Real-time data allows you to impact the customer's experience in real time. You can’t do that with data at rest. In today’s world, people are looking for a great experience and they are willing to pay more for it because it makes them feel like they matter and that the company cares about them while most of the rest of the world makes them feel the opposite way.
I can give many examples of benefits that real-time data can provide that data at rest can’t. But here’s an easy one to understand that happened to me recently and it has to do with my credit card.
Imagine if, when a credit card transaction was taking place, the credit card company could ping your actual location by using the credit card app that you have installed on your smartphone in real time. Crazy? I don’t think so. My phone and my credit card are in the same place 99.9 percent of the time. With real-time data, my credit card company was able to determine that my phone and my credit card were not in the same place when a charge took place. They immediately sent me a text message to ask if I made that transaction, and when I responded to that text with no, they texted me their fraud department phone number to call immediately. So within 10 minutes of my stolen card information being used, the credit card company had closed that account, flagged the charges as fraud and already had a new card sent to be in my hands the next morning. What a great customer experience. The company sure made me feel like I mattered to them, like they were on my side and that they have my back. You better believe that I’m even more of a loyal customer after being treated that way. In fact, I’d even put up with a little higher interest rate on that card as long as it meant I was treated that way.