How Breaking Down Data Silos Will Change Fintech

The pandemic has certainly accelerated many changes in the fintech world, both for businesses and consumers, but one thing that still hasn’t really changed is how financial firms look at and manage data. That is, there are still plenty of privacy, risk, and regulatory restrictions on how data is accessed and used; and for good reason. While fintechs have spent the last 10+ years making the front-end experience of banking more fluid and accessible, the backend data that everything is built on remains fairly siloed and poor.

But that might not always be the case, at least if this week’s guest on the Fintech Growth Talk has anything to say about it. Naré Vardanyan is the CEO and Co-Founder of Ntropy, which provides financial institutions and fintech firms with flexible, autonomous banking data cleansing, labeling, and enhancement. Ntropy’s unique API helps firms automatically clean and categorize their transactions in order to get a clearer picture on end-user financial behaviors upon which they can build personalized and powerful money experiences.

Until now, the financial industry has viewed data as an afterthought, though many organizations and departments within them vigorously protect their data, seeing that as their strategic advantage. However, this type of behavior makes building services and features on top of data — or even…