Consumer Risk Recognition in the Digital Economy

21st May 2021 | Blogs

By CLIMB

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As a point of reference, think about the year of 2020. The year brought in a plethora of changes to our lives. Many things we thought as being foundational, were challenged to the core. While the globe maintained a new sense of urgency around public health, the social construct & contract we had with one another underwent a significant review of what was necessary [essential] and what was not.

As participants in the economy we were challenged to live in ways foreign to anything we experienced in 2019. 2019 seems like a distant memory of what it meant to be social, as measures to control the spread of the virus siloed our physical presence in society. In an instant we sought to utilize technology as a means to safely conduct our relationships, individualism, and perspectives with family, co-workers, and the broader society. Many of the these technologies amplified our own perceptions of culture, what is valuable, and what is discretionary.

Challenges and disruptions happened nearly overnight. Fear has driven much of the disruptions that accelerated change nearly overnight. The idea of telecommuting made in- person interactions [seem] overtly foolish & we remained productive as a digital first society. If the task at hand could be done digitally – tools enabled the transition. What was novel, suddenly became common sense.

Sports with no fans [home field advantage], creatives like musicians and artists found new life by streaming to distribution to source mutual benefit to themselves and their fans. Companies who relied on employees doing tasks in a centralized HQ, found themselves protecting employees by embracing work from home protocols.

How does this change impact the digital economy? How does impact GDP standards? What is the basis of productivity, of growth & quantification?

Transitions of behavior require a different set of lens to capture a new way for analysis to glean value from these new insights. Models that make sense of these shifts will offer meaningful uses to the individual and the services companies offer in the marketplace. Models that incorporate behavioral science analysis stand to rise above other offerings as the potential positive and negative trends can be more easily explained to both the data producer and data aggregator. As a north star, our technology was developed with behavioral science as a key driver to capture value and compliments this shift in Consumer Risk Management.

Simply stated our solution provides the necessary on ramps bridging the digital first society into the future of consumer risk. Our team understands this new shift requires a set of design principles that highlight positive actions and explain negative choices. The impact to the platform participants can be seen with faster refresh rate, leading to better decisions made in analysis and administration. Utilization of this tool leads to a better prepared risk team and informed portfolio of customers.

As a basis of community, users benefit from sharing anonymous data points that show how these insights can provide a map to achieve personal prosperity from similar income classes and geographies. Suddenly living across the wrong side of the tracks doesn’t mean there is no way out. It just means the path to prosperity is a different route than that from someone else. Not negative, just different. Different opportunities emerge from such consented data sharing to see what can be possible as a participant of the analysis. As an administer of credit, what and how responsible capital distribution can be achieved in ways never before imagined.

As a believer of mobility and personal growth – our team has thought deeply about how consumer risk and financial independence is viewed and enhanced in this environment. In recognizing productivity it requires a different lens to analyze what it means to be involved in the digital economy. A way to capture and understand how individuals can be seen within the new standards of living in a digital first economy. We have created the tools to highlight digital productivity and quantification. We have built the model to capture new sources of value within the constraints of regulation, policy, and risk appetite to enhance the operational, and executional strategies demanded by the consumer in this new economy.

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