The Bank of the Future Will Have Data Vaults and Money Vaults

The financial services industry has seen a great deal of disruption from digital-based alternatives. Many of these challengers use advanced technology and expanded data sets to offer apps that provide financial solutions at a lower cost, with less friction and greater personalization than traditional bank or credit union offerings. Toronto-based startup Flybits believes that the best way to compete in the future is not just by developing innovative products and services, but by becoming the repository of choice for data in addition to money. "I definitely see that banks are in a perfect position, if they innovate right, to be the perfect data vaults for the future – managing the privacy and also the data of their customers," says Hossein Rahnama, CEO and Co-Founder of Flybits, in an exclusive interview for Banking Transformed, a new podcast from Jim Marous and The Financial Brand. "Using AI and machine learning, there is the potential to build a'data marketplace' for banks, fintechs and other data providers to partner and build more services together."