Helen Farrier, Director at Seagate Technology

Open Banking legislation has forced established financial organisations to look at data analysis and cloud service technologies to improve on their existing customer experiences, a technology expert has claimed.
“Consumers are increasingly interacting with their financial services providers on digital mobile platforms, and this trend shows no sign of slowing down,” commented Helen Farrier, Director at Seagate Technology, which has sponsored recent research from independent analyst firm IDC on the subject. “By 2025, the average connected consumer in the world will have one digital data engagement every 18 seconds – almost 5,000 interactions per day – which gives a sense of scale to the data growth ahead.”
How financial services companies use data will play a key role in how well they are able to adapt and capitalise on this new environment, she added: “New technologies like artificial intelligence, machine learning and blockchain are driving exciting developments in the sector, and data is at the heart of it all,” said Farrier. “For example, artificial intelligence technologies are currently being used to develop automated investment services, using behavioural data to guide decision-making. Such services are now big business, with everyone from small start-ups to large wealth management firms getting involved.”
According to IDC’s research, sponsored by Seagate Technology, the percentage of EMEA data created at ‘the edge’ – primarily by IoT devices – will nearly double, from 11% to 21% of the total Datasphere between now and 2025.
“More investment in IoT data management, and the analytics to make use of it, will be needed, especially in industries like insurance which have the most to gain from the technology,” she concluded. “For example, IoT devices in vehicles or buildings are able to collect data which can then be used to better inform insurance policy decisions. The businesses that get ahead of the curve and prepare today for the technologies and customer experience of tomorrow will be the ones best placed to succeed.”

by Guy Matthews