Fintechs consider data biggest innovation barrier – report
The vast majority of fintechs regard data issues as being their biggest technical challenge, according to a report from InterSystems.
The survey of 500 senior decision makers in fintechs from 12 countries found that 81% of respondents saw data issues as their biggest challenge, followed by security (40%) and cloud support/multi-cloud deployment and administration (39%).
According to Intersystems the top three priorities for fintechs in 2022 are improving security, updating IT infrastructure and improving the customer experience.
Almost all respondents (91%) said they plan to invest in new technology, with more than half (51%) looking to spend more on cloud and 48% on data management. Some 45% of respondents reported plans to implement artificial intelligence and machine learning solutions.
Investment in data fabric technology was also cited as a future technology investment by 42% of fintechs. This new architectural approach will allow fintechs to connect data silos and gain a consistent, accurate and real time view of enterprise data assets.
However, significant barriers to implementing new technology are still evident. More than half (54%) of respondents cited a lack of flexibility within their current environment to integrate new technology, and 51% notes a lack of internal expertise or skills.
On 10 March TechCentral and InterSystems will host an exclusive lunch to discuss how fintechs and the financial services sector can work together to deliver a competitive edge using data.
Register your interest in joining our TechLeaders Roundtable – What’s the return on your data? – at The Ivy, Dublin on 10 March – click here