Now more than ever, data represents the lifeblood of an organization. This is especially true for companies in the banking and payments industry handling multiple data sources. So what happens when that data is siloed, segregated, and cloudy?
We sat down with Adwait Joshi, founder and Chief Seer of Atlanta based DataSeers, to learn how companies can make better sense of their data.
Tell us a bit about yourself and your background in FinTech.
I used to be a consultant in the payments space and realized I was solving the same problems over and over again. Something had to be done. I knew I couldn’t make five of me, but I could make a product that could be replicated easily. I’m originally from Mumbai. I went to school in Upstate New York and then came to Atlanta. I love my city.
Tell us about DataSeers and who you can help.
We serve a broad spectrum of clients. Thanks to disruptors like Square Cash and Venmo, everyone’s moving towards prepaid. The typical companies and banks that issue these prepaid cards are smaller in size because there is a lot of money to be made. They don’t have the tools they need to handle the volume, velocity, and variety of these programs.
What makes your company different, and what do you do well?
One of the things we do very efficiently is look through data and tell you if there is undetected fraud. In other words, do you have any consumer on your platform that claims to be someone who he/she is not or exhibits behavior that will potentially lead to fraud? Fraud has advanced in many different ways. Nobody gets a card and starts acting fraudulently immediately because they know they’ll get blocked. They play with the system and test it over many months.
How has it been finding tech talent for your FinTech company?
One of the things we do really well is work with universities. We recently held a hackathon at KSU. The idea was to find the top five smartest people at the college to solve a problem—and we did! We continue to work with them. If you go at a grassroots level, you find two things: extremely hardworking and passionate individuals.
How can we help support and help you succeed?
We have a very unique technology set at DataSeers. We use the same technology that LexisNexis uses—HPCC Systems®. The sad thing is, there are not a lot of people out there that know this technology. They don’t know that, in many ways, this system is being used across the world. Some very powerful people use this technology, but because this was a well-kept secret up until 2011, there’s not a lot of people out there who know it. Now we’re starting to teach this technology as community outreach.
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