Two-thirds of telcos look to new data sources for growth
Two-thirds of telecoms companies are interested in non-traditional data sources and open banking.
Research from Experian and Forrester Consulting has revealed that telcos face greater challenges including increased customer churn and rising operator costs.
As a result the research indicated that those companies are beginning to focus on new strategies and initiatives to drive and maintain growth.
Additionally, 66% are exploring new non-traditional data types such as open banking data to help them do so while the same number are specifically focusing on making better use of in-house data to improve operational performance.
“The findings demonstrably show that telecoms providers across EMEA have a clear vision of what their business priorities need to be, with the focus on revenue growth, digital transformation and fraud prevention,” said Mark Heaven, managing director for telcos EMEA at Experian.
“However, it also shows work is still required to achieve those goals, particularly through cost management measures.”
More than half of telecoms companies have seen increased applications from both new and existing customers and increased levels of average revenue per unit (ARPU) according to the research.
Although metric costs are more challenging to telcos with 78% reporting increased or static levels of bad debt while 67% said fraud either increased or remained static.
According to the research, more needs to be done to optimise machine learning within the industry. One in three respondents stated they are making no or limited use of machine learning for fraud prevention, data management, acquisition targeting and collections.
The same number believe model deployment processes and explainability are preventing wider adoption of machine learning.