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.
Daniel Smith, Director of Relationship Management, Basset and Gold interview: “Consumer demand for new and innovative forms of finance is soaring”
Basset and Gold has announced the launch of its new Innovative Finance ISA (IFISA).
Anthony Walton, CEO of Iliad Solutions explores the latest developments and challenges with APIs.
Visa has announced it will be launching a new wearable payment device.
TransferWise has announced a partnership with Starling bank to provide easier international money transfers.