Data as the New Frontier:
Some FinTech Thoughts
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
- 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