Arcadia Data, a provider of a native visual analytics software for big data, today announced Fintonic, a mobile banking company using machine learning algorithms to provide customers with highly targeted loans and insurance products, has selected Arcadia Enterprise as the modern data visualization and analytics engine of its new data architecture.
Arcadia Data will allow Fintonic to more easily deliver key data from within the business to top management in near-real time to continue offering its users the best understanding of what is happening with their money.
Fintonic, which operates in Spain and Chile, connects nearly 400,000 users in Spain to 82 different financial entities. It uses the information provided by these institutions to generate daily reports and send alerts to users. Fintonic opted to update its data architecture to better understand how the data gathering process worked and to be able to act more quickly when individual connections malfunctioned. Fintonic also wanted to improve the work of its data experts in every department, work it felt was limited by its prior data visualization platform.
“Arcadia Data allowed us to create easy-to-read visualizations that helped our support team and management team quickly grasp the implications of the overnight interactions between our app and financial institutions,” Fintonic COO Aitor Chinchetru, said. “Adding Arcadia Data to our infrastructure enabled us to create detailed reports about users whose accounts suffered from poor or interrupted connections to banks and address those issues more quickly, improving user retention.”
Fintonic’s data architecture, which includes a table with more than one billion transactions, houses terabytes of data. However, Fintonic’s data experts across all departments had no easy way to study, understand, and act on that data. With Arcadia Enterprise, Fintonic’s experts are able to make better decisions more quickly, ultimately improving their customers’ user experiences. Since implementing Arcadia Enterprise, Fintonic was able to increase to 92 per cent (up from 80 per cent) the number of users whose data was correctly updated during the nightly interactions with financial institutions.
“Fintonic’s desire to upgrade its data infrastructure was borne out of a growing demand for tightly integrated solutions with next-generation visual analytics,” Arcadia Data co-founder and CEO Sushil Thomas said.
“Arcadia Enterprise is built for its customers to develop large scale and real-time data applications, including Fintonic’s leading mobile banking app, that creates sustainable competitive differentiation. Fintonic’s intelligent algorithms offer a glimpse of the future of banking, and we are excited they have selected Arcadia Data as they continue to pave the way in their industry.”