Fintech Happy Hour Discussion Prioritizes Data, Innovation, and Potential

In celebration of New York Fintech week, Ocrolus and Codat hosted Thursday’s happy hour with a panel discussion on “the power of combined data”. Pete Lord, CEO of Codat and David Snitkof, Head of Analytics at Ocrolus, discussed how their respective companies are working to innovate the fintech space by harnessing how to most productively make use of their most valuable commodity—data.

The event was open to those in the fintech space, but primarily served as a mixer and networking event. The panel had discussion topics, moderator questions, and an audience question-and-answer session.

After the event, Snitkof spoke about how the choices available to potential borrowers are so vast, that this vastness of funding sources may be creating a knowledge gap between borrowers and funders. Through fintech, Snitkof appears to believe this knowledge gap can be bridged.

“I think awareness is a really big deal where in many cases people think the only place they can go get a loan is their bank,” said Snitkof. “In fact, there are more lenders out there and they’re all different, which is the important thing. They all use different data, they all use different technology, they all might offer different types of products, and if you’re a borrower, it pays to do some learning.”

When speaking about fintech companies themselves, Snitkof stressed the need for a company to find their niche. “I think what fintech companies can do is really try to make clear how they’re different. The most successful fintech companies that I know of, at least the most exciting ones right now, are ones that don’t try to be everything to everyone.”

Codat, the main showcaser of the event, have people that are equally as excited about both their company and industry’s potential outlook.“I think fintech is just getting started,” said Lord, when asked about Codat’s role in innovating the fintech space. “[Our] role is in connecting the different systems that are used by small businesses that enable them to thrive and to be able to do more business.”

Lord spoke about the increase in speed of the logistical processes that his company creates by innovating antiquated data entry systems via the Codat platform. “[We] provide a layer of intelligence on top of the data that we make available to clients to allow them to get more value faster, and then provide a better experience using that to their small business customers.”

Codat employees also spoke about the state of fintech, along with their direct involvement in changing the way financial transactions occur across a vast array of industries and institutions.

“I think small business owners and people who work at large corporations or medium sized businesses are now expecting similar experiences [like] the financial services they use to power their everyday activities,” said Nick Codron, Codat’s Strategic Account Manager of North America. “All of these software companies are moving into financial services, there is a big play for being the [top] platform and the central business operating system.”

Other employees believe that it is not just a desire for business owners to integrate technology into the financial services space, but a game of catchup; hinting that fintech, as a community, is behind the eight-ball when it comes to the pace of innovation.

“I think there’s a lot of catching up the world needs to do in terms of digitizing financial services not just for small businesses, but for consumers and large corporations,” said Andrew Rho, who recently just transitioned to a Strategy Management position at Codat. “If you can have easy access to those products, services and design concepts and materials that help your dreams come true, that’s an e-commerce business right there.”

“In that sense, you see fintech touch everything,” said Rho.