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Finovate Debuts: GoodData Helps Banks Put Their Data to Work

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Every financial services organization produces data, but not all of them organize and “product-ize” the information because dealing with high data volumes is costly. GoodData seeks to help financial services companies monetize their data in a cost-efficient manner.

Blaine Mathieu, chief marketing and products officer, explains: “For us and for our clients, data and analytics are our profit center. We do this by helping you take your data, wrap it in analytics, and product-ize it and then distribute those products securely and on a massive scale.” Mathieu points out that “turning data into insight and finally into action is something we call a smart business application.”

At FinovateFall 2016 earlier this year, GoodData—used by companies across a range of industries—unveiled a product specifically for the financial services sector. The analytics delivered by GoodData help financial institutions personalize applications for clients’ needs, improve customer loyalty, and potentially increase sales.

Company facts:

  • Based in San Francisco
  • Founded in 2007
  • 42% of Fortune 500 companies use GoodData
  • Its network is made up of more than 40,000 global businesses across a variety of industries
29101696883_a1d2b6c568_kGoodData’s Blaine Mathieu, chief marketing and product officer, and Marco Mankerious, senior sales engineer, on stage at FinovateFall 2016.

We caught up with Roman Stanek, CEO and founder of GoodData, for a personal perspective on the company and its future plans.2fe61bd

Finovate: What problem does GoodData solve?

Stanek: The GoodData platform allows enterprises to take their latent data and turn it into a profit center. Customers embed analytics into their existing workflows to distribute customized analytics to their entire business ecosystem. GoodData allows you to launch data products in weeks or months, not years. Our team of experts support enterprises from inception through launch, and with thousands of successful launches we can help enterprises monetize their data assets quickly and easily.

Finovate: Who are your primary customers?

Stanek: GoodData’s primary customers are large corporations who have recognized the value in their data and are disrupting their markets by offering data products to their end users. GoodData works with companies in all verticals with the following industries leading the way: healthcare, media, retail, financial services, travel and hospitality, along with ISVs across all verticals.

Finovate: How does GoodData solve the problem better?

Stanek: By embedding analytics into the business users’ daily applications, thereby eliminating the need to toggle between applications, insight is delivered at the point of action. Given that most business users aren’t analysts, dashboards also provide suggested actions to front-line managers to easily make decisions.

Finovate: Tell us about your favorite implementation of your solution.

Stanek: One of my favorite implementations is with ServiceChannel, a facilities management company that has completely disrupted their market. Along with providing analytics to their customers, they’ve also provided data to the contractors vying for work who would not normally think about data analysis. They’ve also provided predictive analytics to their customers by bringing in weather and geography data to help gauge when they may need to contract for HVAC work prior to large storms or heat waves, as an example. We have dozens and dozens of examples of customers who have completely changed the way their industry looks at and uses data today.

Finovate: What in your background gave you the confidence to tackle this challenge?

Stanek: I became an entrepreneur in the mid-90s, and while there were some difficult lessons learned, as with any successful project, I enjoyed the challenge of building a team and a company. I am constantly innovating in the dynamic, high-tech sphere and have over 20 years’ experience to help guide my decision making.

Finovate: What are some upcoming initiatives from GoodData that we can look forward to over the next few months?

Stanek: GoodData is excited about helping companies building smart business applications to allow all those involved in the business ecosystem access to actionable analytics. We’re also very excited about how GoodData plays a role in AI with our predictive and prescriptive analytics capabilities.

Finovate: Where do you see GoodData a year or two from now?

Stanek: You’ll see GoodData partner with large SIs to expand our network and bring analytics to everyone in the business network. We’ll work with innovative companies interested in disrupting and transforming their industry. And we’ll continue to focus on our AI technology.

GoodData’s Blaine Mathieu, chief marketing and product officer, and Marco Mankerious, senior sales engineer, debuted at FinovateFall 2016: