The way data is currently gathered, processed and distributed is costly, cumbersome and inefficient. The underlying business model requires companies to market their own sites for the business to be profitable and compels them to invest heavily in marketing while maintaining the highest levels of data security, delivery speed, reliability and compliance to data protection and privacy regulations. That drives the base price up which narrows the target audience. In contrast, a business model based on removing most of those activities through cooperation and automation provides an immediate competitive price advantage.
With few exceptions, all businesses have banks accounts. Most utilize online banking environments to save time and keep track of their financial situation. Banks provide these digital banking extensions at no cost as it frees up capital and human resources and have no plans for charging their customers for their use. Therein lies the opportunity.
Banks can gain complete control over the entire business intelligence space – including market and economic research – in a matter of months, rendering all intelligence platforms subservient to them. It is a highly profitable scenario where the base revenue stream from the US and EU alone reaches close to $4 billion and expansions tap into the $2 trillion personal data market. It is a complete data lockdown that gives the banks a major advantage over the digital giants. In short, banks the kill the entire business and marketing intelligence industry in a single strike (the impact may be delayed for some business models, but eventually they will perish as their customer base vanishes). Naturally, that type of scenario does not benefit the banks as causing customers to go out of business affects the CAD ratio. Or does it?
The digital giants are all centered on advertising where knowing as much as possible about users is instrumental in order to sell ads to businesses. The basic ideology is that if you have enough volume, statistics applied to conversion rates apply. Linking banks together in a way that conforms to data protection, privacy and competitive regulations yields a metric none of them can deliver – real-time market share from microbusiness upward without the need to register: it’s accessible within the online bank. The case is quite simple.
Buy an ad on Google, Facebook, LinkedIn or Twitter, and the results will be in the next day. They will not be accessible through any of those firms – who refuse to provide information about it in the first place – but through your own internet bank as the banks can pull business performance statistics worldwide into a central hub that aggregates sales globally. KFC can run a lunch campaign that Burger King, McDonald’s, Subway and Domino’s can react to almost instantly, bringing the marketing war to real-time. An AI or algorithmic marketing system can intercept that information and execute predefined strategies based on what is happening right now, instead of waiting for results or reports that are delayed and reflect a mere fraction of the market.
With the banks at the center of things, and ICESTAT as a fusion reactor, research and data firms no longer have to waste time and money on customer acquisition. Adapting their output to the ICESTAT comparability engine opens up access to all businesses in the world.