Love Finance: big data, money management and retirement planning

Can big data make protection simple?

Big data is an enticing prospect for those looking to use it to optimise the underwriting and application process for protection products. But can it really be that simple?

According to Money Marketing, it can be - provided you know where to look within the big data you're handling. By looking at the right regions of the data collection, such as chat logs for customer service data, elements of underwriting and application processes can be streamlined by catering to the needs of the user.

We love that big data is being used to improve processes within financial services - especially if it benefits the user. While the Data Protection Act does indeed mean that this approach needs to be handled with care, this is a big (data) step in the right direction.

How retirement planning advice will change

Recently, FTAdviser held a webinar to discuss the radical reforms to the at-retirement market and how they could affect the way advisers give advice.

The panel of experts, including Billy Burrows (Retirement Intelligence and Key Retirement Solutions), Robin Ellison (head of strategic development for pensions at Pinsent Masons) and Maria Municch (multi-asset investment specialist at M&G Investments) came together to discuss everything from retirement income sources to pension transfer advice. We love that experts are gathering to offer advice like this. It helps advisers through a period in which everything is changing, and adds even more to the interesting discussion of retirement income and what people can do to ensure their post-retirement lifestyle goes smoothly.

Monese raises $1.8m for mobile banking service for immigrants

Those arriving in the UK with concerns about whether or not they'll be able to bank easily can relax, as Monese is launching the ideal mobile banking service this summer.

Offering instant account opening via a mobile app, a fully-featured current account interface, cheap global payments and a contactless debit card. Norris Koppel, the founder of Monese, said they "consider access to modern banking facilities and a safe place to keep one's money everyone's basic right."

We love that Monese are engaging in such a progressive and supportive solution to those seeking banking upon their arrival in the UK.

Facebook Messenger payments service arrives in New York City

Those using Facebook Messenger are now going to be able to send money to their friends in conversations, reports Finextra.

Launched initially in March, the service has slowly spread from city to city in the United States. Now, it's arrived in NYC, and will likely take its userbase by storm given its ease of use. Payment amounts can be linked in chat, much as a website address or phone number would. While it's confusing to have payments limited to users within a set number of cities at present, it's a testing ground for a feature that could rival PayPal very swiftly.

We love Facebook are looking into personal payments, as it's the first time something like this has extended into a major social platform, and it stands to make a real difference to the way people manage their money. Personal payments are, quite frequently, done via PayPal, which is a siloed platform where money is the only reason people use it. Facebook is something else entirely. Let's see where this goes.