Alternative Data: The Financial Services Secret Sauce

Joe Caserta Reveals the Latest Technology and Data Practices Leading top Financial Service Organizations to Success

In the world of finance, adapting to new technologies and data practices are crucial to staying competitive. In this video, Joe Caserta reveals the latest methods for success in financial services and explains how alternative data powers ROI, leading those who use it ahead of the competition.

Alternative Data: The Recipe

Financial service organizations are predicting the outcome of their companies portfolios, even before the companies know. The way they are doing this is with a new capability. This is the combination of three evolving ingredients.

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The First Ingredient: Data Scientists

Most financial service companies now have on-staff data scientists. Given that data is a key element in the financial sector, having the right people working with that data is invaluable. As data science continues to evolve, more people are training for the job, providing an enhanced knowledge of current practices.

The Second Ingredient: New Technology 

For the first time we can actually look at data, internal or external, in real time. Using streaming technology we can see the data as it’s actually happening, providing the most up to date insights.

The Secret Sauce: Alternative Data 

Let’s talk about the data itself. Specifically, how alternative data powers financial services insights like never before. Here are some examples:

  • Parking Lots: We’re now able to take satellite images of parking lots, track the number of cars using artificial intelligence and measure the business success of that quarter based on customer attendance. With the addition of predictive analytics, we can further our insights into the future by comparing current data to previous terms.
  • Credit Cards: Similar to the parking lot, with this data we can track and measure transaction history to evaluate how much the business is earning and compare it to previous dates.
  • Websites: This data provide tons of information on user activity but even the simple information like when items begin to go on sale, informs us that the business is trying to drive up revenue.

Alternative Data: Digestible Decisions

Where big decisions are concerned, all of this data on it’s own could be comparable to an educated guess. Now, with the ability to take multiple datasets from different sources, put them into a cohesive application, have data scientists, business experts, and data analysts all look at the data together, analysts and executives are provided a new confidence to make serious financial decisions with certainty.