A lot has been said about how big data and cloud technology could help executives streamline their processes, let retail professionals know what customers really want, give insight about how to make shopping more pleasant and more.
Although you may have read about some of those specifics in the news, you might not have stopped to think about how it might help the entire millennial generation.
Analysts have said the millennial generation is doing finance-related tasks differently than their parents did. They’re starting to save for retirement earlier and because they’ve seen the recession-era woes of their parents’ generation, they know not to get too comfortable when it comes to perceived wealth.
They’re also very tech-savvy in relation to money management, and 92 percent of millennials reportedly choose banks for their digital services. The way millennials embrace tech is precisely why big data and the cloud could be so helpful as they get off to a strong start in developing money management skills.
Many smartphone and tablet apps keep data in the cloud so money insights instantly sync across Multiple Devices. Also, some well-known retirement advisors have started assisting clients through big data-driven algorithms to help them make smart plans for the future.
Finding a place to call home is a huge accomplishment, especially for a person who has been living with parents or in college dormitories until this point in their lives. In order to stay safe, people who are getting their own apartments or homes for the first time need to get educated and make it obvious they’ve done their homework.
It’s necessary to know what a realistic rental application looks like and understand how to properly vet potential roommate candidates. Millennials also need to check that housing prospects are habitable and in line with local tenancy laws.
In Boston, housing officials have relied on big data algorithms to scan housing advertisement websites such as Craigslist and ensure information in the ads matches city assessing records. The algorithms also seek out specific keywords and generate a “risk score” for each property. The score could help determine if a residence is fit for a tenant.
From the landlord side of things, there has been growing demand for property management software. Many offerings work in the cloud, allowing property owners and managers to keep track of rent payments, repairs and apartment showings within easy-to-use interfaces. That means they cut down on unnecessary paperwork and theoretically can devote more time to assisting tenants.
The dating scene is a lot different for millennials compared to some older generations for one huge reason: online dating. More than 90 percent of single people in the United States say they have used dating apps or websites. Unfortunately, truthfulness is not guaranteed and some users fudge their profile data to seem more desirable. Sometimes that reality has dangerous consequences.
Big data and cloud-based technology could make dating safer and more fun. Some apps, such as CrimeSpot+, give real-time crime data about neighborhoods around North America, enabling users to avoid certain areas based on the information received. There are also apps that send rescue requests from people who are on bad dates to individuals they’ve designated as trusted friends.
Dating sites are also improving their algorithms. Over time, it might become simpler than ever for people to find their ideal matches in the online dating world.
These are just three of the many examples of how big data and cloud technology could be beneficial for millennials, but they’re strong indicators. After all, it’s unlikely a person from the millennial generation could go through their rest of their life without managing their money, looking for a place to live or meeting strangers they found online.
By Kayla Matthews
