How Big Data Analytics, AI and Machine Learning is Being Leveraged Across FinTech

I am sure that you have heard of one of the only profitable FinTech unicorns in the world: Klarna. A customer making an online purchase enters only their email address and zip code on an e-commerce merchant site to buy an item. Klarna pays that merchant immediately and then collects the amount due from the consumer within 14 days. Imagine the amount of work the engines in the background are doing. Today, I will be talking about that area/segment a bit. The use of analytics in its many forms – big data, data science and many more – is not a new concept in FinTech. The growth in data or data explosion is a function of multiple technological advancements. Adoption of cloud, mobile technologies, apps, wearable devices, intelligent/smart networks, and Internet penetration/usage are some of the major factors for growth in overall data. To put this into perspective, IDC estimated that the digital universe is doubling its size yearly and would reach 44 ZB in 2020 from 4.4 ZB of data generated in 2013. It also forecasted that the big data technology and services market will grow at a 26.4% compound annual growth rate to $41.5 billion through 2018, or about six times the growth rate of the overall information technology market. The abilit ...

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