Absa hooks up with big data analysts Hello Soda

Absa Bank, a subsidiary of Barclays Africa, has announced a partnership with Hello Soda, the multilingual text analytics and big data firm, as the bank looks to better target millennial clients.

Asba said it wants to make better sense of unstructured social data to better understand its consumer base and a partnership with Hello Soda, which provides new ways for individuals to verify their identity and gain access to credit, has successfully tapped into the needs of millennial customers.

Asba believes that the growing millennial demographic is expanding more quickly than any other, with specific, currently uncatered-for needs. For example, millennials might not be able to provide paper bank statements or bills when applying for loans or mortgages.

Pieter Vorster, chief data officer at Barclays Africa Group, said: “Hello Soda’s aim to empower consumers by boosting financial inclusion is aligned with our strategy. We aim to create more opportunities for society to grow by providing relevant products and increasing access to services in currently unbanked communities.

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“In a world that is increasingly mobile, social and connected, co-creating a solution that uses alternative data sources to support customers’ needs is a logical step forward. Working with Hello Soda allows us to offer greater support to our customers,” said Vorster.

James Blake, CEO at Hello Soda, added that its products “provide the means for individuals that may not be covered by traditional credit data… We look forward to working together with Barclays Africa to continue to improve access to financial services.”

Founded in 2013, Hello Soda is headquartered in Manchester (UK) with offices in Austin, Texas and Bangkok. Its software solution Profile uses analytics techniques including psycholinguistics and artificial intelligence (AI) to offer consumer insights. The company says Profile is now being used by over 70 clients in five continents for ID verification, fraud, financial inclusion and personalisation.