Winner of Tearsheet’s Best New Alternative Data Product: Facteus’ Enlightmint
- The chaos caused by the current pandemic requires new data analytics tools to understand what's happening and chart a path forward.
- Facteus' Enlightmint is the winner of Tearsheet's 2020 Award for Best New Alternative Data Product.
Tearsheet recently recognized the winners of our 2020 Data Awards. We're running a short series on the winners and other top applicants as part of our ongoing coverage of financial data. Tearsheet's Resilience Awards are currently open for submissions.
Tearsheet's New Alternative Data Product Award is intended to go to the best new alternative data product on the market. Our judges looked at submissions against 4 criteria:
- Creativity
- Innovative thinking
- Consumer value
- Results related to KPIs
The context
COVID-19 turned the economy upside down in 2020. Business and economic models built on years of regular, expected economic data were thrown out the window and people across all industries were grappling with ‘what’s the new normal?’
The product
Launched in April 2020, Enlightmint is an analytics tool that brings transactional data sourced directly from financial institutions and payments companies to business and financial analysts. The product was developed by Oregon-based Facteus, a provider of actionable insights from financial data.
Enlightmint tracks billions of consumer transactions across more than 730 merchants and 270 public companies.
Enlightmint enables analysts to study:
- Three years of historical transaction data on over 15M active cards, including from Millennials, Gen Z, and early adopters of innovative financial products and technologies.
- Spending trends, transaction frequency and velocity, purchase price movements, competitive set analysis, and demographic and cohort segmentation.
- Transaction data on a state or urban level
Organizations like the Federal Reserve, Opportunity Insights, management consulting firms, and academic researchers from universities use Enlightmint to help inform fiscal policy, business investments, and how financial services and payments companies can best serve consumers during this crisis.