Specialist financial research firm FinTech Global has unveiled the DataTech50, a list identifying some of the biggest hotshots in data management within the financial space.
As companies continue their digital transformations and use technologies such as artificial intelligence, data governance is rising in stature as critical to boost operations and remain competitive players in the current market.
With the huge amounts of data available for firms to use to their benefit, being able to sift through the weeds and find actionable insights is becoming ever more important for financial services organisations.
The need to be able to secure and benefit from good, actionable data has never been more vital for businesses that are looking to stand out from the crowd. Recent research by Gartner previously outlined how serious the harvesting of poor-quality data can be, claiming such a practice can cost organisations on average $12.9m million a year.
An expert panel of industry experts and renowned analysts scrutinised and selected the finalist who made the DataTech50 list. The advisory board given the task of reviewing the list of more than 400 businesses who were shortlisted received in-depth and detailed information on each company from FinTech Global to help them come to their final decisions.
FinTech Global director Richard Sachar said, “As good data management continues to rise up the list of absolute imperatives for financial services businesses, there is a growing need for firms to be able to get to grips with the data they own and turn it into a competitive advantage.
“The DataTech50 list will help not just the firms looking to transform but also those within the financial sector who are seeking more insights and knowledge into the kind of innovation that is taking place within the data management space in 2024 and beyond.
Some of the world’s leading businesses in the 2024 DataTech50 include:
Corlytics, a specialised leading RegTech enterprise that is focused on transforming how financial institutions manage regulatory compliance and risk. Earlier this year, Corlytics acquired a groundbreaking digital RegTech platform from Deloitte UK. The acquisition aimed to create a seamless integration of regulatory assessment and implementation technologies.
WealthTech firm Kidbrooke also made the DataTech50 list. The firm offers a robust financial data aggregation and enrichment solution with a normalized API for all market and ESG data needs, providing a single source of truth for investment products and instrument data.
The company partnered with Max Matthiessen, a leading Swedish insurance broker and financial advisor established in 1889, earlier this year. The collaboration between Max Matthiessen and Kidbrooke signifies a pivotal step in Max Matthiessen’s commitment to amplifying its investment and wealth data and analytics capabilities.
ByAllAccounts from Morningstar WealthSM was also in the 50 companies listed. The firm streamlines the flow of financial account data across the fragmented wealth technology ecosystem in the US. Morningstar introduced ByAllAcounts to its platform back in 2016.
Novidea, a born-in-the-cloud, data-driven insurance management platform—built on Salesforce for insurance brokers, MGAs, carriers, and coverholders, was also chosen. The firm announced the strategic acquisition of Docomotion, an automated document generation technology provider, back in July of this year.
Ushur, an enterprise that offers AI-powered CX Automation™ technology which enables financial organizations to improve operational efficiency and deliver intelligent digital self-service, while still upholding the highest levels of data accuracy, was another company to get listed in the DataTech50.
The firm recently announced the launch of its new solution, UshurX, which is designed to streamline time-intensive tasks during clinical trials.
Wordwatch, a solution designed to unify interaction data and simplify communications compliance, was another company to be listed on the DataTech50. Earlier this year, Wordwatch was added to the trading communications systems studio of IPC through a partnership.
Quantiphi is also a company that makes the list. The firm offers platform-enabled data and AI services for a range of enterprise offerings ranging from automation to experience, knowledge management, and simulation. Back in June, the company launched two Generative AI-native apps on the Snowflake Marketplace.
A full list of the DataTech50 for 2024 and detailed information about each company is available to download for free at www.DataTech50.com.
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