Data has changed in a way that its speed and amount has greatly increased. In this new scenario, financial service firms must deal with continuous flow of data. They are used to deal with their internal and structured data, but much more unstructured data is generated from outside sources.
Using new data-related technologies, these firms can gather useful insights that might lead to better business decisions.
Though financial service firms could not completely recover from the 2008 financial crisis, the Big Data revolution offers new opportunities for profitable growth. And these firms are really enthusiastic to use it, as inform many researches that pointed out that a major part of these firms are exploring Big Data and predictive analytics and they think that these technologies are critically important to their business. This has lead them to make increasing investments in broader financial technology, specially with FinTechs.
The capability to extract insights and add value from data is changing leadership roles within financial service firms, as data is no longer an exclusive IT-related issue. CFOs (Chief Financial Officer) are taking responsibility for obtaining and analysing data and sharing insights with business teams.
Data-driven decision making, enhanced productivity and efficiency, discovery of new business opportunities and risk and regulatory management are some of the new areas where CFOs can expand their roles.
Nobiletec is a multi-national consultancy firm specializes in B2B, B2C and P2P FinTech solutions.