How Smart Data Is Taking Over the FinTech Field

In order to improve, companies need to know how to read and use data. That being said, how we read data has changed over the years and new technologies have dramatically changed the game.

Big data brought companies the ability to access massive amounts of information, giving them knowledge not commonly known to previous generations. It was decreed that big data analytics were a must have for companies aiming to rule the modern market. Corporations quickly jumped on board and soon mass amounts of attention and energy was spent exploring the capabilities of this new system.  But big data has its flaws. Getting access to a massive amount of data does not mean that all (or any) of said data will meet your needs and deciphering where the useable information is hiding can be extremely time consuming. And as we all know, time is money.

Enter smart data. Thanks to this new(er) technique, businesses can now focus specifically on information that is actually what they need and use that to improve their day-to-day process. Smart data looks at the data and filters out extraneous information to ensure you find what you need. It uses algorithms and looks for patterns or inconsistencies then uses its findings to offer recommendations or warnings.

For FinTech startups, smart data can be invaluable. The main reason is that the data it provides allows the startups to be truly innovative, a must have in order to stand out in the marketplace and attract customers. Said data also increases efficiency and improves the decision-making process, vital tools for a business just starting its run.

But what do startups do when they want to explore the potential of big data and smart data but don’t feel they have the capabilities to do so yet?

This is where MicroBilt comes in.  They offer data services for companies that may not yet have the scope or capabilities to launch their own data enterprise. Using their own data systems, MicroBilt has created a line of products to assist companies with their data needs and can offer customizations to help different sized businesses.

One of the clearest ways in which MicroBilt uses smart data to help FinTech companies can be seen in the Know Your Customer (KYC) process. This process hones in on the data needed to confirm a potential customer’s identity, saving companies from issues relating to fraud and helping to speed up the application process. It is a great example of how smart data can be used by financial businesses.

As one of the first entries in the financial data field, MicroBilt has the background and experience to help startups manage their data needs. After all, modern companies need big data and smart data, but not every company has the capabilities to develop their own data systems. Smart startups know they need smart data, and MicroBilt is here to help them find their way.

I bet you feel smarter already.