{"id":14002,"date":"2019-11-12T11:36:31","date_gmt":"2019-11-12T11:36:31","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14002"},"modified":"2019-11-12T11:36:31","modified_gmt":"2019-11-12T11:36:31","slug":"financial-institutions-turning-to-alternative-data","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/financial-institutions-turning-to-alternative-data\/","title":{"rendered":"Financial institutions turning to alternative data"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Financial institutions have long used data as a way to minimize risks. This data, however, typically comes from traditional sources (credit bureaus, SEC filings, etc.). But many (79% according to a Dataminr survey) are now turning to alternative data sources such as social media, cell phone data and product reviews to build deeper understandings of consumers and the risks they pose. Alternative data not only helps financial institutions reduce risks, it also helps them expand financial access to populations that might otherwise be overlooked and can help them improve services. At the end of the day, it is clear that the use of alternative data is becoming a necessary part of the future for financial institutions and, one day, will no longer be considered \u201calternative\u201d and will simply become a part of the traditional data framework.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-14002 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Financial Institution Positioning for Long-Term Post-Crisis Success'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/financial-institution-positioning-for-long-term-post-crisis-success\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/12\/d700e3b9-5d96-e344-814a-6e11673c84441-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16496\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16496'>\n\t\t\t\tFinancial Institution Positioning for Long-Term Post-Crisis Success\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='The pros and cons of alternative lending'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-pros-and-cons-of-alternative-lending\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/stages-of-business-development-and-growth_3446-686-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9892\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/stages-of-business-development-and-growth_3446-686-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/stages-of-business-development-and-growth_3446-686-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/stages-of-business-development-and-growth_3446-686.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9892'>\n\t\t\t\tThe pros and cons of alternative lending\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='What banking will look like after the pandemic'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/what-banking-will-look-like-after-the-pandemic\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/06\/2847549-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15078\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15078'>\n\t\t\t\tWhat banking will look like after the pandemic\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Financial institutions have long used data as a way to minimize risks. This data, however, typically comes from traditional sources (credit bureaus, SEC filings, etc.). But many (79% according to a Dataminr survey) are now turning to alternative data sources such as social media, cell phone data and product reviews to build deeper understandings of &hellip;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[197],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14002"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=14002"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14002\/revisions"}],"predecessor-version":[{"id":14003,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14002\/revisions\/14003"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=14002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=14002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=14002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}