Globally, some 1.7 billion people are unbanked. Companies can fill this void with banking products and services that can offer significant new revenue opportunities, while at the same time provide a critical social service that can improve the lives of millions.

This article shares some snippets from a recent report prepared by MEDICI in partnership with Aerospike, which focuses on sharing knowledge and promoting interest in NoSQL databases and exploring collaboration opportunities and business benefits derived from NoSQL databases, specifically for the financial services industry.

The banking industry’s digital transformation initiatives are primarily divided into digitization drives undertaken by incumbents, and new digital-only banking models such as challenger banks and neobanks.

This article explores how NoSQL helps in financial crime detection and fraud management.

The evolution of payment systems over the years has culminated in increased demand for instant transaction processing. Consumers are no longer content with slow interbank clearance processes that used to take from a few days for local payment processing to a week for international payments.

The volatility of the stock market caused by the pandemic’s economic fallout has led to an incredible surge of trading by both experienced and new investors looking for financial opportunities. This year, these investors drove a second-quarter retail equity trading volume to skyrocket more than 50 percent from the first quarter.

Technology is changing the customer experience in the financial services industry. Today, customers expect to get everything done in just four clicks – this continuously increasing pressure to meet customer expectations is forcing financial institutions to innovate and introduce digital-first offerings as well as use the latest available technology capabilities to improve their back-end processes.

The world of Financial Services had embraced the concept of the Digital Imperative before the Pandemic changed our ways of lives; but as the world moves online and the amount of data generated grows exponentially, there is now an added urgency.

To make good decisions you need good data. But it’s not enough to have data — it needs to be data that you can get and process in real-time that is most valuable for today’s digital apps and services.

In this blog post we look at the findings in Adobe’s Digital Economy Index, released at the end of June 2020. After we examine their observations of the larger trends, we highlight the key factors that drive success in today’s ecommerce winners.