As technology becomes more advanced, so does the amount of insight and information we can glean from it. Even the most basic payment processing startups will offer some sort of analytical service that would be of some tangible benefit to the merchant.
The Internet of Things walks hand in hand with Big Data and the larger financial institutions are actively seeking ways to harvest and analyse that data.
Analysing vast amounts of data will have obvious benefits to the banking industry such as customer experience, anti-fraud protection, and optimized experience.
Seven out of ten financial firms around the world believe analytics give them a competitive edge, whilst there will be a 26 per cent increase in Big Data expenditure between now and 2019, according to data from Aureus Analytics.
The infographic below provides a breakdown of how financial institutions are using Big Data.
Coinable became the latest cryptocurrency exchange company to receive a licence that allows it to operate in the state of New York.
Wirecard has partnered with Apple Pay in France to launch boon, its mobile payment application.
It’s no secret that customers increasingly prefer to use mobile banking apps to manage their cash ‘on-the-go’ over online banking.
The increase of ATMs installed away from bank branches is being driven by factors including banks' efforts to be more cost-effective, and the rise of independent ATM deployers, new research from RBR suggests.