Big Data is changing the face of Fintech

The growth of Open Banking has dynamically changed the way people interact with and operate their finances.

With open banking, financial service providers can provide more services for their customers by analysing data from different aspects and sources.

Open banking gives the customers an opportunity to share their financial data with authorised third-party providers using APIs. Financial services providers can use that data to provide more personalised services.

"Open Banking is primarily a regulatory framework to foster competition among banks. By opening up data, it will encourage better services for customers. However, different regions around the world approach this in different ways.-David Andrzejek, Growth Strategy at DataStax.

Customers are fond of open banking as it gives them a greater control over their data and different approaches to broader range of services.

Big data is transforming the way financial service providers operate. By analysing large volumes of data, they can make faster and more informed decisions about their products, services and marketing strategies.

Big data has helped to create new types of financial tools - credit cards with built-in fingerprint scanners; mobile banking apps that can predict when a customer is likely to spend money to target them with relevant offers, apps that help people save money by automatically cancelling unused  subscriptions.

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