Financial technology has been booming in recent years, especially with major changes and more widespread acceptance of cryptocurrencies like bitcoin and ether. With governments gaining quick interest in these cryptocurrencies, data is a major driving force in the financial technology realm. Tech Bullion explains big data’s important role in fintech because “complex financial information and user data are involved which need to be properly analysed and protected.” Even social media-based user analysis can impact loan acceptance and default rates. With more data generated every year than the year prior, we can expect big data to continue to play a major role in the financial industry.
Check out the top ten big data companies impacting fintech!
DefenseStorm provides banks and other financial institutions with the agile security and ability to enforce compliance with cyber security policies that they need. DefenseStorm was founded in serving the financial sector, and they continue to do so by offering customizable searches and real-time security alerts. DefenseStorm monitors every device on a network simultaneously in order to assure security operators that everything is policy-compliant.
Understory offers insurers and agriculture specialists real-time information about strong storms and accurate data regarding the weather so that insurers and agriculturists can make decisions and account more realistically for the risk involved, resulting in lower costs of operation.
SensiBill provides banks and other financial institutions the ability to give their customers access to receipts directly from their bank or other accounts. Users can access these itemized receipts through the SensiBill platform that integrates with their financial services provider of choice helping consumers remain more engaged with their banks.
InForcePro aggregates life insurance policy information for both consumers and providers so that both parties can review their satisfaction and potentially seek out other, more profitable opportunities. InForcePro also offers businesses access to areas where they may have better marketing opportunities in the consumer's’ daily life.
First Access provides average consumers with an alternative to credit scores monitored and maintained by the traditional credit bureaus. First access focuses on giving businesses simple and reliable data that they can use to make decisions regarding credit, making loans, or determining the size of loans made to their customers.
Grow is a software services provider for enterprise level clients that are looking to begin offering Fintech solutions to their customers. Grow helps traditional service providers like banks become hybridized Fintech service providers so that they have better odds of adapting to the quickly changing finance landscape.
Sift gives e-commerce vendors the ability to protect themselves against fraudulent activity such as intentional chargeback fraud, spam, direct account attacks, and fraud in many other forms. Businesses send Sift users’ account action data which can be used to detect potentially compromised identities or accounts. Sift incorporates machine learning and data mining to offer real-time, behavior-based defense against fraud for e-commerce providers.
Kreditech offers a Credit-as-a-Service model to individuals with little-to-no credit history. Their service can be integrated with their partners as a potential payment option, allowing users more freedom in how they pay for products or services online. Kreditech was founded to help individuals without a strong credit history plan their expenses and build a reliable financial track record.
Nimble provides customers with small, short-term repayment loans that can be approved in minutes. What makes Nimble so disruptive is their ability to make reliable, consistent loan decisions in under an hour, and then the repayment term is over within a matter of days to weeks, instead of dragging on for several months or years.
Qineqt provides investors with actionable data that has been analyzed and collected from a deep data repository to help them make the best financial decisions. Qineqt also helps investors scale their decisions at virtually any speed that they may need based on the information available. Their mission is to build the world’s largest data archive for their clients.