In this 168th episode of Fintech Impact, Jason Pereira, award–winning financial planner, university lecturer, writer, and host interviews Dan DeMers, CEO and Cofounder of Cinchy, a next–generation data–management platform that utilizes data fabric with the end goal of data autonomy!
Episode Highlights:
- 0:43 – Dan DeMers introduces himself and Cinchy.
- 2:27 – What was the problem that Dan was trying to solve when he started Cinchy?
- 5:05 – Dan and Jason discuss the nature of code and the realization of data as a core asset.
- 6:56 – Jason and Dan explain why the silo system is not scalable.
- 10:09 – What are the hurdles and limitations of data lakes?
- 11:48 – Dan explains “data fabric” and what problems it solves.
- 15:21 – Jason and Dan discuss the relation of Metcalfe's Law to data fabric.
- 17:33 – Dan and Jason explain the value of data and what it means to every individual.
- 22:14 – What kind of reception has Cinchy gotten from the major institutions that it works with?
- 26:52 – Jason and Dan explain why we are on the cusp of a generation of people who all do some form of coding.
- 29:31 – If Dan could change one thing in his industry, what would it be?
- 31:29 – What has been the biggest challenge of getting Cinchy to where it is today?
- 32:29 – Dan explains what excites him the most about his work.
3 Key Points
- Roughly 50% of all IT budgets go to integration and data management, including APIs and all the byproducts of data being fragmented.
- Data lakes are filled with fragmented and unorganized data with quality issues that allow you to do analytics at best because it is all just a copy.
- Acceleration of low–code and no–code has put the world on the cusp of a generation of which everyone knows how to code to some degree.
Tweetable Quotes:
- “We’re so used to a world where data is siloed and it’s subservient to an application.” – Dan DeMers
- “If you ever have to rekey something into two different systems, it’s a failure.” – Jason Pereira
- “If I have to pay my vendor to access my data, is it really my data?” – Jason Pereira
- “You have to take the action. It’s not going to fix itself. The data is not going to self–repair, sadly.” – Den DeMers
Resources Mentioned:
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