FINANCIAL SERVICES
away from a pure financial activity to reduce digital exclusion and encourage re-engagement with the service.”
Preventative support through data Banks typically see vulnerability only after it manifests in missed payments. Steve believes better data usage can transform this approach, moving from a reactive model to a preventative one where potential difficulties are identified and mitigated early.
This shift requires technical capabilities that many legacy banking systems simply cannot provide.
“ Real-time data is the key differentiator for fintechs in delivering meaningful change to people’ s financial well-being,” he emphasises.
“ Many financial institutions only address the issue of vulnerable customers when a payment is missed or delayed – but, in most cases, this is too late.”
“REAL-TIME DATA IS THE KEY DIFFERENTIATOR FOR FINTECHS IN DELIVERING MEANINGFUL CHANGE TO PEOPLE’ S FINANCIAL WELL-BEING”
STEVE ROUND, CO-FOUNDER AND PRESIDENT, SAASCADA
Steve offers a telling example:“ If a customer had £ 1000 left at the end of the month one year ago, £ 500 six months later, and £ 250 this month – what is this telling the bank?
“ Right now, very little, as financial institutions are not accessing that information from their core systems.” By transitioning to cloud-native platforms, banks can offer proactive advice and tailored support, shifting from a purely transactional relationship to one that instinctively addresses customer needs.
“ Understanding customers’ financial health in real-time allows banks to help them make informed financial decisions before they reach a point of vulnerability,” Steve explains.
“ While acquiring new business is important, the real value for financial
42 May 2025