The next-generation data strategy has been shaped by demand from its clients for faster access to actionable market insight and industry trends, while using data to enhance artificial intelligence (AI) functions and efficiency.
Tredwell joins from Shawbrook Bank and has over two decades of experience in the mortgage sector, particularly across data, reporting and analytics. He has worked for start-up companies and established organisations, including serving as a founding shareholder of The Mortgage Lender (TML) before its acquisition by Shawbrook.
In his new role, Tredwell will report to David Espley, chief technology officer.
Finova said that with nearly £50bn in loans and savings under management, and powering a fifth of mortgages in the UK, the company was positioned to leverage its data. Tredwell will be responsible for developing this strategy, working with its lender and broker clients to collate anonymised data responsibly to support business product performance and competitor positioning.
Its strategy will also use data to power scalable, AI-driven technology to deliver better outcomes for brokers, lenders and the wider financial services market.
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Gareth Richardson, CEO of Finova, said: “Tom brings a rare combination of deep mortgage industry expertise and extensive experience across data and technology and will play a pivotal role in building the scalable, well-governed data foundations we need to develop better products, improve efficiency and deliver greater value for our clients and their customers.”
Richardson said data was becoming an “increasingly important strategic asset across financial services”, especially as the industry realised the potential of AI.
He added: “For example, the government’s smart data initiative highlights the potential of secure, interoperable data sharing, estimating that smart data for home buying could generate £14.1bn in net social value and contribute £2.06bn annually to UK GDP by 2043.
“This is an opportunity we cannot afford to ignore, and at Finova we are fully aligned with the government’s ambition to harness data securely and responsibly to drive innovation, improve decision-making and deliver better outcomes for end consumers.”
