Omnisient wins Fast Company’s 2023 'Next Big Things in Tech' for social good

Omnisient, privacy-preserving data collaboration platform and World Economic Forum Tech Pioneer, has announced that it has been named as Winner for Social Good in Fast Company’s third annual Next Big Things in Tech list, honouring technology breakthroughs that promise to shape the future of industries — from healthcare, banking, and security to artificial intelligence and data.

This year, 119 technologies developed by established companies, startups, or research teams are highlighted for their cutting-edge advancements and potential to impact consumers, businesses, and society overall. A panel of 18 Fast Company editors and writers selected this year’s winners, featuring both industry titans and fledgling brands.

Omnisient was selected from three honorees as the winner of the Social Good category for the impact its privacy-preserving data collaboration platform is having on growing financial inclusion. By protecting consumer privacy and removing the risks traditionally associated with data collaboration, Omnisient is enabling banks and financial services institutions (BFSIs) to collaborate with consumer businesses – such as retailers, telcos, and health & wellness business – to identify behaviour patterns within their consumer data that can inform risk decisions on premiums, underwriting, and credit offers for new clients, especially those previously excluded because they lack data footprints within conventional data sources.

To date, through collaboration on the Omnisient platform with a leading retail grocer, banks have analysed the shopping behavior of eight million people who previously lacked a credit score due to lack of credit history. Of these, 3.2 million individuals who would have historically been denied credit, now qualify for life-changing credit.

“Fast Company’s editors and writers spend every day thinking and writing about innovation and leadership, so their selection of Omnisient as a “Next big thing in Tech” is truly validating for us,” says Jon Jacobson, CEO and co-founder of Omnisient. “This recognition validates the innovative nature of our technology and the methodology we use to discover the kind of ground-breaking insights from consumer data that can lead to transformative change in people’s lives.”

“The Next Big Things in Tech is not just a look around the corner—it’s a look around the corner after that,” says Brendan Vaughan, editor-in-chief of Fast Company. “These are the products and ideas that will define technological innovation for the rest of this decade and beyond—and solve some of the world’s most pressing issues. Each reflects fresh thinking and cutting-edge technology in ways that impressed us.”

Click here to see the final list and here to read the selection methodology.

The Winter 2023/2024 issue of Fast Company is available online now and will hit newsstands on December 5.

About Fast Company<>!

Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. The editor-in-chief is Brendan Vaughan. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication, Inc., and can be found online at fastcompany.com.

About Omnisient

Omnisient’s privacy-preserving data collaboration platform enables banks and financial service institutions to access high-value consumer data ecosystems using advanced Cryptography and AI in a manner that complies with global privacy regulations.

• For consumer businesses like, supermarkets, telcos, gyms and pharmacies, securely joining their consumer data with other businesses’ consumer data amplifies their ability to optimise marketing, strengthen customer loyalty, build new innovative products, and generate new revenue beyond digital advertising.
  
• For financial institutions, it delivers alternative sources of data that optimise cross-sell and upsell campaigns for existing customers and drives lower-risk and more profitable decisions on premiums, underwriting, and credit offers for new clients, especially those previously excluded because they lack data footprints within conventional data sources.
  
• For consumers and society, the ethical use of anonymised consumer data can reveal insights that deliver enhanced customer experiences, cost-savings, as well as life-saving medical breakthroughs, life-changing access to financial services, and financial protection from unexpected events.

Omnisient  was invited to join the World Economic Forum  (WEF) in June 2023 as a Tech Pioneer to contribute to the WEF’s work in growing financial inclusion. Among other international recognition, Omnisient has also won the Africa Bank 4.0 Award for “Most Innovative Financial Inclusion Technology” and was a TechCrunch Battlefield 200 finalist.

Established in South Africa in 2019, Omnisient is enabling more than 80 leading banks, insurers, retailers, and health and wellness organisations to grow their businesses exponentially through new revenue streams and consumer understanding, while driving positive change for consumers and society.