Banks and health insurance companies are beginning to see the value in data. As big data technology continues to advance, these industries are adopting some of these tools to gather data from their customers or potential customers.

The following should help highlight how valuable data is and what it might be able to do for some of these industries.

How Data is Going to Help Empower Next Generation Banking

It is clear that as more people use the internet, more data is being collected. All of this information could be next to impossible to analyze, but big data technology is making that a problem of the past. This type of tech is being used to analyze data, which different industries, like the banking industry can use to improve their own practices.

The data can help banks track expenses, and that could help them curate services. This is going to continue to grow because many people want personalized services. Bank's are not finished tracking their customers because they are also attempting to track geolocation data from each phone. Knowing where their customers allow banks to see if the card owner is indeed in the location where his or her phone is.

The ability to track users this way could prevent fraud, and it could end up saving banks a lot of money since some are required to reimburse their customers after a fraudster uses their funds. It should also be pointed out that being able to track the phone of bank customers could also help banks raise red flags and help authorities catch identity thieves and fraudsters.

Of course, people are going to have to get used to the idea that banks are going to be able to not only track data but also know where you are at all times. This could seem a little invasive, but it seems like banks are certain that people will come around once this technology becomes more widely used. The geo-location services are already things that most of us use to get around. It was only a matter of time before a large industry like this one saw the potential this kind of data could offer to their industries.

How Tracking Data is Helping Health Care Insurance Companies

Health care insurance companies are also attempting to use big data to collect more information from customers and potential customers. A lot of people who hear this feel scared of how health insurance companies are going to use this data.

Some fear that they might spike prices for people who are making poor lifestyle choices, even though most of the time these choices are based on misinformation through no fault of the people being tracked. This could lead to higher prices for people who cannot pay more. Still, this fear is not slowing down this industry as they continue to invest in data tracking tech, including mobile trackers.

Yes, those simple and fun free mobile trackers you can now get can also be used by health care insurance companies to track other aspects of your life, like your eating habits, exercise habits, how often you watch TV or sit during the day. You are also going to see these insurance companies pay attention to your dating life, and they might even anticipate costs if you get married because they are afraid insurance owners are going to end up claiming more cash during pregnancy.

Of course, insurance companies are fighting back and are challenging some of the things people are afraid of by saying that obtaining and analyzing data could end up making people feel and be healthier. The insurance companies say they are going to use the data gathered to show customers information that may be helpful to them one way or another. Some customers may be forwarded information on losing weight while others may be given information about how to relax. Each of these are targeted to the customer, and it is all thanks to data trackers.

It should be pointed out that there are many other industries that are using tracking and big data with their customers. One industry that is also using this technology is the auto insurance industry. This industry is offering lower insurance rates as long as the owner allows the insurance company to track their every move.

The mobile tracking device will gather information like how fast the owner drives or if the driver is simply not driving much. The information gathered could be used to help insurance companies offer more inexpensive plans, which is probably going to help normalize this kind of data sharing.

There is no telling how much this geo-tracking is going to change things in any of the industries mentioned, but it is clear that change is coming.