Join our Meetup on August 2nd 2018 for the chance build your own innovation using passive data.
The winners of our passive data challenge will receive:
- 3M NIS investment and incubation from the eHV
- A free trip to Copenhagen to compete in LEO Innovation Lab’s Global Challenge
- 10k EUR prize, 3 months of mentoring & incubation in Copenhagen
Taking Passive Data Beyond Healthcare
As humans, we leave behind digital footprints when using our smartphones, as well as other platforms and devices.
In our previous post, we showcased some examples of using passive data in healthcare, and we now want to provide further inspiration beyond healthcare to get your creative juices flowing ahead of the upcoming Innovation Challenge.
We hope that the ways to positively use passive data are now becoming clearer.
While the field of passive data is still emerging, there are some super creative players that have inspired us – and we want to share them with you!
SMARTER LENDING, HAPPIER CUSTOMERS
In today’s banking system, if someone wants to get a loan, the banks will look at one key number: their credit score. But there’s a problem with that approach.
In the US, tens of millions of people might either not have credit scores, like most millennials, or have scores which are biased by their employment, such as small business owners.
Interestingly, even if someone does have a credit score, these scores use less than 50 data points to determine how creditworthy you are, and with the explosion of available data there’s gotta be a better way!
Enter ZestFinance – a fintech company out of LA founded by Google’s ex-CIO. Zest uses thousands of data points, including passive data, to predict how creditworthy someone is.
Here their CEO discusses some of the benefits of using passive data for loan applications, including how the way in which you type your name determines how likely you are to repay a loan:
GIVING CREDIT WHERE IT’S DUE
Taking the idea of passive data globally is another fintech company, Tala, which is focused on providing loans to those in developing countries like Kenya and Tanzania, where credit scores are almost non-existent.
Using a mix of passive and active data (like a short questionnaire), the app can build a credit profile in about five seconds to determine whether someone is approved for a microloan.
Here Tala’s CEO talks about some of the impactful work her company is doing using passive data:
A WORLD WITH NO PASSWORDS
How do you access your most sensitive data today?
Most of us use passwords or biometrics, like our fingerprints and facial recognition.
But passwords are often the targets of hackers and are easy to crack (in addition to being easily forgotten given how many passwords we all have!).
Static biometrics also have multiple security vulnerabilities.
Enter Pinn – a cybersecurity company that aims to create an unbreakable digital identify of:
Based on passive data like how fast you type, how you hold your device, and even how much pressure you apply when pressing on your screen, Pinn aims to create a mirror digital identify of yourself.
So even if someone steals your passwords, they will not be able to access your info because, well… They’re not you.
Here’s some inspiration on Pinn:
NEXT STEPS BEFORE THE CHALLENGE
For our next post, we’ll explore some of the potential pitfalls and challenges with using passive data, like privacy and security.
Please stay tuned, and we hope to see you at the August 2nd 2018 Meetup.