S3 | Ep 26 | Harnessing Data and Analytics to Help People Live a More Intelligent Financial Life™ with Farouk Ferchichi, President Data & Analytics at Envestnet Inc
In Episode 26 of Season 3, of Driven By Data: The Podcast, Kyle Winterbottom is joined by Farouk Ferchichi, President Data & Analytics at Envestnet Inc, where they discuss how Data & Analytics is fuelling digital interconnectivity to help people live a more intelligent financial life, which includes;Being in the first playground of Chief Data OfficersThe disruption which means organisations should be investing heavily into data & analytics more than ever The pressure on the financial ecosystem after SVBThe importance of hyper-personalisation in both service and product offering What customers now want from their financial institution The challenges that FS organizations are currently facingThe Data & Analytics solutions that help address those challengesThe solutions to ensure that FS firms are meeting the constantly evolving needs of their customersHow they’ve built a global open-banking connectivity layer The importance of being able to show the customer a 360 view of their financial situation The creation of an anonymised national monetary database that holds roughly $5 trillion across 15-20% of US households How Data Products are being leveraged to help people understand their current financial healthThe relationship between hyper-personalization and data productsThe benefits to the customer and the FS industryWhy large FS institutions are beyond chasing their digital competitors Why the operating model is integral for organisations to take advantage of this interconnectivity opportunity Why times of crisis provide an opportunity to simplify decision-making processes The combustion of financial literacy improvements with digital savviness The three things that all FS institutions should be considering to benefit the end consumer