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By Claire Bendig

With technological growth comes limitless data sources. The question is: how can massive amounts of data aid the flow of business?

Jacob Sorensen, CIO at Bank of the West, named three key factors in how businesses manage data during a panel discussion at the Benzinga Fintech Summit Sept. 28.

“Break down the data, centralize the data, and know exactly who your customer is.”

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David Aferiat, cofounder and managing partner at Trade Ideas, moderated the panel on big data, which also included Raj Neervannan, chief technology officer and cofounder at AlphaSense, Rob Pfeifer, the chief risk officer at Affirm, and Sorensen.

Sorensen said the financial institution transcribes voice calls and uses artificial intelligence to identify areas of customer need.

AlphaSense’s Neervannan also touched on the importance of targeted community engagement and understanding a customer base.

In order for successful community engagement to be achieved, a company must define its audience and the appropriate data to share, he said.

Check out the entire 23-minute conversation in the video below:

Photo: David Aferiat, cofounder and managing partner at Trade Ideas, left; Rob Pfeifer, chief risk officer at Affirm; Raj Neervannan, chief technology officer and cofounder at AlphaSense; and Jacob Sorensen, chief information officer at Bank of the West, participate in a big data panel at the Benzinga Fintech Summit Sept. 28.