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FinTechStage Luxembourgh: Data Thoughts

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Thoughts on data and whether banks or fintech's have an advantage with utilising customer data.

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FinTechStage Luxembourgh: Data Thoughts

  1. 1. Data as the New Frontier: Some FinTech Thoughts Devie Mohan Agenda
  2. 2. In Secco, you can deposit money and data, meaning your value is measured not in monetary terms but includes things like knowledge, experience, education, connections.. - Chris Gledhill, Secco Bank Banking Innovation: New Ways of Treating Customer Data We have already realized that just giving access to existing data isn’t what the market needs.. what is needed is the availability of value-added services provided by APIs – and powerful APIs that can be used by not just our customers, but by service providers to reach their end-customers. - Stefan Weiss, Fidor Bank Fintech’s are using data in very creative ways around behavior. They’re bringing in all kinds of nontraditional data, like social platform data. We’ve been doing this too, but in order to tackle fraud, and not to reshape the business. I think there are things for us to learn from fintech, and there will be places where partnering with them will make perfect sense. - Steve Ellis, Wells Fargo Banks should look at innovating more with the data they have, and the fintech industry should produce solutions around this. - Ruth Wandhofer, Citibank Creating value out of customer data is a crucial step. Also, the notion of authentication. The banks have a robust KYC, and they know who the customers are. They have really solid methods of identifying customers. If we take that and make it even stronger, with biometrics and other technologies as they evolve, we can make it easier for customers to do things with the bank, and others. - Chuck Hounsell, TD Bank
  3. 3. Fintech Innovation: New Data Business Models
  4. 4. Innovating Together: Better Use of Data
  5. 5. The Industry Agrees FinTech Influencer Survey for Envestnet® | Yodlee®
  6. 6. Thoughts? Devie Mohan @devie_mohan

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