More Robust and Real-Time Data: Essential Ingredient for Financial Institutions' Success

The future of any financial institution depends on what quality of products and services it offers to its customers today. This quality is fueled by its underlying data. With accurate and real-time financial data properly accessed, lenders can create new and innovative solutions to meet and satisfy their customers’ unique needs - just like Netflix and Amazon do today.

Because there are different sources of data and several data attributes can affect lending decisions, how can you make the most of the data? Merely collecting your customers’ data is not sufficient, you need to convert it into meaningful information. Fortunately, you can achieve that through data standardization and normalization. Today, FinTech innovators leverage ground-breaking technologies such as artificial intelligence and machine learning to provide lenders with the most robust and real-time financial data. You can access and use this data to serve your customers better and take your financial institution forward.

Dealing With Bigger Financial Data

Although technology can help you gather plenty of customer financial data, dealing with it can be tricky. Banks, credit unions, and other non-banking financial institutions can’t standardize the raw data on their own. Enriched data, by using modern technologies, extracting important attributes from unstructured descriptions to lend clarity to data, such as determining customers’ past, present, and future financial health, spending behavior, income & expense patterns, and a lot more. All so that your data can work for you and your customers.

Today, some state-of-the-art financial technology companies are creating financial data APIs for lenders that offer real-time data integrations with all the major accounting, banking, and other financial software systems. With these APIs, you not only seamlessly collect and acquire different financial data sets but also clean, analyze and enrich it. Ultimately, you can leverage this data to understand your customer’s needs and offer them customized products and services as well as streamline your in-house processes, determine creditworthiness, reduce credit risk and make data-informed lending decisions. 

Turning the incomplete, inaccurate, and confusing array of numbers into meaningful, easy-to-understand insights has powerful effects. It improves customer experience. It attracts new and retains existing customers. It empowers your team. And real-time, predictive, and actionable insights can be leveraged from this analyzed data to offer personalized solutions to build customer trust and loyalty.

Personalizing with Quality Data and Innovative Technology

Data is an essential ingredient for the success of any financial institution. Based on the most real-time data, technology, security, and privacy, financial data APIs enable you to deliver hyper-personalized experiences to your potential customers built on actionable insights, account aggregation, data analysis, and forward-looking data sets - no matter the size.

Use meaningful insights to build personalization at scale with:

API Technology

The most valuable information of your customers can be gathered from different data sources easily and immediately through a single financial data API. No matter how many data sources, APIs provide the most accurate and real-time traditional and forward-looking information, so you can deliver what you do best.

Actionable Customer Insights

See deep critical insights into customers’ financial health and uncover their savings, spending, income, expenses, cash flow, and more with an ever-expanding library of financial insights. Share this information with your potential customers to deepen your relationship and improve customer experience.

Customized Offers

Use the financial data to understand customers’ tastes and preferences and provide customized solutions. Also, leverage financial information about your customers to create and provide certain financial products and services to fulfill their unique needs and budgets. Offering such personalized offers helps lenders gain a competitive advantage, and ultimately boost sales and revenue.

Benchmarking

Get context and comparisons around spending, saving, and other attributes with unique benchmarking capabilities. Help your customers to know their numbers better and make smarter decisions to accomplish their financial goals.

Intelligent and real-time data are the foundation for a successful financial organization. As a lender, it’s a great idea to use a financial data API to access and use valuable insights because of its data acquisition and extensive data normalization capabilities. With API technology, you can get the best quality data available - and make the most of it.