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Financial technology (Fintech), is one of the fastest growing areas in technology. When you make payments online, you the consumer, the ecommerce company, as well as the financial organisation are all using Fintech to make the transaction happen. Senior Business Intelligence Manager Graeme Reed explores how Data Science and Fintech work together.

Fintech has evolved and disrupted almost all aspects of financial services, from payments, investments, and consumer finance, to insurance, securities settlement, and cryptocurrencies.

With 53% of the global population being internet users it’s no surprise that 90% of the world’s data was generated in the last two years, and a chunk of that by Fintech.

Data Scientists are now working at finding trends and meaning in this data. Financial institutions understand the importance of mining data from debit and credit card transactions, purchase history and patterns, mode of communication and brand loyalty.

In 2017, the number of debit card payments outstripped the number of cash payments for the first time providing a record amount of data on how people shopped and what they bought, when and where. Acting on this as well as insights from internet banking data, social media and mobile phone usage for banking can all improve the service provided to customers.

On top of this, Accenture’s 2018 survey of Financial Services customers revealed that 74% would share personal information with Financial Service providers in return for added benefits and a more personalised service.