The FinTech industry has undergone significant transformation over the past few years. Once viewed as a broad category encompassing everything from digital payment solutions to data companies, the sector is now shifting toward greater specialization. As companies and services evolve, the focus is moving from broad service offerings to delivering precise and impactful solutions that meet specific business needs. A key factor driving this shift is the importance of data quality.
In a recent interview with PYMNTS, Hany Fam, CEO of Markaaz, discussed how data quality is reshaping FinTech-business relationships, signaling a more focused and effective approach to serving businesses. He emphasized the shift from a generalized view of FinTech to one where specialization and utility are key. According to Fam, the broad categorization of FinTech companies as “disruptors” is no longer adequate to describe the diversity of services offered by companies today.
Fam highlighted that one of the biggest challenges facing businesses today is poor data quality, particularly when it comes to verifying information about trading partners and business relationships. Even the largest enterprises often struggle to verify the data they collect, with Fam noting that many companies can only verify about half of the data they gather. This problem is even more pronounced for small and medium-sized businesses (SMBs), which often lack the resources to maintain accurate, real-time information on their business relationships.
Markaaz aims to address this challenge by providing a platform that enhances data verification and quality for SMBs. According to Fam, businesses and FinTechs are increasingly recognizing the value of outsourcing data management to platforms like Markaaz, rather than attempting to handle the complex task of verifying information on their own.
The Markaaz platform improves data quality by leveraging a constantly evolving directory of over 542 million businesses worldwide. By integrating data from over 65,000 sources, Markaaz offers a centralized platform where enterprises, banks, and FinTechs can streamline their onboarding processes, monitor compliance, and verify business data. This helps reduce the inefficiencies and risks associated with inaccurate or incomplete business information.
What sets Markaaz apart is its real-time updates and ability to incorporate user-contributed, non-public data, which helps businesses maintain the most accurate and comprehensive information available. The platform’s goal is to provide a trusted, reliable resource for businesses to not only update their data but also gain financial insights and connect with providers in the financing space.
Fam also emphasized that trust is a critical element in the relationship between businesses and the services they use. “Trust does not come automatically,” he said. “It has to be earned and re-earned on a day-to-day basis.” In this context, utility plays a vital role. Businesses must see tangible value in the services they use in order to trust them fully.
The Markaaz platform aims to build that trust by offering utility—ensuring businesses can rely on the platform to maintain accurate data, update information, and connect with the right partners. As Fam noted, the ability to provide such utility will foster a sense of confidence, which in turn can help strengthen business relationships across industries.
Looking towards the future, Markaaz plans to extend its data capabilities beyond the realm of business-to-business interactions. Fam noted that one of Markaaz’s long-term goals is to align with governments worldwide by providing them with accurate, up-to-date business data to inform policy and decision-making.
Markaaz’s platform architecture is designed with transparency in mind, ensuring compliance with data-sharing and privacy regulations. Fam emphasized that the platform’s “golden record” concept, which tracks every business—active or inactive—sets the foundation for broader data-sharing opportunities, including with governmental bodies, without compromising data privacy standards.
As the FinTech sector continues to evolve, businesses will increasingly rely on specialized solutions that can offer accurate, real-time data to facilitate smoother, more efficient relationships. Markaaz is positioning itself as a leader in this space by addressing the challenges of data quality and verification, providing businesses with the tools they need to navigate complex international business landscapes.
Hany Fam’s insights underscore the importance of utility and trust in the evolving world of FinTech, and Markaaz’s platform is poised to play a significant role in ensuring that data-driven solutions remain at the heart of business success moving forward.
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