Role of Data in Financial Industry 2018

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The year 2017 has seen tremendous development in technology. The financial industry has been adopting to newer technologies on various fronts, collectively termed as FinTech services. 

New advancements on the Government systems and processes are done to increase the financial services and promote a cashless economy that showed doors to many FinTech companies.

1. ChatBox

Several Banks in India such as Yes Bank, HDFC and ICICI are using this technology to provide a better customer service. Now this technology is like a 2 to 3 year child but in the forthcoming year there will be a linear development in this technology.

2. Block chain

This technology will decrease the number of fraud in the accounts and increase the transparency in money transfers. This technology cannot be hacked by anyone because of its time stamp based operation.

3. Big Data

It has a vital role in the financial sector. It produces high quality market and trade data. These datas are processing at high speeds to increase its efficiency. In the financial industry, faster movement of data helps in faster trading. It uses various formats to process the data in high velocity.

4. Artificial Intelligence

The role of AI in financial sector helps a lot for employees and customers. They are capable of performing certain tasks with inputs from human. It consumes very less time and helps improving the performance of the employees. AI decreases the amount of human error caused by humans and very essential in repetition of tasks.

5. InsureTech

Insurance companies are adopting FinTech services. Car insurance that uses telematics is the most commonly used service for mobile payment and transfers. It lowers the chance of accident and car theft. A sensor inside the car will sense the various tasks which allow insurance companies to be more flexible.

Data Mining:

Its an approach in which companies turn the raw data into useful information. Businesses can learn more about them and do the marketing, which in case decrease the cost with higher sales. It consists of set of mathematical algorithms to project the future events.

Data can be stored in spreadsheets, databases and some other storage formats. Proper cleaning and Warehousing are very important for data mining.

Data security laws-GDPR:

It is known as General Data Protection Regulation. It is regulation to protect the privacy of personal data of European citizens for transactions that occur within their member states.

It tells the rights of the individuals to control their personal information collected and processed to be accountable for Data protection.

It can increase the brand image, secures the company information, build customer trust among all customers globally.


 

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