CLOUDTWEAKS CONTRIBUTOR PROGRAM

Join the CloudTweaks thought leadership contributor program which includes a customized profile, branded identity page, newsletter marketing, social amplification and more...

The program is currently available to consultants, influencers or executive level contributors.

robo banking

2 Fastest Growing Areas – Fintech Banking And Investment Services

Fintech Banking And Investment Services

Knowingly or not, we’re all constantly leaving massive data trails behind us, many of which are linked to our finances. From credit card payments to online orders to mobile bill splitting, the range of fintech applications that make our lives easier are constantly collecting data about our financial habits and behaviors. But this big data isn’t just gathering dust in silos; instead, it’s opening up new opportunities for the financial industry to create products and services that better suit the needs of their clients and advance the overall efficiency of the industry. The big data market is continuing to mature, and two of the fastest growing areas are banking and investments services, a clear indicator that fintech is more than a trend.

Big Data and Finance Evolutions

Today’s finance professionals use big data to speed up and improve insights; though too much low-quality data is a hindrance, having access to the right kind of information, and the tools to properly employ it, can positively affect financial and trading strategies. However, as much as data can advance the careers of finance professionals, it also increases the possibilities of automation, thus taking financial roles out of the hands of people and leaving them up to machines. Algorithms used to automate trading and produce profits are improving and in some instances already offer speeds and accuracies that humans can’t match.

Fintech Banking

Big data and fintech have also had a significant impact on the culture of the financial industry with a shift towards a more entrepreneurial or startup mindset occurring. Data is further providing the key to improved employee retention and support; the value of unrestricted and collaborative environments is being recognized, and with it the encouragement of innovation. Organizations are creating customer-centric ecosystems through better use of data, resulting in personalized financial products and services that foster loyalty.

Finance, Big Data, and Data Analytics

The constructive evolutions of big data and fintech are founded primarily on data analytics, a technology that is changing the way businesses in all categories are run. Data collection provides the fundamental materials, but analytics processes make it possible to draw insights from this raw material and offer meaningful results. It is, however, often easier said than done, with a range of challenges facing organizations that wish to deploy data analytics programs. Currently, finance departments most often drive analytics through businesses, but there’s still much work to be done in upskilling staff to manage analytics processes. Changing cultures to recognize the value of data analytics and encouraging different departments to implement the analytics processes and insights into strategies is a hurdle many organizations are still tackling.

Fintech, Data & Governance

But implementing data analytics strategies, and achieving staff buy-in, isn’t the end of the road. Governance issues around fintech and data are more regularly coming to the fore, and we’re likely to see these barriers increase as organizations begin frequently employing fintech and big data. Not necessarily a drawback, improved governance has the ability to better secure data, ensure privacy is correctly overseen, and safeguard consumers who tend to know less about finance and the technologies being offered by the various providers. Appropriate governance and regulation also help protect the organizations utilizing big data and fintech by effecting necessary structures, procedures, and appraisals that ensure safe and appropriate uses of new technology. All in all, the aggravation that might be caused when attempting to align with regulations and governance policies will typically be dwarfed by the security it ensures.

The potential for big data in finance is evident, the tools and strategies are continuously advancing, and governments and regulating bodies are starting to catch up. It’s certainly still a challenge for many businesses, but one that’s more regularly being undertaken and allowing quicker innovation and evolution of the financial industry as a whole.

By Jennifer Klostermann

Jennifer Klostermann

Jennifer Klostermann is an experienced writer with a Bachelor of Arts degree majoring in writing and performance arts. She has studied further in both the design and mechanical engineering fields, and worked in a variety of areas including market research, business and IT management, and engineering. An avid technophile, Jen is intrigued by all the latest innovations and trending advances, and is happiest immersed in technology.

The Lighter Side Of The Cloud - Mobility
The Lighter Side Of The Cloud - The Fog
The Lighter Side Of The Cloud - Resolutions
The 3% Edge: How Data Drives Success in Business and the Olympics

The 3% Edge: How Data Drives Success in Business and the Olympics

Data Drives Success in Business A recent Bloomberg BusinessWeek article entitled “The Tech Guy Building Wearables for America’s Olympians” profiles ...
Cloud Communications Security: Whose Business Is It, Anyway?

Cloud Communications Security: Whose Business Is It, Anyway?

Cloud Communications Security Don’t count on cloud providers to provide all your UCaaS security It’s official: Unified Communications-as-a-Service (UCaaS) has ...
Infosec thought leaders

Cryptocurrencies and Ransomware: How VDI Can Help Defend Against the Next Ransomware Attack

Cryptocurrencies and Ransomware The WannaCry ransomware made headlines back in May when it crippled hospitals across the UK and put ...
Google Cloud Platform: Enabling APIs

Google Cloud Platform: Enabling APIs

Enabling Google APIs The Google Cloud Platform is a comprehensive tool that helps companies manage their IT resources. Completing software ...
Winning the data intelligence game

Winning the data intelligence game

Data intelligence A case can be made that every company is now a data company. But, it is the effective ...
Protect Against Network Failures

Five Things Organizations Can Do To Protect Against Network Failures

Protect Against Network Failures It is no surprise that whenever there is an outage in a public or private cloud, ...
Infosec thought leaders

Beyond VDI: How the hybrid cloud is forcing us to rethink an industry

Beyond VDI (Virtual Desktop Infrastructure) Before I start this blog, I want to get something off my chest. Here it ...
12 Promising Business Intelligence (BI) Services For Your Company

12 Promising Business Intelligence (BI) Services For Your Company

Business Intelligence (BI) Services Business Intelligence (BI) services have recently seen an explosion of innovation and choices for business owners and entrepreneurs. So many choices, in fact, that many companies aren’t sure which business intelligence company to use. To help ...
Top 50 Cloud Hosting Services

Top 50 Cloud Hosting Services

The methodology behind our top 50 cloud list is based on several years of experience understanding and following who the key players are in the industry. Click to review the current top 50 and stay tuned for future discussion ...
12 WordPress Managed Hosting Services

12 WordPress Managed Hosting Services

WordPress Hosting Services WordPress hosting services has exploded in popularity as a blogging tool and content management system in recent years, and is now used by more than 23.3 percent (2018 Edit: 53%) of the top 10 million websites worldwide. Due ...
Free Report: "Gartner Report: 2018 CEO Survey"

Free Report: “Gartner Report: 2018 CEO Survey”

Deep discipline is required for digital business. Read the full report to learn how to: Prepare for more deeply disciplined exploitation of the digital business changes ahead, Lock the leadership into winning through digital business, Drive business model changes and ...
HTML5 Speed Test

HTML5 Speed Test

HTML5 SPEED TEST SERVICES There is no made-for-all solution when it comes to optimizing a website for speed, and while putting a cloud platform in place is a good start, every cloud startup should ensure that they have an optimization ...
Load Testing Tools

Load Testing Tools

Provided is a short list of load testing tools which will test server and application resistance and certainly valuable in order to help test and tweak your company's infrastructure ...