Big Data’s Role in Modern FinTech Industry

Data is revolutionizing almost every domain of software products globally. The FinTech industry has also utilized data to transform technologies with improved business outcomes for customers and stakeholders.

Regarding FinTech industry modernization, 360factors participated in a webinar panel of four FinTech experts. Carl McCauley, CEO of 360factors, discussed business models, experiences, and ideas regarding “data in products and how they are changing the FinTech world”.

FinTech industry data usually consists of money transactions of consumers, credit debit card payments history, investments records, etc.

FinTech data is gathered, stored, and analyzed to forecast customer behavior and provide products with optimized and personalized customer services.

CEO 360factors Carl McCauley highlighted that where Artificial Intelligence (A.I.) and big data have greatly accelerated the pace of development in the FinTech industry, it also comes with challenges of unreliable data security.

Additionally, Carl McCauley also weighed in when asked about how he sees the future of the FinTech industry. With the growing use of data, he responded that he seeks a lot of growth in the FinTech industry, especially the banking sector, as their transactional data could be used to help investors to make the right decisions.

Moreover, customers can get a range of banking services that are personalized such as online loans and mortgage schemes without ever going or talking to the banking personnel. Briefly, the FinTech industry will be the face of banks in the future.

Concluding, we can say that Big data has provided FinTech service providers with new business ideas and domains in the ever-growing competitive market. One can seek loans without going without hefty paperwork at banks.

As Big Data grows in popularity among FinTech firms and becomes more predominant in the sector, it will become the lifeblood of numerous corporations. FinTech will be better able to deliver continuous service to their clients across all channels because of Big Data insights. Are you interested to know how your organization may derive value from risk and compliance with Big Data? Contact us for a demo on Predict360, our American Bankers Association-approved risk and compliance management platform.