AI and Big Data for FinTech & InsureTech

Big Data – Last Sunday I was at big retail store in Harare. It was a busy day because it was month end and people got paid. Grocery shopping was in full swing, I also bought some groceries for my self. When I was in the queue for payment and collection, I saw almost every one making payment either by swiping the magic plastic card or struggling on their mobile handset by punching few numbers etc. AILabPage team did some brainstorming session on same. Below post is around the same.

 

Cash Payments vs Electronic Payment – Source of Big Data

A smart BigData factory should take smart approach to costly, sensitive, critical asset and maintenance for data management.

AI and Big Data for FinTech & InsureTech

During our in lab brain storming session what was evident was;

  • The electronic payment queue moves faster compared to the cash payment queue.
  • Card swiping and mobile payments generating huge amount of data.
  • The scene in store looks like data production factory running restlessly.
  • What was happening in that store besides the payments?
    • Data, More Data, Lots of Data so called BIG DATA was getting generated.

Now if we relook at above points to think about information security and customer privacy. We will realise that without the right Information-Security and encryption solution in place; big data is a very big problem as well. What AILabPage propose and advocate for is DataIntelligence with DataSecurity as prime goals for any data factory.

 

What is Big Data?

“What is Big Data”. I am sure most of us knows the answer already; “A term used for huge amount of Digital Data which is mostly in unorganised and unstructured format because it is captured from different sources”.

 

Read More =>

 

 

 

 

About the Author V Sharma

Specialised in Financial Technology(FinTech), Artificial Intelligence for Fintech. Mobile Financial Services (Cross Border Remittances, Mobile Money, Mobile Banking, Mobile Payments), Data Science, IT Service Management, Machine Learning, Neural Networks and Deep Learning techniques in FinTech. Mobile Data and Billing & Prepaid Charging Services (IN, OCS & CVBS) with over 15 years experience. Led start ups & new business units successfully at local and international levels with Hands-on Engineering & Business Strategy.
%d bloggers like this: