Big Data has been a growth area for quite some time, but I believe within the next 5 years, it will grow leaps and bounds. With new data sources emerging daily, and companies looking to capitalize on selling their ‘exhuast’ data, it will be even more important to have fintechs who can deliver value from that data…not just on the visualization side, but in helping makethe data actionable. Using predictive analytics to anticipate big events and in many ways, building the crystal ball that Financial Insitutions have been longing for, for so many years! Merging data sources, normalizing and linking data correctly will continue to be a challenge as well.
How do you feel consumers (or if more relevant for your firm – businesses) are adapting to the facet of fintech that your company operates within?
Financial Institutions widely vary in how they are adopting the use of data. Some firms are still grappling with solving internal data challenges, while at the other extreme some companies, like sophisticated Hedge Fund Managers and large buy side firms, have been using alternative data to drive algorythmic trading for years. What is constitent across the industry is that finding the right data, demonstrating it’s value to the business and integrating it into the business processes is still a challenge for everyone. Logically, we understand that the more you enrich your own data, the more powerful the data set, the better the decision-making. Most financial institutions are really focusing on finding the right Fintechs to partner with to help them expedite their adoption of new data sets. Those who strike the right relationships quickly have seen the results!
Mirella has worked in top tier Financial Institutions for over 20 years, leading product development and business expansion in the US and Internationally. She joined Bitvore in 2019 to lead Product Innovation and Management. Previously, she worked at JPMorgan Chase where she led the Insurance division within the European Wealth Management practice.