Despite the COVID headwinds, the Tucson-based financial technology company, Clear Core signed an alpha partner this month, validating a market need for clean data that leads to actionable insights and accelerated data-driven decision making.
“This is a huge milestone. We brought Clear Core to market just as COVID became a national emergency, but this proves there is a market need for data insights,” said T. “Buck” Strasser, founder.
Pyramid Federal Credit Union serving its 17,000 membership in the Greater Tucson area, signed with Clear Core to become its data analytics provider earlier this month. As a non-profit, member-owned financial institution, Pyramid was attracted to Clear Core’s value and new approach to cleaning data, according to CEO Ray Lancaster.
Lancaster said, “working with a local-based company like Clear Core that has the technical know-how and the understanding of a community-based financial institution was paramount in our decision for partnership.”
This alpha partnership allows the two organizations to work closely together, closer than a normal service provided relationship. Clear Core built its data insight product, DRIVE based on the several decade combined experience of its founders. However, this relationship allows for quicker iteration of new features that provide value to Pyramid Federal Credit Union and the broader market.
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“Over years of working with community financial institutions, we’ve learned what the basic requirements are, but this partnership allows us to iterate much faster and deliver better strategic tools – just when they’re more important than ever,” said Ray K. Ragan, Clear Core co-founder.
Clear Core founded in 2019, is a financial technology company and resident at the University of Arizona’s Center for Innovation. The company focuses on automatically cleaning a financial institution’s data before running it through models and displaying it in easy-to-use data visualizations and graphs. This approach allows Clear Core to deliver faster and more reliable results than anything else on the market, according to Strasser.
“Data-driven decision making is critical to the future of any organization, but with credit unions and banks, it’s harder because of years of poor data quality, but we automatically clean it up,” he added.
Clear Core uses several approaches to clean data, including machine learning and AI. After the initial automatic data cleaning, Clear Core uses additional information like the U.S. Census to provide a community financial institution a comprehensive view of their data.
Source: Clear Core / Finextra