Name: Apiture at FinovateSpring 2023 – How FIs can take better advantage of data
Uploaded: 2023-06-09T10:19:05.948Z
Duration: 384.52
Description: At the FinovateSpring 2023 conference in San Francisco, FinTech Futures caught up with Chris Cox, Chief Operations Officer at Apiture, to discuss how community banks and credit unions in particular can make better use of their data to level the playing field with larger financial institutions.

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This is FinTech Futures at

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Finovate Spring, and I'm joined

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by Chris Coxs of Apiture.

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Chris, how are you?

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I'm good, Paul.

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How are you doing?

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Excellent.

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Very well, thank you.

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Very well.

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How you enjoy the conference so far?

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It's been really good.

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It's a good show for us to see.

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You know, part of our mission is

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to help make sure that financial

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institutions in the US market have

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access to innovation, and this is a

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really good place to see what kind of

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innovation is coming out of the market.

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Excellent.

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Excellent.

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Sounds good.

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Yeah, just to get started then, let's

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give a quick introduction to yourself

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and, your role at Apiture sure.

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So Chris Cox, I'm the Chief

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Operating Officer at Apiture.

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Apiture is a digital banking company, so

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we provide full service, consumer business

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banking, digital account opening, data

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intelligence and API banking solutions for

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banks and credit unions in the US market.

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Excellent, excellent.

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And you're here this week's about to

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talk about how financial institutions

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can take better advantage of their data.

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That's right.

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Can you tell us a little bit more about

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the current state of the industry then,

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when it comes to data strategies and,

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the work that app is doing in the field?

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Sure.

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I think there's a lot of focus

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on financial institutions

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effectively using their data

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these days and for good reasons.

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So financial institutions, I

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don't think it's a stretch to say,

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know more about their customers

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than maybe any other business.

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And that's because financial activity

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touches every aspect of a person's

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life throughout their entire life.

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So there's a lot of data to be used and

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there's a lot of focus in our industry

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making sure that financial institutions

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can leverage that data appropriately.

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And that's something we're

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really focused on at Apiture.

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Excellent, And some of the larger

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financial institutions obviously

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have big teams full of data analysts,

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what can smaller institutions

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do to level that playing field?

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Sure.

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So work with companies like Apiture.

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So one of our focuses is to make

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sure that financial institutions of

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all sizes, community and regional,

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have access to the tools they need

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to thrive in today's digital world.

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As it relates to data, and we, recognize

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that many of our clients don't have the

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resources technical and, you know, people

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wise to effectively use their data.

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So we offer services that they can use

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without having to build it all themselves.

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So specifically, we make sure that

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our clients can access all of the

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relevant data they need to drive

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business decisions, that they

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have, the tools they need to create

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meaningful insights from that data.

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And then they can trigger, you know,

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relevant actions from those insights.

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And we provide all of that as part

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of a SaaS platform for them to use.

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Excellent.

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Excellent.

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So what are some of the key

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benefits then the community banks

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and credit Union can really see

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by making more outta  their data?

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Yeah, so we're really focused on

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helping financial institutions

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create mutually beneficial

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relationships with their customers.

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So another way to say that is

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creating relationships where

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the financial institution.

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And the customer can

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help each other succeed.

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So the way that we do that is making

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sure that our clients who, are

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financial institutions can use the data.

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They have to understand what

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their customer's financial goals

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and objectives are, and then help

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meet those goals and objectives.

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So that's a big part of what we do

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with our data intelligence platform.

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Excellent.

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Excellent.

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And guess from a consumer side then,

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what kind of benefits are they gonna

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see from their banking experience?

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Yeah, so as we talked about, you

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know, from the, it's about, you

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know, the way that we look at

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relationships between the financial

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institution and the customer, right?

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They're trying to build mutually

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beneficial relationships, one where

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they need each other to succeed.

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So the customer wants to see, you know,

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we measure this on a spectrum, right?

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They want to see their relationship

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with their financial institution grow,

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where the financial institution is more

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than just an enabler of, you know, basic

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payment transactions are a

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provider of a checking account

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into a true, trusted partner.

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So as the financial institution

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understands where the customer is in

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their life and offers them relevant

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advice and products and services, that

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creates a more valuable relationship

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with the financial institution.

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Excellent, excellent.

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And for people who won't be able to

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make it this week, then, what were some

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of the key takeaways from your, speech

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that are making better use of data?

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Sure.

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You know, one, as I mentioned, financial

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institutions have a lot of data and

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there's a, you know, a real focus.

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And companies like Apiture are

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helping financial institutions

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effectively leverage that data

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to create mutually beneficial

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relationships with their customers.

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So that's one.

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Two, you know, the financial

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institutions want to see their

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customer relationships grow.

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You know, customers growing from just

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a user of basic, banking services to

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a true loyal advocate for the brand.

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And you know, a financial

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institution being there with data

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can help, you know, grow that

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relationship with their customer.

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And then three, I think importantly as

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a financial institution, you don't have

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to build these capabilities yourself.

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So you can rely on companies like Apiture

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to provide the technical infrastructure

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and the data solutions that you need

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to effectively leverage your data.

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Excellent.

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So what is Apiture doing that's unique

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in the field then at the moment?

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And what kind of traction are

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you seeing among companies..

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You know, we're doing a number of things.

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So we provide, you know, best in

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class award-winning consumer in

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business banking, and a SaaS platform.

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So it's all true SaaS.

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Which means for our customers that

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they're always on the latest release.

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So at Aperture there's never this idea

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of you've gotta catch up on a release

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before you can use a new feature.

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Because our clients are all always on

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the latest release of our platform.

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We're focused on digital account opening,

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which is really important in the US market

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these days as financial institutions, you

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know, are in the search to find deposits

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or focused on data as we've talked about.

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I think uniquely as it relates to data,

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we've created a platform that financial

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institutions can just use without having

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to set up a whole bunch of technical

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infrastructure or having to have data

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scientists and other experts on staff.

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And then we're also really focused

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on what we call API banking and an

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offshoot of that is embedded banking,

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which for us is all about helping our

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clients extend their reach beyond their

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own digital domains, into third party

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digital domains so that they can create

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partnerships that attract new customers.

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So that's big focus for us.

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Excellent, And just to wrap things

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up then, is there anything else

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you can tell us about that you've

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got in the pipeline at the moment?

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So our job is to make sure that

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financial institutions in the US have

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access to the innovation that they need

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to thrive in today's digital world.

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So we are constantly and consistently

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bringing out new product services  and

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features on our platform to make sure that

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our clients can succeed in the market.

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Excellent Chris, thank you so much for

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taking the time out to speak with me.

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It's been a pleasure.

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Thank you, Paul.

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Appreciate it.

we provide full service, consumer business

intelligence and API banking solutions for

banks and credit unions in the US market.

resources technical and, you know, people

without having to build it all themselves.

FinTech Futures

Expert Insight

At the FinovateSpring 2023 conference in San Francisco, FinTech Futures caught up with Chris Cox, Chief Operations Officer at Apiture, to discuss how community banks and credit unions in particular can make better use of their data to level the playing field with larger financial institutions.