For many years, financial services technology evolved at a measured pace. Institutions simply moved manual and “brick and mortar” transactions and services to the web. Then, in the years following the Great Recession (2008-2009), a new wave of consumer-facing Fintech disruptors came along – and forever changed the DNA of the financial services industry. Data-driven startups began introducing new ways for us to bank, invest and make payments, giving traditional financial institutions a real run for their money.
However, those “hot”, nimble startups and today’s latest Fintech players with cool technology don’t have the decades of valuable data that “traditional” institutions do.
Analytics is the missing link.
Through analytics, traditional financial services providers are making the next evolutionary leap. Having the ability to extract insights from new data sources along with volumes of historical data gives them the advantage. Fintech disruptors may have received all the attention and investment until recently, but equipped with analytics, institutions like our customers, U.S. Bank and Scotiabank, are able to better serve the financial health of consumers, provide exceptional customer service – and triumph in the Fintech match.