Shownotes
In Episode 26 of Season 3, of Driven By Data: The Podcast, Kyle Winterbottom is joined by Farouk Ferchichi, President Data & Analytics at Envestnet Inc, where they discuss how Data & Analytics is fuelling digital interconnectivity to help people live a more intelligent financial life, which includes;
- Being in the first playground of Chief Data Officers
- The disruption which means organisations should be investing heavily into data & analytics more than ever
- The pressure on the financial ecosystem after SVB
- The importance of hyper-personalisation in both service and product offering
- What customers now want from their financial institution
- The challenges that FS organizations are currently facing
- The Data & Analytics solutions that help address those challenges
- The solutions to ensure that FS firms are meeting the constantly evolving needs of their customers
- How they’ve built a global open-banking connectivity layer
- The importance of being able to show the customer a 360 view of their financial situation
- The creation of an anonymised national monetary database that holds roughly $5 trillion across 15-20% of US households
- How Data Products are being leveraged to help people understand their current financial health
- The relationship between hyper-personalization and data products
- The benefits to the customer and the FS industry
- Why large FS institutions are beyond chasing their digital competitors
- Why the operating model is integral for organisations to take advantage of this interconnectivity opportunity
- Why times of crisis provide an opportunity to simplify decision-making processes
- The combustion of financial literacy improvements with digital savviness
- The three things that all FS institutions should be considering to benefit the end consumer