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Hakkoda Launches Financial Services Analytics Offering With Snowflake To Aid Banks And Lenders In Unlocking Customer Insights
Hakkoda is a data engineering firm based in the United States and Costa Rica specializing in Snowflake. The company uses a cloud-based subscription model to provide on-demand access to data engineers, architects, machine learning, and application development expertise.
Fremont, CA: Hakkoda, the cloud data expert, announced today the launch of a new multi-party analytics product for financial services organizations on Snowflake. With deeper analytics from their Snowflake Data Cloud, banks and lenders will access new consumer insights. Anand Pandya, formerly the chief data officer at Curinos, a subsidiary of Informa Financial Intelligence, has engaged Hakkoda to manage the new division.
Data sprawl is a severe challenge for banks: According to Hakkoda's latest research, 44% of financial services firms employ five or more different data solutions. In addition, financial institutions are heavily segmented by business lines, and they rarely rely on their own IT departments. This creates a perception of disjointed data stores and a lack of cohesiveness and harmony.
"New fintech upstarts are disrupting the banking industry, and the key for established banks to compete with newer options is to unlock the value of the data distributed across the institution," said Erik Duffield, Hakkoda's CEO, and co-founder. "Many financial institutions are having trouble finding resources and talent for their data projects as technology becomes a transformation agent in the business. Hakkoda can help them with both their data and talent issues. In addition, Hakkoda can assist financial institutions understand the true value of their data under Anand's guidance, producing creative results that turn data and analytics into a competitive advantage."
Pandya will manage Hakkoda's financial services sector, bringing more than 20 years of expertise as a leader in data-driven solutions and business analytics. He will be in charge of the team that designs, builds, and manages modern data systems for banks and lenders in this position. He'll also act as a strategic advisor to accounts and help them build solutions. Hakkoda's seasoned financial services consultants collaborate with clients because they understand how clients use their data typically dictates the business's agility and creativity.
Pandya was the head of operations and technology for Informa Financial Intelligence prior to joining Curinos. Previously, he was vice president of analytics solutions at Icon Advisory Group, a financial services technology firm acquired by Informa Financial Intelligence. Pandya also has ten years of data and business intelligence consulting expertise with Fortune 1000 businesses in various industries.
"Data technology has advanced at a quicker rate than ever before, driving the financial services industry into a new paradigm that compels it to use data in ways it never envisaged," Pandya said. "Hakkoda recognises the importance of data and was formed to assist customers in realising the true value of their data. This supports my underlying opinion that data is an organization's most valuable resource. I'm thrilled to be joining the Hakkoda team to help our clients achieve meaningful innovation and revenue."
Hakkoda has partnered with Affinio, a developer of multi-party applications for Snowflake, to deliver the new offering. Snowflake's Data Cloud now includes Affinio's graph analytics technology, giving businesses rich customer insights and robust privacy-safe data collaboration without the need to migrate data.
"It's evident that merely evaluating first-party data isn't adequate when it comes to rich customer insights," said Tim Burke, President of Affinio. "A new distributed model of privacy-safe data insights and collaboration is needed in the financial services business. We're eager to use Affinio's native Snowflake applications in conjunction with Hakkoda's Snowflake and vertical knowledge to unlock the next generation of customer information and audience development."
"The financial services industry has issues that necessitate a new, collaborative approach to privacy-safe, governed data sharing," said Matt Glickman, Snowflake's Financial Services Principal. "We're pleased to work with Hakkoda to help our customers tackle this new class of Data Cloud problems by leveraging Hakkoda's 'all-in on Snowflake' vertical knowledge," says the company.
Hakkoda's services were built from the ground up to provide consumers with speedier outcomes. Customers can hire specialists in data migration, architecture, analytics, engineering, machine learning, governance, and application development on-demand through its subscription-based scalable teams approach.