Critical data Today, we see many apps connecting into foundational financial systems that drive important components of the value chain such as insight and connectivity into both aggregation the consumer’s paycheck and bank account. We think these systems contain important logic to analyze identity as well as consumer ability and willingness to repay. Payroll will likely providers like ADP or Equifax are likely the 昀椀rst companies to know that a consumer lost their job. That data isn’t transported systematically to 昀椀nancial 昀椀les, which means other move us signals become dependent on seeing the direct deposit from your paycheck. We expect improved data infrastructure to broaden and deepen the links to data sources, so much along from so that this type of insight becomes ordinary. As a result, if it occurs, then customers could reap the bene昀椀t of companies’ ability to track and respond to key milestones in siloed their life and corresponding 昀椀nancial journey. platforms Finally, it’s our opinion that in today’s post-stimulus environment, the distribution of to an Cares Act funds, American Rescue Plan Act, and basic government entitlements such as unemployment would be greatly advantaged if data APIs were deployed. Entitlement integrated programs could identify the loss of a paycheck, verify accounts, and disburse right- sized funds all based on data sourced through real-time APIs. Moreover, we believe that system. speed and e昀케ciency of distribution could be dramatically improved from the long lines and system crashes of 2020, while synthetic monitoring systems could be leveraged to review account information and minimize fraud. Critical data aggregation will likely move us along from siloed platforms to an integrated system that combines signals from many data types. The possible applications are end- less—from sales forecasting and lead generation to promotional optimization. To create an advantage, companies will need to consider shifting their analysis to cloud-based systems to enable the combination of customer transactional data with external signals. 34 consumer financial journey: data at each step Student loan First teenage debit for university card for parental allowance Sallie Mae, SoFI Greenlight, Step, GoHenry First job out of college with payroll Car loan account, bank account Carvana, AutoFi Chase, Wells Fargo Wealth investment Home mortage Vanguard, M1 Rocket Mortage, Finance Better.com ALTERNATIVE DATA PROVIDES A FRESH VIEW INTO FINANCIAL HEALTH SHARE VISIT PG 24