Bassim Haidar, Founder & CEO, of Channel VAS discusses Big Data and the fintech

While it is a cliché to observe that data is the gold of the 21st century, few have considered the role of processing in this metaphor: raw data must be processed to become precious.

At the scale of most businesses, the volume of data is too great for humans to handle, so we must turn to data science.

This is especially true in today’s current situation as more people turn to technology to stay connected and keep their businesses afloat. Big data processing allows companies to complete complex tasks like risk assessment, providing financial access to groups of people who were previously inaccessible.

Nascent big data technologies such as machine learning have already been applied in fintech.

At Channel VAS, we apply big data processing techniques to our micro- and nano-finance solutions and enable lenders to provide credit to the underbanked at greatly reduced costs.

Such techniques are still in their infancy, but as they continue to advance over the coming decade they will further empower fintech firms to serve new customers, especially in the developing world, and leave an indelible mark on the global financial landscape.

Read more at Fintech Magazine here.

Share Link: