Nudging Your Customers to Get More Data for AI Algorithms
When Brian Hankey first gave the data he gathered running a payday lending company in Singapore to a mathematics PhD, he was told there wasn’t enough to derive any real insights. Now, instead of relying on mathematics to analyze the data, he’s hoping to use AI. But concerns about his data remain.
For now, he has no way to get more data, so he has to rely on improving what he has (and using algorithms like decision trees, which work better with fragmented data). But data analyst Valyo Yolovski has a suggestion for the future:
You still wanna get that data at some point, there’s other ways using behavior economics to nudge people to share that data. For example, one way I recently came across is “if you fill out this survey, and connect your bank account, you’ll receive a 0.25% reduction in your interest rate.” This was an interesting way to get people to fill out a survey and connect their bank account so you can take the money directly. First you get the basic data that you need, then you can get more data by incentivizing them.
For Brian, this was a reminder for his next project that there are subtle ways to gather more useful data for AI applications. Of course the kind of data you’ll want to gather will depend on what type of AI algorithm you’d like to use. If you’d like to know more about how to make that choice, sign up for our online course on implementing AI.
