FinTech Sandbox Gains More Crowdsourced Data as Estimize Becomes a Partner

Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term Sandbox has announced that Estimize has become the program’s latest data partner. A provider of free and low cost financial data and technology services for fintech startups, FinTech Sandbox includes partnership with firms such as Thomson Reuters, Fidelity Investments and Amazon Web Services.

For fintech startups, admittance into the program allows them to benefit from lower or free costs of financial market data during their development period, and when they first distribute their products. Partners of FinTech Sandbox benefit by being able to experience firsthand how fintech innovators are using their products, as well as getting involved early, creating potential long-term vendor to customer relationships.

Becoming a partner, Estimize provides a unique data source for participating startups. Rather than disseminating market data from exchanges and interbank markets, Estimize prepares crowdsourced forecasts for US stocks and economic figures as an alternative to consensus Wall Street analyst figures. The addition of Estimize follows fellow crowdsourced trading data provider, StockTwits, who became a FinTech Sandbox partner in July to avail their social trading sentiment data to participating startups.

Among the current uses of Estimize’s data, the firm has a growing list of Buy-Side Buy-Side The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim The buy-side is comprised of firms in the financial industry that purchase securities and are accompanied by account investment managers, pension funds, and hedge funds.The buy-side is composed of those that buy and invest large sums of securities with the intention of generating a lucrative return or have their funds managed. The Buy-Side ExplainedIn terms of Wall Street, the buy-side includes investment institutions that purchase securities, stocks, or other financial instruments with the aim Read this Term fund users that use the stock revenue and profit data to monitor potential changes in a company’s business. In the past, Leigh Drogen, Founder and CEO of Estimize explained to Finance Magnates that by casting a wider net and taking estimates from their community rather than only from analysts, they can provide greater value in their aggregated forecasts. On average, the crowdsourced figures on Estimize have been found to be more accurate than Wall Street numbers when compared to actual results published by stocks.

Commenting on their participation, Christine Short, Senior Vice President of Estimize stated: “Participation in FinTech Sandbox helps us fulfill our mission of democratizing access to data. We are also pleased to play a part in strengthening the global fintech ecosystem. We believe the startups in FinTech Sandbox today will grow to become core customers in future years.”

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