The Singapore FinTech Festival enjoys a reputation as the biggest FinTech event in the world. It’s a week-long event now in its fourth year and provides a platform for the FinTech community in the region to connect, collaborate, and co-create.
In 2018 there were 45,000 participants from 130 countries and in 2019 it felt just as busy, engaging and interactive as in previous years. The event took place between 11 and 15 November and Squirro had the pleasure of being able to present at the Refinitiv Labs Open Day event on 14 November.
Refinitiv Labs is a vital part of the Refinitiv proposition, identifying strategic and scalable opportunities that leverage data and emerging tech, and orchestrating the execution of those opportunities. It was a chance for interested parties to meet some of Refinitiv’s partners and learn how data and the use of advanced analytics technology is helping to transform Financial Services (FS). It was an enlightening day that we were honored to be a part of.
Squirro and Refinitiv
Squirro partners with some of the most important technology providers in the world and one of our most significant partners in FS is Refinitiv. Refinitiv provides its premium corporate FS data services to more than 40,000 institutions in more than 190 countries, and our partnership delivers an AI-driven solution that utilizes the power of today’s customer relationship management (CRM) platforms to deliver a complete, current overview of each client.
This is a truly valuable service for FS firms, boosting engagement with their clients and facilitating deal idea generation across the industry. It allows them to combine Refinitiv’s trusted data and insights – company overviews, I/B/E/S Estimates and financial statements – with Squirro’s AI technology and CRM integration capabilities to provide a single view of customers’ information.
This gives a much broader and more contextual view of customers. Data is not scattered in siloes across the organization, but instead, the organization’s own data is co-mingled with third party data to deliver greater insight. Our CEO, Dorian Selz, was able to demonstrate this at the Refinitiv Labs Open Day, outlining what an effective partnership the two companies have.
Squirro and the Singapore FS Market
Reinforcing this partnership was important for us, as South-East Asia, and Singapore especially, is a market that’s rich in potential. Our heritage in working with some of the biggest and best-known FS firms, physical presence in Singapore and connections to the Singapore FinTech community mean that we have a deep understanding of the specific requirements in the region.
When this understanding of FS is combined with our award-winning and highly-recognized technology platform, it creates a powerful proposition for FS firms in Singapore and South-East Asia. These organizations share many of the same challenges and opportunities with their counterparts in the US and Europe. However, there are also a number of challenges that are unique to the region and Squirro has a strong understanding of what FS firms in South-East Asia want to achieve as well as the means with which to help them meet those objectives.
A major priority for all is the need to get more insight and ROI from the data that they hold. FS firms hold more data on customers and markets than they have ever done, but there are relatively few FS companies that are getting true ROI and actionable insight from this data. This is because a large majority of the data that they hold is unstructured data. This is social media updates, earnings call transcripts, premium data sources such as Refinitiv, email correspondence with clients, news updates and more. Most organizations cannot work with this data and it has been suggested that most firms work with just 1% of the data available to them.
That’s an incredible amount of insight that’s not being utilized and an area in which Squirro can make a significant difference. Squirro enriches all this unstructured data with artificial intelligence and machine learning, which means that users can then extract meaningful and actionable insight from it. This insight is used to improve lead generation, understanding specific customers and their markets more clearly and to deliver a superior customer experience.
The FS Customer Experience
The idea of a first-class customer experience is incredibly important in many sectors, but perhaps especially so in FS. There is so much choice for customers in 2019, whether in retail banking or corporate FS, and smart organizations are increasingly differentiating on customer experience. Failure to do so can mean customers or prospects looking elsewhere, so it’s something that should be a real priority for any FS firm.
Squirro helps our FS customers deliver such an experience, using our innovative 360-degree Client Cockpit. This has become an essential enterprise tool, delivering all the information and insight relating to a certain customer or prospect in one place.
This allows users to have everything at their fingertips when interacting with that client and that means they can deliver a much greater customer experience. Users of the Squirro Client Cockpit have recorded an average 15% increase in customer satisfaction.
Squirro – The Future of FS Data
Events such as the Singapore FinTech festival really reinforce the idea of Singapore as the principal hub in South-East Asia for FinTech companies. It’s a country that is brimming with innovation and different approaches to some of the challenges facing the FS sector and our presentation at the Refinitiv Labs open day was reflective of that.
Not only did we get to meet many parties potentially interested in Squirro’s technology, but we were also able to outline our vision for the future of data in FS. This vision is focused on utilizing unstructured data much more effectively – uncovering the actionable insights and activating the 99% of data that is mostly unused to deliver more sales, less churn, and better support.
If you work in FS in Singapore and think your organization could benefit from our technology, please get in touch with us here.