Customer Data — The Catalyst for Financial Services’ Transformation
It’s no surprise that the financial services sector is one of the most data-intensive industries in the global economy. Banks have historically always had access to large amounts of customer data, be it through deposits, withdrawals at ATM’s, purchases at point-of-sale, and / or online payments.
Addressing AI Biases in Decision Making
It is important to avoid AI Biases by proactively looking for them in the AI models that decide on mortgage and loan rates and make alterations to ensure fairer algorithms.
Challenges and Benefits of Using Data for FIs
Research shows FIs use only 0.5% of the data they have on consumers. If they overcome challenges and expand the use of that data, they can improve decision making and efficiency, and provide a substantial ROI.
Make Better Decisions with Open Banking
Open banking creates greater transparency for clients and allows them to share their data with whom they choose and will provide accountants with greater insights into their customer's financial well-being.
Better Fraud Detection with Data
Being on top of fraud prevention will not only earn your client's trust but can save you time and money in the future.
Incorporating Open Banking into Your Business
Open Banking is changing the way small business operators run their company. Be prepared to incorporate innovation into your business.
Changes in Accounting Standards You Should Understand
It's key to remember that IFRS standards are changing in 2020 with key amendments to various parts of the regulation. Don't get caught by surprise and ensure to review the policy regularly to keep your business in tip-top shape.
Embracing Open Banking Regulation
Although new regulation around open banking may seem daunting right now, the infrastructure that is currently being built will help improve workflows, create transparency and make it easier to run businesses.
Don’t Leave Money on the Table!
While alternative data won't replace a credit score, it is an excellent tool to leverage in order to gain access to new markets such as new immigrants, youth who are just beginning their financial history or the underbanked.
Railz at Collision
Here at Railz, we are all delighted to be a Featured Startup at Collision from Home, and among many other brilliant and game-changing startups in the world.
Why Leverage Alternative Data?
As an FI, leveraging alternative data can be an excellent way to get new customers into mainstream banking solutions and to partner with FinTechs who are already leveraging this data to help with their customer growth.
Railz at FFCON20
Excited to announce Railz has been shortlisted for the FFCON20 Draft Pitch contest. Please click on the link below to vote for Railz.
Alternative Data & SMBs
By leveraging alternative data sources, SMB's can receive the loans they require and lenders now have an opportunity to tap into a previously underserved market. A win-win for everyone.
Introduction Post - This is Railz
Your business is your passion, and our passion is data. We founded Railz to help companies save time and money by gaining access to their customers' accounting data.