Seventy-seven percent of financial institutions plan to increase their innovation efforts to boost customer retention. Why? Because legacy-only systems simply don’t cut it anymore.
When it comes to staying relevant and providing the best customer experience, it’s data-driven FinTechs that are redefining the corporate and consumer world. This is because data-driven platforms, applications, and services offer the accuracy, personalization, and ease-of-use that manual processes can't.
But what exactly does data-driven innovation look like within the financial landscape?
Let’s take a look at 17 FinTechs who offer astounding data-driven services to their customers.
1. Choice Bank
Choice Bank is building an API from open banking, and so they need flexibility to implement new requirements quickly. Using CloverDX, they automate the processing of their ACH files from their FinTech partners. This makes scaling their IT operations much easier.
2. Point Nine
Instead of hiring more expensive developers to scale, Point Nine used CloverDX to automate their SaaS regulatory reporting framework. It gave them the flexibility and reliability to ingest, validate, and transform large amounts of data.
Accuracy is essential for Temenos (formerly Logical Glue) when feeding data into their machine learning models. Automating the ingestion of this data with CloverDX gave them the high data quality they needed.
4. Carpe Data
This FinTech platform harnesses a wealth of real-time insurance data to help financial businesses refine their insurance lifecycles and improve their risk assessments. Carpe Data also offers an as-a-service platform that provides data-driven insights throughout the claims lifecycle. Using these insights, users can implement automated decision making.
This brilliant platform turns photographed, static receipts into categorized data. From there, businesses can download the data into spreadsheets, PDFs, or expense reports. The data from these receipts can then be used to offer personalized offers or financial recommendations for customers.
MindBridge’s AI-driven auditing capabilities allow financial firms to detect risks within their data. This includes data entry errors as well as indicators of fraudulent behaviours. The FinTech offers 100 percent data analysis across the entirety of a user’s transaction journey.
Using data gathering techniques and smart research processes, Pitchbook has accumulated a large resource of public and private equity market data. They provide data on investors, historical financial deals, lenders, funds and much more. This data can help financial businesses confidently refine their decision-making processes.
Harnessing the power of machine learning algorithms and predictive models, Flowcast reduces financial risk and brings confidence to credit decisions.
Flowcast can accurately determine a business’s ability to repay a loan, as well as the likelihood of dilution and the risk of delinquency. With this information, businesses can comfortably determine the risks involved when lending money.
Monito is considered the travel comparison site for money transfers. This FinTech compares hundreds of international money transferal services and their real-time exchange rate data to find the cheapest option for each user.
Used by over 400,000 financial professionals worldwide, Quandl is the hub for financial data. It offers millions of data feeds, including core financial data feeds as well as alternative, undiscovered data sets.
Whether you’re an investment bank or hedge fund, Quandl has the data to inform your financial decisions.Ingest data to your FinTech platform with CloverDX
Blend is a data-driven platform that streamlines the loan provisioning and approval process. Using automation, Blend cuts down on the need for manual intervention throughout the verification and loan workflow processes. In turn, increasing the time to market of a loan.
Using machine learning, TrueAccord empowers companies and debt collectors to retrieve late payments in an empathetic way, based upon consumer behaviours and macro trends. The personalization of the FinTech platform also allows consumers to pay in methods that work better for them.
Tala makes loans instantly accessible to people around the world who have no credit history. Using advanced data science, their modern credit infrastructure can quickly underwrite and distribute loans to anyone who owns a smartphone.
Harnessed by large organizations such as Wayfair and Nordstrom, it’s fair to say that Suplari offers an enticing data-driven platform. Using the power of machine learning, Suplari identifies financial risks, as well as recommendations for spend reduction and cash flow. With a 360-degree, connected view of all your data, the tool can help you oversee your entire spending ecosystem.
This platform provides real-time data so organizations can protect themselves from fraud, disputes and chargebacks. This helps issuers, cardholders, and merchants safeguard their payments, improve their customer service and, ultimately, increase their profits.
16. Credit Karma
Credit Karma offers credit scores, reports and monitoring for free. With the data the platform collects, it offers personalized credit card, loan and insurance recommendations to each user based on their score.
‘Designed to earn you more’ is Wealthfront’s tagline, and they aim to do just that. The platform thrives on automation, offering automated investments and bill payments. It takes the work out of banking, all the while helping customers better manage their money.
Let data drive your innovation
For all the FinTechs we’ve listed in this article, data is at the heart of their service and business model.
When harnessed effectively, data can help unlock many financial insights, recommendations and services. In turn, this can increase profits, inform decisions, and help to flag any financial risks.
It’s clear that data can drive financial innovations that make a real impact. And ultimately, you'll need to use data intelligently to keep pace with your data-driven competitors and retain your customer base.
At CloverDX, we live and breathe data. We believe that the right data platform should:
- Increase productivity across your teams, in turn speeding up your time-to-market
- Solve every complex data problem you encounter, not just the easy 80 percent
- Harness full automation where possible and reduce tiresome manual processes
So, if you’ve been inspired by the 17 FinTechs we’ve listed and want to drive innovation in your financial business, look no further; we’ve got the tool for you.