Patrick Koeck is a Chief Operating Officer and a previous Chief Risk Officer in European Smart-data powered lender Creamfinance. Before coming to Creamfinance he tested his mettle in companies such as Alkoe GmbH, the Coca-Cola Hellenic Bottling Company and KPMG Austria, where he focused on database management and Financial Controlling. At the moment he is responsible for improving automation and development of all 5 countries where company is located – Latvia, Poland, Czech Republic, Georgia and Denmark.
Patrick, please tell us a little bit about yourself
My name is Patrick; I work as a COO in the fastest-growing European Fintech Creamfinance in Latvia but I tend to spend a lot of time across all the operating countries. At the moment I’m responsible for improving operational development in all 5 countries where company is located – Latvia, Poland, Czech Republic, Georgia and Denmark. We’re also now about to open an office in Mexico, which is exciting. Before coming to Creamfinance I worked in Alkoe GmbH, the Coca-Cola Hellenic Bottling Company and KPMG Austria, where I focused on management reporting, customer behavior databases and controlling.
What topic will you be discussing during Data Natives Berlin?
I will be talking on Smart Data and its benefits. I believe the topic is both relevant and interesting to the great majority of Fintech startups and scale-ups along with anybody using data sources. If you miss the speech you will not know about the benefits that Smart Data can bring for the company and, believe me, there are many!
What is Smart Data? How does it compare to Big Data?
We all probably have heard of Big Data, which is usually defined by four key elements – data volume, velocity, veracity and variety. Whereas volume and velocity refer to data generation process, veracity and variety deal with quality and type of the data overall. Since the amount of data is huge, one can make conclusions that not all of it is valuable. Smart data starts by collecting data mostly from internal sources which are highly related to the outcome. Therefore, veracity is highly reduced and also the variety is reduced as you gather on your own terms. Overall it results in highly trustable and stable data sources with low level of noises generated by unrelated data.
How is Smart Data being applied to FinTech? What other approaches to data are being applied to create change in this field?
I would say that Smart Data is actually the future of Fintech: it minimizes the effect of data leakages events, focuses on quality (disregards and filters noise) and overall, is a lot more economical. Generally speaking, Fintech is changing very rapidly as technology develops, so companies need to adapt to changes and be flexible to accommodate these occurring changes (e.g. privacy terms of social media, etc.). Generation and aggregation of that data is what the finance industry needs, and that’s where Smart Data delivers.
What do you hope to gain/learn during Data Natives Berlin?
First of all, I want to get acquainted with great minds working in the industry with data, meet like-minded people and expand my network. I am open for new ideas and want to absorb as much news and ideas as possible. In addition that, I’m excited to share my experience working with Smart Data on the big stage during the conference and I’ll be more than happy to spark some discussions! So drop by and say hi if you’re nearby :)
What data-driven technologies are of particular interest to you and why?
Homepage analytics (specifically mouse movements/individual behavior) and statistical methods, especially with R. That’s just my personal and professional interest.
Do you believe that Germany is a strategic market for showcasing data-driven technologies?
Yes, I do. It’s a high-technology market, so it’s natural that the country is cultivating and showcasing data-driven technologies.
How is data driving the FinTech revolution?
Data is the main element within the Fintech revolution. The biggest difference comparing Fintech players to other financial institutions is the ability to change and adapt fast to changes, and generation, aggregation and analytics of the data.
Can you offer advice for others wanting to get involved in this particular field?
Be active & proactive – read, explore, attend conferences, meet experts & try to broaden your knowledge. Start by doing what is necessary, then do what is possible, and suddenly you are doing the impossible.
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Image: Tech In Asia