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PITTSBURGH BUSINESS TIMES FEBRUARY 21, 2019

This startup hopes to modernize banking insights


JULIA MERICLE
TECHNOLOGY REPORTER
PITTSBURGH BUSINESS TIMES

Imagine if you could look out and see a map


of this entire area—said Nate Tobik, gesturing
through the big windows of his space in AlphaL-
ab at the East Liberty cityscape beyond— and on
that map you could see data on all the banks in
the area and their customers with over half a
million dollars in lending.
According to company CEO Nate
Names. Amounts borrowed. Interest rates. Tobik, CompleteBankData can
Loan terms. Pending real estate listings. modernize the way banks do
business across the board.
Tobik, CEO and co-founder of Complete-
BankData, said he’s created just that, with his
subscription-based software startup.

CompleteBankData collects massive amounts


of information from sources including the FDIC
and the Federal Reserve and then provides banks
with real-time market statistics. The company,
founded in 2012, is part of AlphaLab’s current
software allows bankers the insights to become that is looking to grow they only have a limit-
software accelerator cohort.
a player in the local banking ecosystem without ed amount of time,” said Tobik. “You spend so
shuffling top talent around. much time prospecting and then working with
“The data we have is public and stuck in little
the customer to see if you can underwrite this
different places,” said Tobik. “Deeds are stuck at
Tobik said the startup can help bankers tar- loan, and if they are credit worthy. We dramati-
county court houses all across the country. The
get maturing loans and other events that may cally reduce that prospecting time.”
bank data is from the FDIC. There are real estate
listings. We are able to pull that nationwide and lead customers to switch their bank as well as
then put it together,” said Tobik. “Bankers know analyze competition. It’s a proactive approach Currently, CompleteBankData is made up of
these things exist, but it is very hard to get.” rather than reactive, said Tobik. Tobik and his co-founder Eric Fingal and they
work out of space at AlphaLab. Tobik said the
Tobik said the company’s software aggregates Traditionally, bank success is relationship- only money the company has raised so far is
the information and presents it to subscribers in driven, said Tobik. Bankers know accountants from AlphaLab.
a series of customizable charts, graphs and heat and lawyers who they depend on for insights
maps. into the loan market. Subscriptions are available most places in the
U.S. with the exception of Texas and some other
“When we show this to people who are lend- “Those relationships become valuable after, areas in the southwest.
ers at a bank they are just shocked,” said Tobik. say, 30 years,” said Tobik. “But if you are try-
“I had one person sit down and play with this ing to get into the market or if you are looking Tobik has a background in software develop-
for a couple minutes and said ‘I feel the same as to grow beyond those relationships it is hard to ment and selling investment research. He shifted
what I felt like when I first saw Yahoo! In 1995.’” cultivate. It’s like, I want to meet new accoun- his attention to banks in 2012, when he breached
tants and then maybe in five years it will pay off. the subject to Fingal.
CompleteBankData can modernize the way This could pay off today.”
banks do business across the board, said Tobik. “I said ‘I think we could write this in about
Much banking business comes from real es- two weeks,’” said Tobik. “This is going to be an
The software tools can assist bankers looking tate agents. It’s another area where bankers tend easy thing. About six months later, we had com-
to grow into new markets. Whether a brand- to be blind to whether they are getting the worst pleted it and realized that instead of a little tool,
new bank setting up shop or an established bank or best loan deals, said Tobik. CompleteBank- we had built the beginning of a business.”
launching in a new location, Tobik said a com- Data allows bankers to see who referred what
mon method currently is to recruit top bank- business to what banks. Upon future growth, Tobik hopes to eventu-
ers away from other banks in the area. He said ally take the company into the direction of risk
the data available through CompleteBankData’s “That becomes important because for a bank management for banks.

This article appeared in the online edition of the Pittsburgh Business Times on February 21, 2019.  It has been reprinted by the Pittsburgh Business Times
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