There’s a new way data can be used to innovate financial services – through events


Data is everywhere. Financial services providers have more information about users than ever before. Traditionally, this might lead to a user being involved in a specific email campaign, or being cold called about a financial product that they might want.

What is the next step for data? Given that we have so much of it available, excitement around data comes not from just capturing it, but the new generation of possibilities afforded to us by organising this data. Arranging data for intelligent insights has always been key for engaging users, driving revenue and creating innovative new products: now, this is coming for financial services.

What do we mean by ‘user event data’? 

A ‘user event’ is a tracked marker of user activity on a given digitajourney – essentially a footprint showing the user did something at a certain point and time. For financial services, this data has been largely overlooked in the past as providers focussed on gaining personal data about a user, such as contact details, search history, and being granted the necessary permissions to view their accounts. Now, the next step is using event data to better understand a user’s preferences, which can be harnessed to deliver an offer with optimal timing and drive completion of a particular journey or upsell of complementary products. 

Why is user event data beneficial to businesses? 

Event data gives businesses a more rounded view of the user’s purchasing process – where they might hesitate, what additional information they need, which products interest them. Rather than simply getting from A to B, events show the steps the user has taken to purchase the product and captured data from each one.  

This is beneficial for businesses as they can improve services based on the data fed back from user journeys. If a high proportion of users drop off when asked for Open Banking permissions, these permissions have not been explained thoroughly. If ESG investment options prove more popular than traditional investments with a particular audience, it may be more profitable to provide additional ESG options.  

Any third-party providers involved gain users that analysis shows are already open to their products. In the example above, the additional ESG investments are entering a market they know users have displayed an interest in, increasing the probability of gaining new funds. 

As mentioned, it is not about capturing the data but how it is subsequently used. If users are cautious about Open Banking, install an information pop-up that explains what access they are granting with links to further articles. If users have invested in ESG funds, invite them to an event you’re hosting that discusses companies combatting climate change. It will improve the user experience, as well as their trust and involvement in your services.  

How to optimise user event data 

Imagine you are a neobank with an integrated marketplace that offers products across lending, insurance and utilities. By focusing on user event data, you can see when a user has been into the marketplace and what activity has occurred.  

Let’s say User A has looked at mortgage provider services for several days in a row. It can be assumed that A is about to or has started the process of buying a property. By capturing the event data you can send a notification to User A and other similar users about a new mortgage deal that has emerged or a change in the market rates.  

User A has now applied for a mortgage, as shown through the event data. Your marketplace offers a whole host of services for new buyers which User A will be more inclined to purchase through your application as their trusted financial provider. You can send them a quote for home insurance knowing they are purchasing a new property. Similarly, you can use a recurring payment API to see how much their monthly energy bill is and suggest an energy supplier for their new property. They select a green energy provider, indicating the environment is an important cause for them, so you suggest they place their spare change in an ESG investment fund.  

There is no limit to how you can leverage event data, the above is just an example. It can be applied in many different ways and the realm of possibility is what makes user event data so exciting.  

At mmob, we harness user event data to optimise user experience and the financial ecosystem. Through the dashboard partners view the product funnels and user behaviour analytics, allowing them to retarget users and upsell new products. User event data is the next stage in embedded finance development and we are proud to be at the forefront of this change. 

For more information on how you can benefit from user event data, complete the form below and a member of the mmob team will be in touch. 

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