How Datamarket increased it's operational efficiency

Client

Datamarket – A secure, data-sharing marketplace platform that facilitates data exchange, data consent management between individuals and businesses, and provides businesses with tools like a credit scoring engine (DM Score) and survey/questionnaire functionality.

Background

Datamarket is a platform that helps businesses securely access, share, and manage data while adhering to data privacy and consent regulations. It serves as a marketplace for businesses to obtain verified data with full transparency and consent from individuals. The platform also offers additional services like a Credit scoring engine (DM Score), designed for businesses that want to offer loan products and tools for creating surveys and questionnaires to gather market insights.

 

Datamarket wanted to improve the customer experience by offering real-time assistance on its platform, automating common queries, and facilitating easier navigation of its complex offerings through an AI-powered chatbot.

Challanges

Before introducing a mimic, Datamarket faced several operational hurdles:

  1. Complex user journeys for businesses and individuals, confusing how to use the platform for data sharing and consent management.
  2. Increased support demand for questions related to DM Score, data privacy regulations, and setting up surveys.
  3. Low conversion rates from businesses looking to access the marketplace due to unclear onboarding and product use.
  4. Manual handling of repetitive queries, which slowed down response times and strained customer support teams.

Objectives

Datamarket aimed to:

  1. Enhance customer support by providing real-time assistance.
  2. Streamline the onboarding process for new businesses and individuals using the platform.
  3. Automate responses to frequently asked questions about data sharing, consent management, DM Score, and surveys.
  4. Increase platform usage and conversions by simplifying navigation and educating users on features.
  5. Improve user engagement by making the platform more intuitive and user-friendly.

 

Enter Mimic

Solution

Datamarket partnered with Mimic to create a comprehensive solution integrated into its platform. Mimic was designed to manage a wide array of tasks, from answering simple FAQs to guiding businesses through more complex processes like setting up DM Score or managing data consent.

Key features

  1. Data Consent and Sharing Guidance: Mimic provided step-by-step instructions on how businesses can request and manage data consent from individuals, ensuring full compliance with data protection regulations.
  2. DM Score Explanation and Usage: Businesses interested in offering loan products could get real-time insights on how DM Score works, including how to set up and interpret scores for better credit decisions.
  3. Survey and Questionnaire Setup: Mimic guided users through creating surveys and questionnaires, helping businesses gather actionable data from individuals through the platform.
  4.  Automated Onboarding: Mimic simplified the onboarding process, helping businesses and individuals understand the platform’s features and how to utilize them effectively.
  5. Real-Time FAQs: Mimic handled frequent inquiries about pricing, security, data privacy, and integration with third-party tools, providing immediate responses to users.
  6. Data Marketplace Navigation: By assisting users in navigating the marketplace, mimic made it easier for businesses to find and access the data they needed while ensuring security and consent were upheld.

Results

Mimic implementation resulted in significant improvements in both operational efficiency and user experience on the Datamarket platform:

  1. Reduction in customer support inquiries, thanks to mimic’s ability to answer common questions and guide users through the platform.
  2. Faster onboarding time, with businesses and individuals getting clear, real-time instructions from mimics on how to set up their accounts and use platform features.
  3. Increased platform engagement, as businesses were able to more easily navigate the complex offerings, leading to a 20% rise in data marketplace transactions.
  4. Improved adoption of DM Score, with more businesses trusting the credit scoring engine.
  5. Higher survey and questionnaire completion rates, as the chatbot simplified the setup process and encouraged businesses to use the platform’s survey tools for market insights.

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