Speaking in the session, Ather Williams Iii, head of business banking at Bank of America Merrill Lynch, noted that the question is “not an either-or” and explained that companies are fuelled by data, but that this data offers insight.
Data can be used to better understand counterparties and to manage risks of cybercrime and fraud, while also offering automated “pro-active insight” into what firms should do with their capital.
Representing the challenger bank sector, Megan Caywood of Starling Bank agreed that data and money are now very tightly linked, calling data “the new oil”.
Richard Koh, founder and CEO of M-DAQ Group, went further still, calling data a currency in itself. He suggested that ‘fintech 1.0’ focused on using information technology to create better, faster and cheaper processes in financial services, while ‘fintech 2.0’ will be about using better technology to completely “re-imagine” financial services.
He added that data and money are “two ends of the same spectrum”. Data will allow firms to get better insights and create new product and services that will truly drive revenue, he said.