In the past few years, the banking and payments industry has seen disruptive innovation. Payments have become both faster and simpler. On the other hand, traditional business functions are still based on outdated technologies that cannot necessarily handle the extreme data complexity of today’s payments space. With the volume, variety, and velocity level at which this data floods in, payment companies and banks that can’t competently handle it face a real danger of fraud losses, compliance violations, and efficiency shortfalls.
DataSeers, an Atlanta-based FinTech, works in the banking and payments sector and, as the name suggests, has a goal of helping its clients see through their data. Data, which is the lifeblood of an organization, is often siloed and segregated, making it impossible to make sense of as a whole. DataSeers’ FinanSeer appliance takes away this pain point by efficiently handling multiple data sources with ease, co-relating the data and providing crisp, actionable intelligence. Making use of various machine learning algorithms and propriety processes, FinanSeer cleans, homogenizes, ingests, labels, and augments incoming data and helps by providing a full suite of products across different business verticals; Reconciliation, Compliance, Fraud, and Analytics.
Products that Give a Competitive Advantage
DataSeers believes that the back-office problems in the banking and payments industry are actually somewhat common. Of course, each customer has their own set of requirements and expectations. DataSeers’ product is extremely flexible and allows its customers to set their own rules, processes, and configurations, thus conforming to the end user rather seamlessly. According to the organization, “If one can now pay whoever, whenever, wherever, and however, then why can’t one have access to data in the same way?” DataSeers’ management team brings years of experience in the data and payments domain to the company which puts them ahead of their competition.
A Dynamically Different Organization
Domain expertise is one attribute that sets DataSeers apart from its competitors. The company states that while one can have the most complex data algorithms or the latest and greatest technology, what comes in handy is really the industry experience. Therefore, when choosing its leaders and champions, DataSeers made sure to create a management and board team that, between all of them, holds hundreds of years of combined industry experience. This level of on-board knowledge and proficiency helps the company to best react in both tactical and strategic situations.
The Experienced Leader
Adwait Joshi, the CEO and Founder of DataSeers, is a serial entrepreneur with years of experience in the complex data space. From telecom to animal health and now financial services, he has solved multiple data complexity problems with solutions that are currently distributed across all continents. Thanks to the perfect mixture of business and technology, he is the driving force behind DataSeers. For the past decade, Adwait’s focus has been on the emerging payments sector. This has given DataSeers a first-to-market advantage with its product offering.
Tackling Turbulence and Preparing for a Better Future
It’s a well-known fact that running a startup is no cake walk, as around 90 percent of the startups fail during their initial few years. DataSeers, however, has flourished under the leadership of Adwait. In fact, this completely self-funded and organically grown fintech startup has just recently opened its second office in India, providing it with a physical presence in Asia. The company acknowledges that startups around the world can experience unexpected growing pains as they forge their own ways through their respective industries. It’s during those trying times that the maturity and expertise of a CEO really comes into play. Adwait offers the following metaphor, “Imagine being mid-flight at 36,000 feet when extreme turbulence hits. Who do you want behind the cockpit controls? It’s the most experienced pilots that are able to more effectively navigate their way to clearer skies! It requires a calm and methodical approach – a trait which is typically not present in many new FinTech founders.”
When it comes to the future of DataSeers, the organization knows that the emerging payment space is big…and getting bigger by the day. Data is big, and Big Data is power. Voltaire once said, “With great power comes great responsibility,” and DataSeers sees a real social obligation attributed to financial data handling. Primarily, to use their artificially intelligent appliance to make the world a safer place to live and transact in. In today’s industry, financial transactions are uncovering a myriad of problems: ranging from petty theft to money laundering and human trafficking. DataSeers sees itself poised extremely well to tackle some of the toughest problems that haunt the space. Complex AI algorithms help the company to uncover insights and patterns that typically would be impervious to traditional technology.
“Previously, to manage our customer base, we estimated one employee for 500, 000 end-user accounts. With FinanSeer, that statistic has improved to five million accounts per employee. Our response time to solving problems flagged by the FinanSeer platform is now so fast we’re now spotting and fixing problems with incoming transactions before our customers do. That wasn’t possible before we started using the FinanSeer appliance, and it’s a key competitive differentiator for us.” –Jeff Lewis, SVP Prepaid, Sutton Bank