Issues with data prevent fintechs from improving service offering and adopting next-gen technologies according to new survey of over 500 decision-makers
Eighty-one percent of global fintechs cite data issues as the biggest technical challenge they face, with almost three-quarters (74%) of fintechs whose solutions are in the early adoption phase and almost all (85%) of those with an established offering or whose products have large scale adoption see it as their biggest technical challenge.
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“While the complexity of cloud and its costs are major challenges for fintechs, especially as they grow, if they take the right approach to cloud deployments, these organizations can reap significant rewards and deliver those back to their end customers”
According to research commissioned by InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, these struggles are split between leveraging data for analytics, machine learning, and artificial intelligence (41%) and connecting to customers’ applications and data / legacy systems (40%).
Security was also found to be a significant challenge for 40% of respondents, followed by cloud support / multi-cloud deployment and administration (39%).
The survey of over 500 senior decision-makers at fintechs across 12 countries, including the UK and Ireland, North and South America, and Australia and Southeast Asia, found that cloud tops the list for over half (51%) of respondents adopting new technologies in the next 12 months. This is followed closely by plans to invest in data management technology (48%), artificial intelligence (AI) and machine learning (ML) (45%) and data fabric technology (42%).
“While the majority of fintechs currently face significant data challenges, it’s encouraging to see many of them are looking to implement data management technologies like data fabrics to overcome them,” said Mike Hom, Head of Financial Services Solutions, InterSystems. “This is an important step for both established and emerging fintechs, as getting their data in order will ensure any new data-related initiatives they undertake, such as implementing AI or ML, prove effective and worthwhile. By picking the right data management solutions, fintechs can also gain access to those more advanced technologies and analytics capabilities that are so desirable.”
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