Data Impact Award Spotlight and Update on 2020’s Data Champion’s Winner: OVO
In the build-up to this year’s Data Impact Awards, we’re looking back at last year’s winners. We are reflecting on their accomplishments, finding out about further developments, and giving you a taste of what it takes to get the judges’ attention.
Last year’s awards saw OVO crowned as Data Champions. This is the category for Cloudera customers whose IT administration provides the agility business requires, without putting organizations at risk, and who are embracing a pattern of technology adoption that prioritizes speed.
OVO stood out to last year’s judges as the project continually delivers benefits to Indonesia’s 270-million strong population, many of whom do not have access to modern financial services such as investment, lending and insurance.
OVO – 2020’s Data Champion award winner
Available on 115 million devices, OVO is the leading digital payment, rewards, and financial services platform in Indonesia. A country, in which approximately 77% of the 60 million Micro, Small and Medium Enterprises are unable to access bank loans for growth. And where over 95% of the population find themselves without private insurance. OVO aims to solve this problem by making financial services easier and more affordable to access.
To do this, OVO built UnCover, a contextual offer engine capable of processing the large-scale volumes of data generated by its users. Launched in January 2020, this engine enables access to customer data in real-time using advanced, intelligent data analytics and machine learning to personalize the customer product interaction experience. Within the first six months of deployment, UnCover proved to be 7.9 times more effective than traditional mass marketing, and as a direct result of this project OVO achieved a 15% increase in revenue.
Supporting this accomplishment was Cloudera’s Data Platform (CDP), which significantly increased OVO UnCover’s efficiency, enabling the organization to become even more responsive to customer needs. This in turn improved user engagement with the application and helped to solve pain points in the customer journey, lowering the barriers to onboarding and decreasing friction in the process.
Expanding access to digital payment and financial services for the Indonesian people
In its quest to increase access to digital payment and financial services – and as the data generated by users continues to grow – OVO is aware there will be challenges to overcome. Cloudera’s capabilities mean OVO can continue to push its data-driven approach and integration of data into the decision-making process, while maintaining strong safeguards to protect user privacy and safety.
Since winning the award last November, OVO has continued to upgrade its data processing capabilities for OVO UnCover and other data innovations to support the rollout of new products and features. All with an emphasis on user convenience and affordability.
Using CDP, OVO launched and scaled several breakthrough financial products in collaboration with industry-leading partners. One of which is Southeast Asia’s first instant cash-out money market mutual fund, which allows investors to instantly redeem and access funds. Users can start investing for as low as IDR 10,000 (US$0.70), simply by swiping the OVO application. In its first three months, the investment product attracted 450,000 users.
Another industry-leading collaboration between OVO and Prudential Indonesia is enabling more Indonesians to affordably sign up for life and health insurance by offering premiums for the PRUTect Care Hospital Cash insurance product, starting at just IDR 5,000 per month (US$0.35).
For an organization on a mission to drive social impact by using data to bring financial inclusion to all Indonesians, I think we can agree OVO’s achievements make it a worthy winner of 2020’s Data Champions award category.
“Winning the award for OVO UnCover was a humbling experience. We feel incredibly honored to not only have received international recognition from Cloudera as a leading data technology provider, but even more importantly, Cloudera’s support for OVO’s vision towards financial inclusion. Working with data can be very challenging, and this recognition showed us that we are on the right track in expanding access to digital payment and financial services for the Indonesian people.” – Raymond Au, VP, Behavioral and Data Services, OVO
To learn more about OVO’s work with Cloudera visit: https://www.cloudera.com/about/customers/ovo.html. Alternatively, if you want to find out more about the Data Impact Awards, our judging panel, and winners please visit: https://www.cloudera.com/about/customers/data-impact-awards.html
The post Data Impact Award Spotlight and Update on 2020’s Data Champion’s Winner: OVO appeared first on Cloudera Blog.