Big Data In Fintech Solving The Bigger Purpose
Experts hail the gains that institutions are savouring with the use of big data, along with the government taking significant steps in driving the entire narrative forward
The synergies between fintech and big data are growing at an incessant speed, propelling significant transformations, improvements in customer satisfaction and streamlining internal procedures at financial institutions. Having invested in big data and its tools, institutions are able to gather profound insights into customer behaviours, preferences and patterns, tailor products with a previously unattainable precision, and improve personalisation levels.
Some of the most potent benefits of big data in fintech include better decision-making, timely fraud detection and prevention, an elevated consumer experience, risk management, cost reduction, etc.
Big Data's Untapped Potential
At the fourth edition of BW Businessworld’s Festival of Fintech, experts took centerstage to deliberate on the many facets of big data sets in fintech. Sneha Walke, Founder, The Little Things Co. quipped that one of her recent bank interactions was entirely automated yet efficient at the same time. “There is a good combination of technology and human intervention that is making an impact,” she says.
It is evident that, with big data in the picture, there is less opacity in the BFSI sector. Agreeing that fintech is solving a larger purpose for the sector, Sandhya Vasudevan, TiE Bengaluru Board Member and Chair FinTech SIG, Independent Director and Ex MD Deutsche Bank & Thomson Reuters shared, “In the last 10-15 years, the speed of change and the agility with which it is happening have been driven largely by big data. The combination of speed, volume of data and looking at solutions with a completely different lens is making a huge difference. And as new technologies emerge in the sector, you will see more and more of it.”
The Government’s Efforts
Not many know about India’s National Quantum Mission, which aims to seed, nurture, and scale up scientific and industrial R&D and create a vibrant and innovative ecosystem in quantum technology (QT). This is not only accelerating QT-led economic growth, nurturing the ecosystem in the country, but also making India one of the leading nations in the development of quantum technologies and applications (QTA).
Reena Dayal Yadav, Founder, Board Member, and Chief Executive Officer, QET Council of India (QETCI), further explained how the National Quantum Mission has kept aside money for core research so that the country is set for the long term. “In 2023, around Rs 6,000 crore was announced for an 8-year time frame for research, development, and research for commercialisation. The one thing they have done differently is the clear outlining of deliverables. While the focus is on research, the deliverables are the products. This is an attempt to bridge the gap between research and commercialisation,” she pointed out
