From Data Analytics to APIs: The Story of US Banking

jim marous

Jim Marous (left) with CFTE co-founder Tram Anh Nguyen (right) as they prepare for the online lesson.

Disclaimer: The online lesson this blog this based on is now freely accessible here.

As we prepare to enter a new decade of Finance, it is clear that Data Analytics and APIs are quickly becoming important technologies within the industry. While most leading financial institutions now utilise these technologies in some capacity, many still believe more can be done to improve existing services and create new ones that are better suited to digital-native consumers.

To address this premise, CFTE held the distinct pleasure of inviting leading financial mind Jim Marous to discuss “How US banks are leveraging new technologies” – in an online lesson with our co-founder Tram Anh Nguyen from our London offices. Jim is an unquestionably influential person in banking and an internationally recognised financial industry strategist. He is the co-publisher of  The Financial Brand and the owner and publisher of the Digital Banking Report. In his work, he advises on innovation, portfolio growth, customer experience, marketing strategies, channel shift, payments and digital transformation all within the remit of financial services. He is a contributor to Forbes and has been featured by CNBC and CNN, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker, Accenture and the Irish Tech News and has spoken to audiences worldwide. Jim has also advised the White House on banking policy and is a regular contributor to several publications and podcasts.

As a result of the above, it was a strong honour to have him feature as part of CFTE’s Fintech Updates: a series of live lessons and webinars educating our community on nascent themes within the industry.

The online lesson was loosely divided into three segments:

  • Part 1 – Data Analytics
  • Part 2 – APIs and Open Banking
  • Part 3 – Community Q&A

And so, the lesson opened with a spirited discussion on the utility of data analysis in modern finance. With the realm of data analytics being relatively new, Jim used it as an example to promote lifelong learning, saying

It’s so important to continue your learning process.

This urgency arises from the new reality that industry obsolescence is no longer age-based, but now dependent on your on-board skills and perceived value, with “every trend in banking today revolv[ing] around data analytics”. In the lesson, Jim noted how consumers’ relationships with traditional banks can feel hollow in comparison to their digital counterparts.

Despite holding a 15-year relationship with his bank, he noted how it felt instead like 15 separate one-year relationships, as they still can’t provide substantial information on him or his habits, despite having the data! To build better customer experiences, a bank should use this data to teach the consumer about their own finances, to elevate themselves above being a mere facilitator of monetary transactions. He states the need for banks to be

proactive on client’s behalf to maximise the user experience.

In the second segment of the lesson, Marous defines both APIs and Open Banking. API is about ‘taking consumer data and making it available to selected others (internal and external)’, while Open Banking ‘uses the power of analytics and importance of customer experience to build better solutions.’

The discussion veered into how open banking has expanded the realm of financial services, especially in the UK and other nations who have embraced it. Additionally, further adoption of open banking will inevitably lead to building consumer relationships beyond banking. This can already be seen with the threat of Amazon, who already have an excellent consumer “pull” relationship with consumers, and who could begin offering financial services with considerable ease, and with an immediate data advantage over incumbent banks.

If the online lesson featured an overarching motif of any kind, it would be the following. After discussing the urgent need for APIs in banking to match Silicon Valley, Jim Marous spoke on the need for effective courses like CFTE’s:

These types of courses, to be able to learn at your own pace, to apply it – this is what you need.

If you wish to rewatch the online lesson for free, or didn’t manage to catch it live – click here.

And as always, for the latest developments and events in Fintech, feel free to subscribe to our free newsletters below!

Subscribe to our Weekly Newsletter

From Data Analytics to APIs: The Story of US Banking

jim marous

Jim Marous (left) with CFTE co-founder Tram Anh Nguyen (right) as they prepare for the online lesson.

Disclaimer: The online lesson this blog this based upon is now freely accessible here.

As we prepare to enter a new decade of Finance, it is clear that Data Analytics and APIs are quickly becoming important technologies within the industry. While most leading financial institutions now utilise these technologies in some capacity, many still believe more can be done to improve existing services and create new ones that are better suited to digital-native consumers.

To address this premise, CFTE held the distinct pleasure of inviting leading financial mind Jim Marous to discuss “How US banks are leveraging new technologies” – in an online lesson with our co-founder Tram Anh Nguyen from our London offices. Jim is an unquestionably influential person in banking and an internationally recognised financial industry strategist. He is the co-publisher of  The Financial Brand and the owner and publisher of the Digital Banking Report. In his work, he advises on innovation, portfolio growth, customer experience, marketing strategies, channel shift, payments and digital transformation all within the remit of financial services. He is a contributor to Forbes and has been featured by CNBC and CNN, The Wall Street Journal, New York Times, The Financial Times, The Economist, The American Banker, Accenture and the Irish Tech News and has spoken to audiences worldwide. Jim has also advised the White House on banking policy and is a regular contributor to several publications and podcasts.

As a result of the above, it was a strong honour to have him feature as part of CFTE’s Fintech Updates: a series of live lessons and webinars educating our community on nascent themes within the industry.

The online lesson was loosely divided into three segments:

  • Part 1 – Data Analytics
  • Part 2 – APIs and Open Banking
  • Part 3 – Community Q&A

And so, the lesson opened with a spirited discussion on the utility of data analysis in modern finance. With the realm of data analytics being relatively new, Jim used it as an example to promote lifelong learning, saying

It’s so important to continue your learning process.

This urgency arises from the new reality that industry obsolescence is no longer age-based, but now dependent on your on-board skills and perceived value, with “every trend in banking today revolv[ing] around data analytics”. In the lesson, Jim noted how consumers’ relationships with traditional banks can feel hollow in comparison to their digital counterparts.

Despite holding a 15-year relationship with his bank, he noted how it felt instead like 15 separate one-year relationships, as they still can’t provide substantial information on him or his habits, despite having the data! To build better customer experiences, a bank should use this data to teach the consumer about their own finances, to elevate themselves above being a mere facilitator of monetary transactions. He states the need for banks to be

proactive on client’s behalf to maximise the user experience.

In the second segment of the lesson, Marous defines both APIs and Open Banking. API is about ‘taking consumer data and making it available to selected others (internal and external)’, while Open Banking ‘uses the power of analytics and importance of customer experience to build better solutions.’

The discussion veered into how open banking has expanded the realm of financial services, especially in the UK and other nations who have embraced it. Additionally, further adoption of open banking will inevitably lead to building consumer relationships beyond banking. This can already be seen with the threat of Amazon, who already have an excellent consumer “pull” relationship with consumers, and who could begin offering financial services with considerable ease, and with an immediate data advantage over incumbent banks.

If the online lesson featured an overarching motif of any kind, it would be the following. After discussing the urgent need for APIs in banking to match Silicon Valley, Jim Marous spoke on the need for effective courses like CFTE’s:

These types of courses, to be able to learn at your own pace, to apply it – this is what you need.

If you wish to rewatch the online lesson for free, or didn’t manage to catch it live – click here.

And as always, for the latest developments and events in Fintech, feel free to subscribe to our free newsletters below!

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