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Podcast: How AI-enriched data aggregation is empowering the next generation of financial institutions, with Envestnet's Farouk Ferchichi

Podcast: How AI-enriched data aggregation is empowering the next generation of financial institutions, with Envestnet's Farouk Ferchichi

Hi Fintech Futurists —

Welcome back to our podcast series! For those that want to subscribe in your app of choice, you can now find us at Apple, Spotify, or on RSS.

In this conversation, we chat with Farouk Ferchichi - President of Data and Analytics at Envestnet. Farouk is a Senior Executive, a business leader, and a CDO 4.0 (a product-centric approach to the role of a Chief Data Officer according to Gartner) pioneer with over 20 years of proven success transforming businesses to create new data analytics products, markets, and business models that enhance customer experience, loyalty, and profitability.

Prior to serving as the President of Envestnet Data & Analytics, Farouk was Envestnet’s the Chief Data and Analytics Officer, and in similar roles for USAA and Toyota Financial Services. Farouk is committed to social responsibility and serves as Board Member for two non-profit organizations. He holds two undergraduate degrees in econometrics and business, and an MBA in finance. Farouk has various publications and was featured in a “60 Minutes” Big Data documentary.

Topics: Data, analytics, AI, embedded finance, aggregation, machine learning, AI, deep learning, neural networks, PFM, Wealth management

Tags: Envestnet, Yodlee, Amazon

👑See related coverage👑


  • 1’40”: Journey to understanding data and analytics: Definitional experiences and core insights

  • 10’12”: Embracing quantitative decision-making: Challenges and dynamics across industries

  • 15’15”: The power of Yodlee: Evolution and impact in financial data aggregation

  • 23’16”: Expanding Yodlee’s scope: Evolution from PFM to aggregating brokerage, spending, and credit data

  • 26’12”: Diversifying distribution: Integrating payments and banking data beyond the advisory experience

  • 27’54”: Navigating fintech market dynamics: Balancing payment trends and asset-based stories
    34’23”: Revolutionizing financial identity: Unifying data and enabling Personalized decisions with AI

  • 36’36”: The channels used to connect with Farouk & learn more about Envestnet and Yodlee

Sneak Peek:

Farouk Ferchichi:
…now that we've applied the AI, machine learning to actually cleanse that data and actually make it available for use, we took it to a whole different level, and we challenged ourselves on how are we going to use this data to solve end consumers' problems and/or solve functional business management problem in the money supply chain we discussed earlier.

Envestnet Reveals Plans For Yodlee | Wealth Management

So, on the corporate side we built an entire new layer of AI and machine learning, solving credit risk management problem use cases, solving marketing segmentation problem. And what we are, we are not replacing an existing marketing segmentation model a particular FI has, what we have is there is a configuration that has to happen aligning your top of the three segmentations. If I take marketing as an example, I can take your top of the three segmentation and then I can use the financial transaction data and the power of our data into augmenting your marketing segmentation to give you even a better signal and a better understanding of the consumer behavior.

Same thing with the credit. We're not here to replace, our intention never really to replace what you have built as an internal credit risk models or you using external credit bureau input, but we are an overlay to use the power of alternative credit data, financial transaction data signal to be able to help you decide on fringe decisions if you are not sure whether to give the credit to that client. You can use our data to make a better-informed decision one way or another.

Data Science — What is Alt Data or Alternative Data? | by DataScrum | Medium

The last layer we're investing in, connectivity, open banking data and analytics as I just mentioned, and maybe it's too abstract, Lex, to a lot of people at the top and sometimes it's even the technical folks. So, what we've been investing in, how do you bring this to life in a way that is visualized? And we've built what we call three macro experiences. One we call the corporate experience. So, we're taking my Yodlee, which is our own built portal for how FI employees interact with us and we're presenting all these intelligence and analytics through that portal, and we serve anywhere from executives persona in that portal to risk analysts and marketing analysts and the like.

The other is what we call the next-gen PFM or the next-generation personal financial management where we are taking…

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Fintech Blueprint 🤖🏦🧭
Fintech Blueprint 🤖🏦🧭
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