choose the right technology partner. Simple integration through a single API makes it easy to discover and test new types and sources of data. So, you can easily iterate until you find the perfect combination of data sources to power many different outcomes. The bottom line is to make sure the data enriches your decision making. Innovative fintechs and financial institutions are looking beyond traditional data sources to power industry disruption and better customer experiences. Explore a wide variety of options to achieve your decisioning goals (see next pages for examples). When it comes to curating your on- demand data stream, remember to use alternative data to gain unique insights into your decisioning. Embrace the opportunity to bring together a wide variety of data types. Build your own on-demand channel that isn’t restricted to one data type. Imagine you’re bringing your favorite music, movies, podcasts, audiobooks and tv shows into one on-demand platform. You shouldn’t be restricted by ‘genre’ either. Don’t hesitate to use data from other industries to assess credit risk. Go beyond the traditional credit score to create new low-risk lending opportunities.
Building Your On-Demand Data Channel: Exploring Data Types Many fintechs and financial institutions often struggle with two issues when it comes to creating their ideal data mix: 1. Choosing the right data 2. Integrating that data into their decisioning and analytics processes To solve these challenges, businesses need to take a strategic approach to selecting data sources. Start with what you’re trying to solve. What is your use case? You want the data to be relevant, so link your business need with your data sourcing. Test the impact the data has on your risk decisioning. Does the data source drive a different insight, is it improving accuracy, is it improving the customer experience, is it making you more competitive? Each data source should support a strategic business goal. Conversely, don’t let technology hold you back from adding new data sources to your decisioning and analytics processes. Integrating, accessing, and using data can be as simple as flipping a switch when you
Made with FlippingBook Digital Publishing Software