Big Data's Impact on Fintech

BIG DATA’S IMPACT ON FINTECH

RAZI SALIH

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The rise in big data’s value to the fintech (financial technology) industry has led to the emergence of various solutions that are helping enrich the customer experience. Some of these solutions are concepts in development, while others are already providing results for fintech stakeholders.

Secure Payments

Better Customer Experiences

The increased collection of consumer data is helping fintech companies develop advanced algorithms and payment solutions that help to reduce fraud and hackings.

This is largely due to the ability of big data to provide more granular details on transactions that can help identify potential loopholes.

Combining big data with e-commerce and social media data is helping companies enrich the customer experience.

For example, Twitter is working on potentially providing a purchasing channel through its existing platform, something that could evolve into a much bigger service. Faster payment solutions and integration with the Internet of Things (IoT) are

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some of the benefits consumers could enjoy if big data is used in this manner.

Personalised Services In the same way that online live chats have helped make the customer service experience more personal, fintech can use big data to provide personalised experiences that could lead to improved sales and technology adoption.

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