Customer-First Focus Unlocks Financial Technology Innovation

With the right technology, businesses can unlock critical insights hidden in their own customer data, Galileo CEO Derek White writes in the new PYMNTS eBook, “The Implications of Uncertainty.”

Financial services account for 25% — or $1 for every $4 — spent in technology today, making it the biggest revenue pool on the planet. This immense market is full of risks but also big opportunities for banks, FinTechs and brands, and there will always be endless uncertainties to navigate.

And at the center of this opportunity is the customer. We help all types of financial providers use technology to unlock critical insights hidden in their own customer data so they can identify and mitigate risks before they gain momentum and seize opportunities that transform financial services for businesses and their customers.

Achieving this kind of clarity from data insights is no small feat — particularly for organizations that are locked in data silos and legacy systems. The key to overcoming this challenge is using technology to implement the five C’s of data: Capture, Clean, Cache, Call and Connect.

1. Capture: Collecting data from various sources, including internal systems and customer interactions, provides a rich dataset for analysis.
2. Clean: Refining raw data by removing inaccuracies and irrelevant information ensures it is accurate and ready for analysis.
3. Cache: Storing data strategically reduces retrieval times and resources, making information promptly and efficiently accessible for decision-making.
4. Call: Using APIs for dynamic data access across systems integrates diverse data sets in real time.
5. Connect: Integrating various data sources in user-friendly ways creates a seamless flow of information across an organization, offering a comprehensive view that drives strategic decisions.

For businesses, financial institutions and FinTechs looking to reduce risk and capture opportunity in uncertain times, the advice is clear: use technology and smart strategies to get the most from your data. Break down the silos, invest in cleaning and intelligently caching your data, ensure it can be easily called upon and most importantly, use the insights to deliver outstanding services and customer experiences.