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Artificial intelligence is poised to disrupt the financial services and insurance industry in a significant way in the next three years, with 97% of FSI organizations indicating that they believe generative AI will be important to their success within that time frame. Additionally, 81% of FSI respondents are confident that their organization’s data team can build the AI capabilities they need and that they have the infrastructure in place to support AI workloads, and 84% believe their teams also have the AI skills and expertise for successful implementation. However, only 26% of FSI organizations have defined generative AI use cases they are ready to implement. Critically, just 30% of surveyed FSI organizations have modernized their data stack.

Other Financial Services State of Data 2024 report findings:

• 70% of FSI organizations have yet to centralize their data on a primary cloud data platform
• 74% of FSI organizations intend to centralize in the cloud in 2024
• 38% of FSI organizations cite data monetization as a major challenge
• 53% of FSI organizations are outsourcing their data management

Financial services leaders report 136% ROI on their data investments and greater organizational data literacy than other industries, but their data infrastructure tends to lag behind other data-driven industries. Their data stacks are reportedly less scalable and efficient than other sectors surveyed, with only 8% of FSI leaders reporting their data stores and pathways are “extremely efficient and scalable.”

• Financial Services Falls Behind the Modernization Curve — Only 30% of financial services and insurance organizations have centralized their data on a cloud platform. The FSI sector is also less likely to use data lakes, with only 37% of FSI leaders reporting that their business had one in current use. Among Director to Senior Director level FSI data leaders, 58% saw building and maintaining advanced analytics capabilities as a major challenge for their operations in 2024.
• Room For Growth in Key Generative AI Applications — 51% of FSI leaders report that their company is using generative AI for documentation and metadata descriptions. Compared to other industries, they are less likely to be using generative AI tools for data governance and compliance (43%), data cleaning (43%), data cataloging (41%), schema matching (38%) and AI copilots (31%).
• Financial Services Needs Help with Data Monetization — Only 22% of FSI organizations are currently monetizing their data, with 93% planning to monetize within the next two years. Data monetization was reported as a major challenge by 38% of FSI leaders (trailing only Healthcare among industries surveyed). FSI organizations report low confidence in the efficiency and scalability of their data stacks., and 70% of FSI organizations had yet to centralize their data on a primary cloud platform in 2023.

“The State of Data 2024 report shows that financial services organizations are eager to modernize their data stacks, implement generative AI, and tap into data monetization,” said Anand Pandya, Global Head of Financial Services at Hakkoda. “FSI data leaders know they need help from modern data experts who understand their industry to achieve their data goals. Capturing the opportunities presented by powerful new data-driven technologies requires rapid execution along a long-term roadmap to show that tomorrow’s capabilities are ready today.”

A detailed executive summary and the Financial Services State of Data 2024 report is available here.

The Financial Services State of Data report was drawn from a study conducted on behalf of Hakkoda by Lawless Research in December 2023 as a blind survey of 500 director to CEO level data leaders from large organizations across major industries. 20% of respondents came from organizations with less than $500M annual revenue; 29% with $500M to $999.9M annual revenue; 37% with $1B to $9.9B annual revenue; 14% with $10B or more annual revenue.

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Foster Wright, CoinDesk President, said, “Asia stands as a global powerhouse for Web3, boasting tens of millions of crypto users, blockchain developers, and governments at the forefront of regulatory innovation. Hong Kong has strategically positioned itself as a pivotal digital assets hub in this dynamic region. Consensus has consistently served as a global event, bringing together all facets of the cryptocurrency, blockchain, and Web3 community. Consensus Hong Kong will continue this legacy, specifically emphasizing thought leadership to foster tangible business growth. Attendees can anticipate learning best practices from global experts and cultivating relationships that propel their businesses onto the international stage.”

Consensus Hong Kong will deliver a detailed picture of a new digital age in which tokenization and artificial intelligence increasingly shape our daily lives. Its rich program covers cryptocurrencies, tokenization, and the latest fintech and blockchain innovations. It explores Web3’s influence on culture communities, grapples with the opportunities and challenges posed by new AI, data management, and privacy technologies, and addresses how governments are dealing with these sweeping changes.

Invest Hong Kong (InvestHK) welcomes and supports Consensus in picking Hong Kong to expand into Asia. King Leung, Head of Financial Services and FinTech of InvestHK said, “Hong Kong is on an exciting journey of Web3 evolution as we embrace frontier technologies such as real-world assets (RWA) tokenization from investment warrants to real estate to intellectual property to deliver new impact in financial services as well as other economic sectors. The arrival of Consensus is a testament to Hong Kong’s world-class aspiration and development in our Web3 sector, which continues to attract entrepreneurs, talent, and investment. This conference will offer a phenomenal platform to inspire innovation, attract tech leaders and builders, and most importantly, catalyze to elevate our capabilities as a leading international financial center to serve the broader real economy better.”

Mr Kenneth Wong, General Manager, MICE and Cruise of the Hong Kong Tourism Board, said, “With our comprehensive bidding support, we are excited that Consensus makes Hong Kong its first destination to expand its global footprint beyond North America. It is a vote of confidence that this flagship crypto and Web3 conference picks Hong Kong as the city provides a fertile ground for businesses and industries. The event will benefit infinitely from the city’s pulling power for investors, innovators, and speakers, which will also serve to drive economic returns and sector advancement. The city looks forward to giving participants enriched experiences and growing this event for long-term success.”

What to Expect:

• The “big tent” event of the year is a meeting ground for all sides of the crypto, blockchain, and Web3 ecosystems. And the diverse ideas, individuals, and companies shaping our shared digital future.
• A Who’s Who of industry attendees from TradFi, DeFi, Developers, Builders, Creators, Brands, and the whole gamut of blockchain, web3, and global media.
• Highly curated programming, events, and dedicated spaces for different industry sectors. With cutting-edge, real-time translation options, international and local, and Mainland China attendees can meet and harness the massive opportunities that arise when they come together.
• Tentpole Consensus stages & events such as:
  • Protocol Village – where you can hear directly from marquee global blockchains about their roadmap, projects, and next steps for the year ahead. Consensus 2024 entrants are here (link)
  • Multichain Hackathon – A fourth straight year of one of the biggest multichain Hackathons globally
  • CoinDesk PitchFest – An iconic startup competition that showcases the world’s most promising early-stage Web 3 companies in a live onstage pitching battle
  • Money Reimagined Summit – Hear from TradFi titans and crypto disruptors on how they tackle the incredible opportunities of blockchain tech
  • Institutional Investor Digital Economy Summit: a half-day program designed for Asia’s most preeminent end-investors: sovereign wealth funds, pensions, endowments and foundations, and family offices actively investing in or evaluating digital assets, blockchain, and Web 3 opportunities
  • Policy & Regulatory focus – highlighting the countries and policies leading the way on worldwide digital asset policy
  • Brand & Creator Summit – Hear from the most dynamic brand leaders, creators, entrepreneurs, and market makers as they discuss the intersection between on-chain activities, the connected consumer, new forms of ownership, and technology-driven cultural change
  • Performances from top global artists
  • Proof of Steak dinners – curated networking dinners at some of Hong Kong’s best restaurants
  • Parties, Side events, and experiential activations from the world’s marquee blockchains and brands

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David Benskin, founder and CEO of Wealth Access, Inc.

David Benskin is the founder and CEO of Wealth Access, Inc., a Nashville-based financial technology company launched in 2011. Under his leadership, Wealth Access empowers financial institutions to unify their account holder data to generate deep insights that power hyper-personalized banking and wealth management experiences.

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“Since its inception in 2008, BankSmart has built a solid reputation in the community bank space helping financial institutions navigate critical technology vendor relationships,” said Scott Sommer, chief executive officer at Cornerstone Advisors. “The BankSmart team brings decades of hands-on operational expertise to Cornerstone and a shared commitment to helping financial institutions thrive in a challenging market. This deal enables us to deliver expanded services and new products to community-focused institutions across the country.”

As part of the acquisition, Cornerstone will also add BankSmart’s “SmartKits” to the company’s existing array of proprietary products. SmartKits are operational tools that provide a written framework to guide clients through complex initiatives such as bank acquisitions or data processing system conversions. “BankSmart clients that use these tools have experienced enhanced productivity as well as improved project, document and data management capabilities,” Sommer said. “We look forward to incorporating SmartKits into our toolbox to increase the value of the consulting services we provide to clients.”

“We are honored to have caught the eye of a firm as esteemed as Cornerstone Advisors,” said Jim Wilkson, BankSmart president. “When it comes to our clients’ success, the long game has always been our goal, so being part of a firm with Cornerstone’s reputation for delivering long-term, transformational outcomes to banks and credit unions perfectly aligns with our vision. We look forward to growing together.”

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Feedzai, the world’s first RiskOps platform for financial risk management, has been ranked #1 overall in Completeness of Offering and named category leader by Chartis in its Payment Risk Solutions, 2023: Market and Vendor Landscape Report.

The report assesses fraud and financial crime risk from pre- to post-payment. Chartis’ analysis of Completeness of Offering considers depth and breadth of product functionality across the entire payment lifecycle as well as the underlying technology for efficient data management, powerful risk analytics and an intuitive reporting and presentation layer.

“Chartis ranked Feedzai as a category leader in its Payment Risk report across all categories: card, account to account and alternative payments, and in our overall quadrant,” said Nick Vitchev, Research Director at Chartis. “Feedzai’s heritage, solution focus and RiskOps platform enable it to deliver a combination of risk solutions – notably for AML and fraud – at scale and speed across a myriad of payment types and use cases, reflecting the needs of the market highlighted by our research.”

Chartis highlighted Feedzai’s breadth across multiple use cases, array of different risk typologies, adaptability to meet individual bank challenges as opposed to other vendors’ one size fits all approach, and its volume and processing speed, which stood out compared to other vendors. Feedzai’s strong presence in Europe, followed by North America, LATAM and APAC also set it apart from its competitors.

“As more options become available for consumers to pay and move money, the risk of fraud also grows. We’re proud to have been selected as the technology leader in Chartis’ assessment of the category,” said Pedro Barata, Chief Product Officer at Feedzai. “Our RiskOps approach builds a holistic view of the risk landscape and as a result, a stronger way of detecting crime. Chartis’ assessment is additional validation that our comprehensive approach is the best way to protect consumers from fraudsters, in real-time and at scale.”

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BIGtoken is a permission-based data marketplace where more than 16 million consumers have registered to earn rewards for completing surveys and scanning receipts, while advertisers have access to transparent, verified consumer data to better reach and serve audiences. With the addition of Infutor Connex Clusters’ consumer behavior and lifestyle analytics, BIGtoken brand and CPG customers including Kraft, P&G and others, can find, model, and target new and more lookalike audiences to drive actions at retailers such as Walmart, Kroger and more.

“We needed robust audience segmentation data that meet our high standards to help our brand clients broaden their reach for and increase programmatic campaign lift,” said George Stella, EVP SRAX/BIGtoken. “Infutor is known in the market as a trusted, privacy-conscious partner and we have seen that in action as we work with them to find more ways to leverage their deterministic, analytics-driven data across our platform.”

Infutor’s Connex Audience Clusters’ segmentation data including consumer behavior and lifestyle analytics enable marketers to identify groups of their most profitable customers and prospects based on unique KPIs across seven cluster types: Household, Family, Neighborhood, Digital, Generations, Life Stage and Messaging. The audience segmentation and analytics data help marketers focus their resources on high propensity audience segments featuring thousands of unique lifestyle traits including geographic, demographic, psychographic, and technographic characteristics, as well as media consumption, brand preferences, and buying behaviors.

“The nature of BIGtoken’s transparent platform is unique in the market as they can gather and activate campaigns based on real-time insights from their consumer reward system,” said Gary Walter, Infutor CEO. “We are excited to be able to provide BIGtoken consumer behavior and lifestyle analytics data that helps identify new lookalike audiences and extends their brand clients’ reach.” http://www.infutor.com/ http://www.bigtoken.com/

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Nucleus empowers healthcare organizations—employers, employer groups, benefit managers, health plans, and provider health systems—to optimize benefit programs, improve care delivery, and manage costs by creating a single data repository that offers a complete picture of member health tightly integrated with the powerful predictive analytics products available from Certilytics. Nucleus gives customers access to the data “behind the scenes” to develop new insights by integrating the data warehouse layer with their own data discovery tools, business intelligence platforms, and custom applications. Fintech News

“Nucleus collects, links, standardizes, and validates data from disparate sources to create a complete picture of member health, utilization, and risk,” said Elton Tavenner, Certilytics’ Executive Vice President and Chief Technology Officer. “By combining that advanced underlying data warehouse with our data platform and innovative product offerings, we’re empowering our customers with more than ‘just another data warehouse’ by giving them the tools to take the leap from disparate data to transformative knowledge.”

Among other capabilities, Nucleus Data Warehousing + Predictive Analytics:

• Links disparate data-sets and generates a globally unique ID for every employee, member, or patient
• Includes sophisticated proprietary validations to ensure the quality, accuracy, and reasonableness of all data
• Is capable of regularly processing billions of member data records, including:
  • Claims (medical, pharmacy, dental, & vision)
  • Benefits & eligibility
  • Lab results
  • Clinical management programs
  • Disability benefits
  • Third-party technology platforms
  • Others
• Enriches data with hundreds of tags and measures, including our proprietary clinical episode grouper CORE Pathways
• Includes easy-to-understand aggregations of underlying data to provide simple and consistent reporting
• Seamlessly and securely shares data via JDBC, API, and BI integrations

Nucleus is the foundation for all of Certilytics’ advanced predictive analytics solutions, including the Aspects Suite’s dashboards, data extracts, and reports.

The integrated predictive analytics in the Aspects Suite are used to:

• Benchmark clinical and financial results against national norms, peer groups, business units, or geographies
• Evaluate the performance of employee benefit programs and optimize benefit investments
• Generate a standard set of proprietary reports to assess, manage and measure risk, including:
  • Employer group reporting
  • Individualized member clinical profiles
  • Medical management reporting
  • Pharmacy management
  • Provider profiling
  • Actuarial reporting (trend, pricing, and reserving)
  • High cost claimant reporting
  • Insured run rate reporting
• Identify, report, and benchmark cost trends, provider treatment patterns, condition severity, and health outcomes across billions of member records
• Perform sophisticated analysis at the member level into complete episodes of care, utilization patterns, emerging disease onset, gaps in care, and each member’s likelihood of engagement
• Develop high-performance provider networks supporting fee-for-service and value-based arrangements
• Evaluate care pathways and predict future costs for a given condition
• Review performance, perform risk assessments, and analyze spend, helping business and clinical leaders make more informed decisions

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This new collaboration will leverage Adastra’s award winning expertise in data, AI, mobile app and business app development as well as stunning UI/UX design, providing a wraparound Digital and Design ecosystem while supporting OneLedger’s expansion into North America.

OneLedger’s mission is to increase the adoption of blockchain technology from small businesses to enterprises with a focus on the Supply Chain and Real Estate industries.

The company approached Adastra to assist with sales and client relations due to Adastra’s knowledge and experience in Emerging Technologies – in particular, distributed ledger technology and blockchain. fintech news

OneLedger is currently working on a Blockchain EDI solution that will be a substitute to Supply Chain EDI using blockchain infrastructure. Blockchain EDI will seamlessly integrate with current ERP systems, allow manufacturers, distributors and retailers to transfer Purchase Orders and Invoices in a cost and time-efficient manner, and is scheduled to be in the market for Q1 2020.

In Real Estate, OneLedger is working on building a blockchain infrastructure for real estate data, where all the properties are tokenized, transactions are verified and data is queryable, making it a one-stop hub for all real estate transactions.

“OneLedger is a world-class distributed ledger company with leading-edge technology,” said Marcos Da Silva, Director, Analytics, Products and Strategy, Adastra Corporation. “Through this partnership, we are able to help companies deploy this emerging technology as part of their overall digital business strategy.”

“Partnering with Adastra will take OneLedger to the next level with our Enterprise Blockchain Solutions,” said Aly Kassam, Director of Product, OneLedger. “Adastra’s extensive expertise in AI, IoT systems and mobile development is exactly what OneLedger needs to push the industry forward into real world solutions for blockchain technology.”

While newly launched, this alliance is already in motion. Adastra and OneLedger have already begun discussions with a B2B rideshare program in the Middle East that is expanding in the region and needs a data repository supported by applications for internal and external stakeholders.

Adastra and OneLedger are also in discussions with a Canadian municipality to help deliver digital government services, starting with establishing a digital identity for residents.

“From healthcare and finance to government and retail, digital enterprises throughout every industry are building and deploying distributed ledger technology to help secure their business operations and as a foundation to deliver value to their customers,” said Da Silva.

ABOUT ADASTRA CORPORATION
Adastra Corporation transforms businesses into digital leaders. Since 2000, Adastra has been helping global organizations accelerate innovation, improve operational excellence, and create unforgettable customer experiences, all with the power of their data. By providing cutting-edge Data, Digital & Design, Governance, AI & Analytics and Technology services and solutions, Adastra helps enterprises leverage data that they can control and trust, connecting them to their customers – and their customers to the world.

More information can be found at www.adastracorp.com. Connect with us on Twitter, Facebook and LinkedIn.

ABOUT ONELEDGER
OneLedger’s mission is to simplify businesses’ adoption of blockchain technology and its integration into their specific business applications and products. The company believes that the applications of the future will maintain individual data sovereignty and operate across interconnected blockchain networks enabling seamless independent user interactions.

More information can be found at www.oneledger.io/blockchain-edi and www.oneledger.io/business.

Connect with us on LinkedIn and Twitter.

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