Data Science Could Boost Global Prepaid Market by USD $70 Billion
A new report comprised by Juvo, the pioneer in mobile Identity Scoring, reveals that data-science driven mobile financial will significantly impact the global pre-paid market, increasing operator revenues by as much as USD $70 billion.
The report, Data Science: Driving Mobile Operator Digital Transformation, demonstrates how establishing financial identities for prepaid subscribers improves operators’ business performance and their overall goal to enhance digital transformation. This serves to deliver up to 10 percent lift in Average Revenue Per User, a 50 percent reduction in churn and doubling the increase in lifetime value.
Juvo’s report discusses in detail how data science-based mobile financial services dramatically increase engagement across the entire prepaid market, without considering demographics or geography.
When machine learning and predictive credit algorithms are applied to usage data in real-time, individual subscribers can be assigned personalized financial identities. With the accelerating growth of intelligence becomes more prominent, credit worthiness is established and access to a larger scope of mobile financial services is suddenly attainable.
The report simply reflects that establishing credit is independent of wealth or income, increasing the value of financial identities to users regardless of circumstance.
“We’re only scratching the surface of what is possible with data science-led digital transformation,” said Steve Polsky, CEO and founder of Juvo. “Identity-based services deliver unprecedented performance gains – just the impact of credit extensions alone to the global prepaid market could improve revenues, dramatically reduce churn and capture billions of dollars in lost revenue, and more broadly over 1.5 billion people globally lack any form of legally recognized identity. When data science is used to turn anonymous subscribers into identified subscribers, operators can unlock the full potential of their brands and subscriber relationships.”