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Driven by Data: The Podcast

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

May 2, 2023
51:20

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 Officers
  • The disruption which means organisations should be investing heavily into data & analytics more than ever
  • The pressure on the financial ecosystem after SVB
  • The 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 facing
  • The Data & Analytics solutions that help address those challenges
  • The solutions to ensure that FS firms are meeting the constantly evolving needs of their customers
  • How 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 health
  • The relationship between hyper-personalization and data products
  • The benefits to the customer and the FS industry
  • Why 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

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