Fintech companies are lending and processing money in greater sums than ever before, initiating new financial models that could restructure entire economies in the long-term. This explosion of tech in the financial sector presents a powerful opportunity for consumers who are increasingly gravitating towards digital processes, but for the fintech providers themselves, let alone the major financial institutions, this also introduces an array of new potential pain points that could redefine the way they procure and implement services.
While fintech startups pursue grand visions for disrupting the future of finance, major financial institutions must maintain a clearly defined perspective on how new technologies impact the needs of their customers who are seeking more personalized and cutting edge services.
Fintech and real-time business intelligence are necessary complements in that this combination alone allows the incredible innovation to continue while maintaining the high standards demanded by so sensitive an industry. By enabling providers and the institutions themselves to understand the vast data passing through their systems and to engage with it in real time, the innovation pipeline can be maintained while keeping together the integrity of the wider industry.
Business Intelligence as the Backbone of Fintech
Big data is fundamental to the financial industry as it enables business to more effectively deliver, adapt and market their services. Yet, traditional analytics and BI solutions deal with historical data, not this minute or even today’s data. In addition, due to its limitations, it typically looks at only a subset of all of the available data. These limitations yield at best delayed and at worst incomplete results.
Take the example of digital payment processing company Stripe which requires constant monitoring of their system to engage the growing number of e-commerce businesses entering the market. With such a high volume of transactions at any given time, monitoring for potential glitches like fraud or faulty systems is crucial as companies need to know what is happening at any given time.
Payment processing is at the core of every e-commerce site, so much so that one issue can cause a ripple effect that puts the reputation of more than one company is at stake. The combination of incredible scale and the inherent sensitive data created by fintech services shows the immense problems that arise when all metrics aren’t effectively monitored with the near inevitable delay necessitated by standard BI solutions.
Managing All the Moving Parts
Fintech companies looking for the top level perspective on what their data means have been begging for a solution which enables them to work with real-time business analytics and incident detection so they can understand normal versus irregular patterns as they occur.
Until now, they have been forced to continue the search for the BI company that can solve their quandaries or have been driven to develop their own in-house solutions – a costly and time consuming prospect.