Big Data for FinTech & InsureTech
Abstract – Last Sunday I was at big retail store in Harare and it was a very busy day due to the fact it was month end and people got paid. Grocery shopping was in full swing, I also bought some groceries for my self. When I was in the queue for payment and collection, I saw almost every one making payment either by swiping the magic plastic card or struggling on their mobile handset by punching few numbers etc. The electronic payment queue was moving fast compared to the cash payment queue where I saw only a handful of people with just one/two small item/items. The thought came to my mind out of this whole picture was “Whats happening here besides the payments through mobile and plastic”? Data, More Data, Lots of Data so called BIG DATA was getting generated.
Introduction – Without the right security and encryption solution in place; big data is a very big problem. A smart Big Data factory should take smart approach to this costly, sensitive and critical asset maintenance and management. Before we go further let me explain un short what is Big Data, I am sure most of us knows the answer already; Big data is term that means a huge amount of Digital Data. This data is unorganized and unstructured because it is capture from different sources. So it is difficulty to analysis. For instance cardholder data should be managed in highly secured data vault, using multiple encryption keys with split knowledge and dual/triple control. In todays time with the help of Artificial intelligence, data security took another angle where now actual data is mapped to dummy data and actual data never gets into internet black hole as this data store cannot be connected to/via the internet but remains at back seat. A data thief would not be able to make use of information stolen from a database without also having multiple level of keys.
Main Story – Big data presents a tremendous opportunity for enterprises across multiple industries especially in the tsunami like data flow industry of “Payments”. FinTech, InsureTech, MedTech are major data generating industries i.e massive group of factories. According to some data from Google it shows technology based innovative insurance companies pays $0.60-$0.65 of each dollar in claims, with the rest covering costs of admin, marketing and reinsurance. Next questions were “Who owns this data?”, “What is the use of this data?” and “How secure is this data?”. My payment data with all my sensitive information is it secured and in safe hands? What about privacy of my sensitive information?. Thousands of questions started spinning my head. There is a massive scope of big data security. This presents a significant opportunity for disruption. With improvements in technology which anyways happening every day without demand and this will bring reduction in each of these cost items.
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