Posted on: Monday 30th of June 2014
Last Wednesday we held a special briefing for businesses wanting to explore the the opportunities and threats generated by the emerging market for Personal Information Management Services (PIMS). Business leaders from the banking, retail, telco, finance, regulatory and price comparison service sectors – and three Personal Information Management Service entrepreneurs – joined us to explore the range of new opportunities and discuss the questions that still need answering.
Ctrl-Shift Senior Consultant Jamie Smith presented our new research which estimates the potential size of the market for new Personal Information Management Services as £16.5 billion or 1.2% of gross value added in the UK economy. Jamie walked through the calculations behind this figure and discussed how organisations working with PIMS or building their own personal information services can build trust with their customers, access richer data leading to deeper insights, differentiate their brands, reduce their costs of data management and customer service and reduce their costs of reaching and engaging new customers. The full, free report is available to download here: Personal Information Management Services – An analysis of an emerging market.
Representatives from MoneyDashboard, CitizenMe and Bought By Many delivered short presentations on their services. MoneyDashboard uses data aggregation to let consumers in the UK see their bank accounts in a single view. CitizenMe is a ‘Personal Identity’ app that gives individuals a place where they can pull in their personal information securely and privately, and choose what they share with whom. Bought By Many is a group buying service that helps individuals with shared insurance needs club together, and finds them lower premiums and better insurance deals.
These three examples demonstrate a) the variety of new services that are now emerging and b) the different ways they can add value for organisations. By aggregating data around the individual MoneyDashboard is creating much richer insights into customers’ behaviours and needs. By helping individuals gather and share data CitizenMe can drive much more efficient, permissioned marketing targeting. Bought By Many is helping insurance companies identify and reach niche markets at much lower cost.
A wealth of important questions were raised by delegates at the briefing. One subject of particular interest was time frames. How quickly are things moving? Are we at the inflection point yet – and when can we expect to be? Another was PIMS themselves: what are the underlying motivations driving consumer demand for this market? And what are the ingredients that make up a breakthrough success in this area? Lastly, how should organisations monitor this change and be prepared for new trends?
We’re exploring answers to these questions right now. Watch this space for progress.
If you’d like to know more about the new market for PIMS and what it means for your business and sector, or are interested in attending our next Business Briefing, please get in touch. For weekly updates on developments in the market, register to receive our market watch or follow us on Twitter at @321CtrlShift.