How Big Data is shaping the financial landscape

The future of digital banking technology looks very promising. In the coming years, we can expect to see advanced technologies being integrated into digital banking platforms. These technologies will enable banks to offer more personalized and secure services to their customers, as well as to develop new products and services that better meet customer needs.

- Aanchal Ghatak

We can expect to see more collaboration between banks and FinTech startups, as both parties seek to leverage each other's strengths to deliver better services to customers.

One trend that is expected to continue is the integration of Big Data into banking systems. This will allow banks to offer more personalized services and improve fraud detection.

The integration of Big Data into banking systems has the potential to transform the way banks operate and interact with their customers. By leveraging Big Data analytics, banks can gain deeper insights into customer behavior and preferences, and use this information to offer more personalized products and services. Big Data analytics can help banks identify and mitigate risks more effectively; develop and test new products and services more quickly and efficiently.

From what we can see, India and the world are embracing digital inclusion in increasing numbers, says Murali Brahmadesam, Razorpay's CTO & Head of Engineering. The rapid emergence of neobanks is a testament to this fact, and according to reports, the digital banking space is poised to increase at a compound annual rate of 23.1% from 2022 to 2030. This indicates a paradigm shift that is characterised by innovation, especially in the mobile payments and digital wallet space."