People deserve to have more options for access to lower-risk deposit accounts that can better fit their needs," Cordray noted in the press release.
Of course, it is somewhat difficult to imagine that banks and credit unions will readily market low-risk accounts, given that overdraft fees contribute so heavily to their bottom line. The idea of carrying a glut of low-balance checking accounts likely will not sit well with them. It will be interesting to see if they take the bait.
Thursday, February 4, 2016
Can Big Data Change The Hotel Industry?
Ever wonder why it is so hard for people to change? There are two reasons, (1) You must be willing to admit there is something that needs to be changed and (2) Change is scary. Most people do not like to admit that they are doing something wrong or they can't even see the issues that are right in front of them. Not only is it hard for people to accept that change is necessary, but then actually taking that first step in a new direction can be frightening. The worst part about fearing change is that in reality, change can be a marvelous thing!
When it comes to the hotel industry it is Big Data that can open the blind eye to the need for change. More often than not, the reason for any hotel's issues is withing their own doors. Hotels need to be given the insight from Big Data to help them see the true opinions from their customers. If the hotel business is centered around hospitality, the customer's opinion should be of the utmost value. This is why Big Data can be so incredibly helpful to the hotel industry. Check out this podcast to learn more about the process of change from someone who worked in the hotel industry for over 25 years.
HOTELS CAN USE BIG DATA AND BUSINESS PROCESS CHANGES TO GET MORE GUESTS
The Reality for Smart Businesses is Big Data
The conversation of Big Data is a recent phenomenon among business leaders, stakeholders and decision makers. Over the last couple of years we have seen Big Data transition from a buzzword, to hype, to reality. It was a buzzword when people still didn't understand what it meant. It was merely hype when people didn't understand how to use it. It has become reality because people now understand the value of it.
Data => Agent of Change
It is widely said that big data is the backbone of the digital economy; but it is more than that. We may soon see that it becomes the backbone of the entire economy, as it is the fuel for innovation and positive change for businesses of all industries. Or at least, it can be.
For most of our history, the challenge when it came to data was creating and collecting enough of it. Because 90% of the world's data has been created within the last two years, there is certainly no lack of data today. Instead the challenge we have today, and will continue to have into the foreseeable future is making sense of the data.
Raw data alone is just that…data. It means nothing to most people. But if we can turn data into dynamic knowledge, it can be leveraged to develop and improve products and services, advance business models and create superior working processes. Therefore, the economic and business winners will be those that develop and implement a contemporary data strategy.
This will require companies to move away from traditional analysis, to predictive analysis. It also means moving away from fixed and static outlooks to a more dynamic and forward-thinking insight. This will require an investment by companies. They can either create an analysis division, requiring hiring data scientists, engineers and analysts. Because this is quite costly, companies may find it more cost-effective to hire outside services that specialize in data analysis and solutions. This option is both more economical and yields more rapid and even better results, as it is what they solely specialize in.
The only thing to look out for when exploring these third party options is a one-size-fits-all tools. The rise in tools as a service, in this case tools providing data solutions and data analytics, have become popular, due to their low price. The saying, "You get what you pay for" holds true in this case. Read this article to learn why.
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