With its huge data pools centralized, the fintech can now derive insights quicker and make data-driven choices more quickly.
A Hong Kong-based financial technology startup—providing smart payment solutions and forex tools for fast and efficient international and multi-currency transactions in Asia and Europe—has now adopted a unified cloud data platform to integrate their data into a single source in order to facilitate seamless data harmonization.
This digitalization strategy is seen to enable its business teams to leverage data insights with confidence.
The Visa-funded fintech firm Neat previously relied on an in-house IT system built upon a siloed database while working with various external software vendors. According to Giorgio Galvan, Data Lead, Neat: “One of our main challenges as a team was data gathering. With a number of tools and data sources across various platforms, our team spent a significant amount of time gathering and analyzing siloed and raw data. Moreover, the COVID-19 situation has accelerated the movement of small and medium enterprises (SMEs) to (the online space). To support our growing customer base, we needed to give our data analytics a boost for improved decision making.”
As a digital-only company, Neat set a goal to integrate its data in a reliable and secure environment. With its huge data pools centralized, the fintech can now derive insights quicker and make data-driven choices more quickly.
“We are seeing a tremendous improvement in terms of turning data into insights. The time spent on data gathering has been significantly reduced which gave us more time to focus on value-added work. This has resulted in improved productivity and better customer experience,” added Galvan.
By partnering with a suitable cloud data platform, Snowflake, Neat is now able to integrate its data and leverage assets for business growth. As a next step, the firm is looking to operationalize machine learning models and build its own applications. “The process to set up the system was seamless and it took less than a week to get the system up and running. Furthermore, the flexible pricing model allows us to maximize our resources by paying only for the storage and compute resources that we use. As Neat expands, we are confident that Snowflake’s scaling capabilities can future proof and support our growing business requirements,” added Galvan.
According to Geoff Soon, Snowflake’s Managing Director for South Asia: “Neat offers valuable alternative digital tools and products for start-ups and SMBs to thrive under the new economy. With our cloud data platform, we are able to support Neat with their mission to build a dynamic and frictionless business environment for entrepreneurs through technology.”