Hakkoda, a cloud data company, today announced it has launched a new multi-party analytics offering on Snowflake designed for financial services companies. The new solution will enable banks and lenders to unlock new customer insights with deeper analytics from their Snowflake Data Cloud. To lead the new division, Hakkoda has hired financial services industry executive Anand Pandya, formerly chief data officer at Curinos, a subsidiary of Informa Financial Intelligence.
Data sprawl is a significant challenge for banks: Hakkoda’s latest research study shows 44 per cent of financial services companies use five or more different data solutions. Financial institutions are heavily divided by business lines and rarely lean into their own IT groups. This fosters a sense of decentralized data stores as well as a lack of cohesion and alignment.
“The banking industry is being disrupted by new fintech upstarts and the key for traditional banks to compete with newer options is to unlock the value of the data sprawled across the institution,” said Erik Duffield, CEO and co-founder of Hakkoda. “With technology becoming a change agent for the financial services industry, many institutions are having difficulty finding resources and talent for their data programs. Hakkoda has expertise to solve both their data and talent problems. Under the leadership of Anand, Hakkoda can help financial institutions realize the true value of their data, delivering innovative outcomes that turn data and analytics into a competitive advantage.”
With more than 20 years of experience as a leader in data-driven solutions and business intelligence, Pandya will lead the financial services sector for Hakkoda. In this role, he will be responsible for the team that designs, builds and manages modern data platforms for banks and lenders. He will also serve as a strategic advisor to accounts and guide solution development.
Prior to his role at Curinos, Pandya was head of operations and technology for Informa Financial Intelligence. Before that, he was vice president of analytics solutions at Icon Advisory Group, a financial services technology company that was acquired by Informa Financial Intelligence. Pandya has an additional 10 years of data and business intelligence consulting experience across multiple industries and Fortune 1000 companies.
“The modernization of data technology has accelerated faster than ever before, thrusting the financial services industry into a new paradigm that requires the industry to utilize data in ways they never imagined,” said Pandya. “Hakkoda understands the power of data; the company was founded to help customers realize the true value of their data. This aligns with my core belief that data is the most valuable resource at an organization. I am excited to join the Hakkoda team to drive real innovation and revenue back into our client institutions.”
To enable the new offering, Hakkoda is partnering with Affinio, provider of multi-party applications for Snowflake. Affinio’s graph analytics technology is embedded within Snowflake’s Data Cloud to empower enterprises with rich customer insights and powerful privacy-safe data collaboration, without needing to move data.
“When it comes to rich consumer insights, it’s clear that only analyzing first party data just isn’t enough,” said Tim Burke, president of Affinio. “The financial services industry needs a new distributed model of privacy-safe data insights and collaboration. With our partnership with Hakkoda, we’re excited to unlock the next generation of customer intelligence and audience creation leveraging Affinio’s native Snowflake applications alongside Hakkoda’s Snowflake and vertical expertise.”
“There are challenges in the financial services industry that require a new, collaborative approach of privacy-safe, governed data sharing,” said Matt Glickman, financial services principal at Snowflake. “We are excited to partner with Hakkoda to empower our customers to solve this new class of problems in the Data Cloud leveraging Hakkoda’s ‘all-in on Snowflake’ vertical expertise.”