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Streaming analytics influence the new generation algorithmic and prescriptive systems to drive the unceasing evolution of digital financial services.
FREMONT, CA: The millennial financial service companies are looking forward to transforming their operations into real-time and software-operated businesses. Financial industries are going through massive digital transformation in the face of market volatility and shift in regulatory requirements. Stream processing is designed to offer a paradigm change for data processing in the future finance sector. According to experts and analysts, financial services spend on big data technologies will surpass $14 billion in 2021, a 55% rise since 2018.
Stream processing allows banking financial services industries to react to information uniquely. This enables to benefit from real-time insight with 24/7. These data-driven applications enable businesses to respond to changes and alerts instantly. Traditional analytics looks in the rear-view mirror at data lakes to evaluate what already has happened. Streaming analytics, on the other hand, parse what's happening in-the-moment and leverage technologies that work on data as it is moving.
With the introduction of open banking, banks' customers are now able to use third-party providers to manage finances. Fintech companies have started exhibiting a significant competition to the finance industry. Innovation and a personalized experience are now faster for customers. Financial services organizations have customers who process billions of transactions daily. In capital markets, streaming analytics can be used for live trade flow monitoring. Real-time data processing enables a company to create a more tailored product offering to customers. Streaming analytics will be an essential new digital infrastructure tool to ensure smooth and safe operation.
The future of the finance sector is digital, and digital financial business has to be informed of real-time conditions to predict and work on opportunity and threat at the moment. Stream processing mitigates the work involved in reporting to regulatory bodies by automating and streamlining the process. Streaming data architectures allow compliance departments to continuously process information in real-time, thereby avoiding any potential fines by regulatory authorities due to non-compliance.