The document discusses how banks and fintech companies are innovating by using customer data in new ways. It notes that some fintech companies are measuring customer value based on data like knowledge and connections, not just money. It also discusses how banks and fintechs can partner by banks providing robust customer data through APIs while fintechs provide new services. The industry agrees that creating value from customer data and authentication are important, and banks and fintechs should collaborate to better use data and innovate together.

1. Data as the New Frontier:
Some FinTech Thoughts
Devie Mohan
Agenda

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. Fintech Innovation:
New Data Business Models

4. Innovating Together: Better Use of Data

5. The Industry Agrees
FinTech Influencer Survey for Envestnet® | Yodlee®

6. Thoughts?
Devie Mohan
@devie_mohan