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Wells Fargo & Co., lagging behind its rivals in mobile-banking prowess, is turning to an unlikely source for advice: the video-game industry.
The lender bought a small stake in Context360 Inc., a startup that makes behavior-predicting technology used by game-makers to retain mobile players. For Wells Fargo, similar technology could help it pitch car loans on Saturday mornings when customers visit dealerships, for example, or block a suspicious credit card transaction, according to Stephen Burke, Context360's chief operating officer.
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Like many industries, banking is seeing more customers migrating to mobile devices. Thirty-five percent of people reported using mobile banking in 2014, up from 20 percent three years earlier, according to a survey conducted by the Federal Reserve and published in March.
"Banking is necessary, banks are not."
(Score: 0) by Anonymous Coward on Thursday August 06 2015, @09:53AM
"Sell your possessions, and give to the poor."
(Score: 1) by Hyperturtle on Thursday August 06 2015, @01:52PM
I don't see where they discuss how this is all opt-ed into, or if it is part of the EULA to play free games, and if people are adversely affected because they rage quit, or that they are in a car in the passenger seat and the sensors show they are speeding, streaming music and playing games. Or if paying for the game outright, if not a free-to-play--if these will be bundled in. It could be a bonus feature as part of commonly popular chat clients.
I can imagine it now: The fact that the user is a passenger is not picked up in an Android, so this is presumed that you are driving recklessly and will impact your ability to get a loan. The iBeacon in iphones, perhaps, can use embedded seat sensors to determine where in the car you are seated, and thus conclude you hang out with undesirable people and the association will be used to determine that you are quite the risk.
Tampering with the seat sensors may be punishable according to federal law, remember, as well as turning airplane mode on when not on a plane! That creates a gap in the knowledge gained and this could be considered providing false details in an attempt to secure a loan, by deliberately withholding details that may be considered adverse with the intent of the resulting lack of knowledge as a replacement for the information that may be used to conclude a higher risk for your application loan candidacy.
I think Professor Falken (or Joshua) had it right; the winning move is not to play. Once you get started, it is hard to stop.