 Fintech Ireland Map Supporter, Intersystems, has today released its research survey of over 500 senior decision-makers at fintechs across 12 countries, including the UK and Ireland, North and South America, and Australia and Southeast Asia.Data has Become the Biggest Technical Challenge for 81% of Fintechs Worldwide
Issues with data prevent fintechs from improving service offering and adopting next-gen technologies according to new survey of over 500 decision-makers ETON, UK., 26th January 2022 – Eighty-one percent of global fintechs cite data issues as the biggest technical challenge they face, with almost three-quarters (74%) of fintechs whose solutions are in the early adoption phase and almost all (85%) of those with an established offering or whose products have large scale adoption see it as their biggest technical challenge. According to research commissioned by InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, these struggles are split between leveraging data for analytics, machine learning, and artificial intelligence (41%) and connecting to customers’ applications and data / legacy systems (40%). Security was also found to be a significant challenge for 40% of respondents, followed by cloud support / multi-cloud deployment and administration (39%). The survey of over 500 senior decision-makers at fintechs across 12 countries, including the UK and Ireland, North and South America, and Australia and Southeast Asia, found that cloud tops the list for over half (51%) of respondents adopting new technologies in the next 12 months. This is followed closely by plans to invest in data management technology (48%), artificial intelligence (AI) and machine learning (ML) (45%) and data fabric technology (42%). “While the majority of fintechs currently face significant data challenges, it’s encouraging to see many of them are looking to implement data management technologies like data fabrics to overcome them”, said Mike Hom, Head of Financial Services Solutions, InterSystems. This is an important step for both established and emerging fintechs, as getting their data in order will ensure any new data-related initiatives they undertake, such as implementing AI or ML, prove effective and worthwhile. By picking the right data management solutions, fintechs can also gain access to those more advanced technologies and analytics capabilities that are so desirable.” The levels of investment into these technologies do differ in relation to the maturity of the organisation, with the more established fintechs focusing more on data management (49%), cloud (54%) and data fabric initiatives (44%). Meanwhile, those fintechs whose offerings are still in the early adoption phase are more likely to prioritise investments in AI and ML (51%). This indicates that more established organisations are focused on overcoming the data issues they are facing before considering implementing new technologies like AI/ML, which rely on data. These investments are being driven by a number of different initiatives:
Rabih Ramadi, Head of Financial Services and Insurance at Unqork, an enterprise-grade no-code platform, commented, “Investing and integrating with the next generation data management technologies such as InterSystems is a top priority for us to ensure that our applications offer vital bidirectional, real-time data integration with our customers’ legacy systems. With such capabilities, data is no longer seen as a challenge but rather a critical differentiator empowering our customers to innovate faster to meet their business goals.” However, it was found that a number of fintechs still face barriers to implementing new technology, with a lack of flexibility within their current environment to integrate new technology (54%) and a lack of internal expertise / skills (51%) cited as the largest. Looking at their offering, 39% of fintechs surveyed offer a cloud-based managed service available in multiple public clouds and almost a quarter (23%) offer a hybrid application. This prevalence of cloud is despite 39% of respondents previously saying cloud support is one of their top technical challenges. This is a problem felt across the board from start-ups to established players, which could point to issues such as vendor lock-in, lack of real-time cloud availability and a shortage of expertise in security, cost-management, data-locality and integration of services. “While the complexity of cloud and its costs are major challenges for fintechs, especially as they grow, if they take the right approach to cloud deployments, these organisations can reap significant rewards and deliver those back to their end customers,” added Hom. “Boosting training and knowledge, along with building their offerings on cloud-first solutions that avoid vendor lock-in and which can be implemented within a hybrid environment will allow fintechs to increase agility, scalability, and security and ensure that their solutions appeal to a wider customer base.” About InterSystems Established in 1978, InterSystems is the leading provider of technology for critical data initiatives in the healthcare, higher education & research, finance, manufacturing, and supply chain sectors, including production applications at most of the top global banks. Its cloud-first data platforms solve interoperability, speed, and scalability problems for large organisations around the globe. InterSystems is committed to excellence through its award-winning, 24×7 support for customers and partners in more than 80 countries. Privately held and headquartered in Cambridge, Massachusetts, InterSystems has 25 offices worldwide. For more information, please visit InterSystems.com/Financial
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 Check out this upcoming webinar featuring US TechFin Intersystems, co-hosting with Fintech Ireland on the topic of Big Data!
Fintech Future: Banking on Big Data “a 'data driven' approach is emerging across the financial sector affecting institutions business strategies, risk and operations with respective changes in the mind-set and culture still in progress” What: Fintech Future: Banking on Big Data (Fintech Ireland & Intersystems) When: Tuesday 19th January 2021 at 1400 Irish/UK time (0900 US Eastern Standard Time) Where: Online Event Cost: Free Registration: https://intersystems.com/uk/fintechirelandwebinar (or via https://fintechireland.com/events/the-future-of-fintech-banking-bigdata) Description: Fantastic response to and signups for the Fintech Ireland and InterSystems UKI upcoming co-hosted webinar on "The Future of Fintech: Banking on Big Data" with an expert panel of regulator and industry data experts who will discuss the growing importance of this area for TechFin, Fintech & FinServ. A 'data driven' approach is emerging across the financial sector affecting institutions business strategies, risk and operations with respective changes in the mind-set and culture still in progress. Speakers:
Thanks to Simon Cocking & the team at Irish Tech News for covering & publishing articles on the impact of big data & advanced analytics: * Leveraging Innovative Technology To Ensure Success For Ireland’s Fintech Sector - https://irishtechnews.ie/leveraging-innovative-technology-ireland-fintech/ * Fintech Future: Banking On Big Data - https://irishtechnews.ie/fintech-future-banking-on-big-data-webinar/ |
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