There’s quite a bit of talk about fintech and financial data, but what exactly do these two terms stand for? Continue reading below to find out what they stand for and what they’re used for.
Financial data are sets of information related to the financial health of a person, business or market. This could be assets, real property, personal property, tangible property, intangible property, liabilities, debts, equity, shares, price quotes, research reports, annual reports, payments, account status, credit history etc.
With this information provided by financial data, you can make decisions regarding the allocation of resources, forecast future trends, analyse business performance and determine whether tactics and strategies must be used, anticipate customer behaviours, and create strategies.
If you’re interested in using financial data, you can find a list of financial databases here.
Financial Technologies, or Fintech for short, uses technology to improve finance related activities, such as making financial services more accessible to the public. They often originate from various independent service providers of which at least one needs to be licensed by the central bank. The interconnection of financial data goes through open APIs and open banking and is supported by regulations such as the European Payment Services Directive. The most known technologies applied in FinTech are artificial intelligence (AI), big data, robotic process automation (RPA), and blockchain.
Interested to get to know all the different Fintech solution providers in your neighbourhood? You can find a map with almost all of them here.
Curious to find out more specific practices on how to use financial data and fintech yourself?
Join the DataOps Ghent Meetup Thursday 25th February 2021.