As smartphone usage and mobile penetration have increased, the way people consume content and make decisions has changed.  As a result, businesses have come to understand the importance of having a mobile-first mindset, which involves much more than just having a mobile app or a responsive platform. Through technology, data analytics platforms provide companies with the capabilities to gain a deeper knowledge of their customers and take the right decisions for growth.

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According to an InMobi report, “The Indisputable Magic of Mobile”, Southeast Asia is one of the largest mobile-first regions in the world, with 90% of mobile usage. Due to the pandemic and the country's increasingly developed Internet infrastructure and 5G mobile network, mobile payment methods in the region have grown rapidly, including "Buy Now, Pay Later," digital wallets, and cryptocurrencies. This digital payment revolution has helped consumers, especially the unbanked population, by offering new purchase alternatives and increasing eCommerce sales opportunities. Online shops are expected to grow at an annualised rate of 22% and reach US$146 billion by 2025.

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Moreover, the democratisation of smartphone use and virtual reality has changed how entertainment is viewed and consumed. For instance, the aforementioned InMobi handbook highlights a 2X growth in gaming usage on average year on year, with 90% of the gamers being smartphone players. Added to this, the development of the mobile metaverse will bring new ways of buying, such as virtual shopping and new ways of enjoying spare time, like attending parties with virtual friends.  As a result of this switch to a mobile-first economy, entrepreneurs have been inspired to build new technologies that collect and analyse digital mobile footprints in order to offer tailored recommendations that cater to the needs and preferences of each customer.

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At credolab, we focus on gathering insights from smartphone metadata to help businesses better understand their clients’ behaviours. Credolab’s features can be used for different purposes.

• Offering a product or service to someone interested in metaverses or cryptocurrencies is different from offering it to someone whose smartphone only has the basic apps.
• Features based on app ownership are useful for segmentation since businesses can grasp which kind of apps a user has and thus better understand their interests and level of tech-savviness. 
• Furthermore, anti-fraud features like IP address checks may help analyse and identify IP mismatches and prevent fraudulent loan applications. Additionally, credolab’s features give users the ability to find risky behaviour and use it to complement traditional credit scores, increasing approvals in a controlled manner as a result of its features. 
• Lastly, credolab has engineered features dedicated to improving lead generation efforts by monetising users’ intent and ranking offers based on the likelihood of each user being approved for any financial product.

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Fintechs have moved forward with new ways of collecting and analysing mobile information. Nevertheless, this mobile-first economy has driven countries to develop their own rules and regulations regarding data protection. For example, in the case of Singapore, the Personal Data Protection Act (PDPA) has provided a baseline standard of protection for personal data in the country. This regulation recognises both the need to protect individuals’ personal data and the need of organisations to collect, use or disclose personal data for legitimate and reasonable purposes. In addition, other countries, such as Indonesia, are also working on their first data protection laws. For example, Indonesia’s PDP Law will introduce new changes to how personal data is processed and stored. Designed with data protection and privacy compliance in mind, Credolab's analytics platform is built from the ground up. Credolab’s features come from anonymous, and non-personally identifiable metadata collected only after receiving the customers’ opt-in consent and operating system permissions. Therefore, customer identity is safe, protected, and compliant with any data privacy law. 

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In this changing mobile-first economy, having the right data at the right time is crucial for any business. Therefore, new fintech technologies, such as the features available via credolab’s data analytics platform, are indispensable insights to understand consumer behaviours more deeply and make faster and better risk, fraud, and marketing decisions. 

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