“ Many fintechs excel at this , having developed their processes and strategies around the idea of customer-centricity . With all information and data organised in a customer-centric way , rather than in single databases , fintechs can access a complete overview of their customers , the products they are using and the status of their accounts .
“ Many of the traditional banks are dealing with more siloed data . For example , data is structured by service or product , such as mortgage , loan or current account . As financial services have evolved , and in a digital-first world , this sort of data ecosystem will hinder the level of service the organisation can offer .”
This improved level of data agility can help create better customer service , according to Potts . “ One example of this is money-saving apps such as Snoop , where you can connect your accounts via a single app to view and manage your spending across different accounts and get money-saving suggestions . These apps allow customers to have a better understanding of their finances , which is something that many will find useful in the current economic environment .”
How can fintechs improve their data strategy ? What more can fintechs do to improve their data strategy , ensuring they are meeting the fine balance between collecting enough