The use of Big Data and AI in financial management services and related industries has grown astronomically in recent years. A large number of financial services companies, including banks and insurance services providers have taken to Big Data analytics to develop an agile, customer-centric, and digitally transformative ecosystem for themselves.
Here are the top fintech specific applications that use Big Data and AI ML training.
Financial Data Management
Financial data is the most prized resource for any fintech company today. A large number of organizations, including the traditional lending and risk security assessment companies are using Big Data based financial data management platforms to design, develop, analyze and draw insights from their historical and real time data extracted from various sources. The rampant use of digital payments, mobile wallets, and credit cards has facilitated these fintech companies to exemplify the Big data applications like never before.
What kind of financial data do these companies use for analytics?
To secure their respective market positions and extend lead over the competitors, fintech companies try to use Big Data to build and deliver new products in a faster time, keeping in mind that clients are looking for secured financial data management platforms. As a fintech analyst with Big Data training, you would be working with DMS and ECMs from top vendors, including Oracle, SAP, and Tableau.
AI for Back-office Support
Backlogs affect every industry, but the way it hurts financial services providers is very well known. For example, consider the retail banking companies, who are constantly found to be lackadaisical in their approach to automating back office operations, including KYC updates. Now, things are changing.
Big Data management teams are now bustling with AI programmers who are helping fintech companies monitor and manage the process and increase overall workflow efficiencies, allowing managers to train their eyes on high-value tasks, like customer interaction and sales.
Fraudulent transactions were always part of the industry — letting criminals run away with billions of dollars through advanced threats. Cybersecurity challenges, including the recent spurt of events in ransomware, phishing, and ID thefts can only be understood and fought if we have a clear understanding of fraud detection techniques built using AI and Big Data management. Afterall, criminals are pursuing big data to steal resources.
Education on Financial Services
Educating customers and service providers is a tough task. Especially in the rural areas where the general population is not even literate to understand what various financial benefits they can avail using various services! That’s why Big Data online courseis so helpful for educators who can target such rural areas to spread awareness.
Some of the recent trends in the fintech sector, especially in risk assessment, legal and compliance, and user privacy have led to the adoption of advanced Big Data training modules in the financial services domain. A fintech analyst certified by a top Big Data online course provider can approach the industry with a lot more confidence which always help them in the future for better career growth.