Insight
Title:
Firms have a wealth of customer data that they could mine
Description:
Especially banks, have a wealth of customer transaction data from which they could glean all sorts of insights. No other business has greater insight into its customer just because of their regular operations. Bank can understand where and when people shop and holiday, how much they spend, when their insrance is due for renewal, and can combine this with personal information around date of birth and address, etc.
The adoption of contactless payments now means that banks have access to information about an even wider range of (lower value) payments. Thea would previously have been obscured by the opacity of the cash economy.
McKinsey 7S:
Systems