TECHNOLOGY
Infrastructure changes required However , there will need to be swift changes implemented sooner rather than later . Although 5G has already been rolled out in pilot areas globally , there are still relatively few apps that require its features . Similarly , the commercial sector will also have to implement a number of changes to facilitate the new technology .
Devgan points out that most edge sites don ’ t have the space for hardware infrastructure based on servers in data centres . However , he believes this problem can be resolved by running a streaming engine - which can handle both historical data ( data at rest ) and data in motion ( such as browsing products on an iphone ).
“ These capabilities are essential for the ingestion , transformation , distribution and synchronisation of data streams as soon as they are created ,” he says .
" It ’ s also crucial that a data streaming tool has a streamlined code base - in other words , that developers don ’ t have to write complex applications to handle those multiple data streams .
“ Another prerequisite for fintechs seeking to individually-target services for consumers through instant data processing at the edge is better use of system memory . This breakthrough can be achieved by pooling memory for applications using sets of networked , clustered servers - this approach enables the infrastructure to share data structures with other applications running in the cluster .”
The future face of finserve With all this in mind , predicting the trends and innovations that will take place in the finserve space over the next decade , is no easy task . But experts have their suspicions in terms of where the key developments will take place .
Cipot says , “ In a decade , I anticipate paper money will have disappeared . In its place , payment methods via smart devices will be the standard , preferred payment method — even over and above card transactions . We ’ re already seeing many regions of the globe moving in that direction rather rapidly .”
White agrees , but also points out that the new technology will provide endless opportunities for customers to enjoy tailored products that provide complete flexibility . “ Financial service providers have a huge opportunity to provide the seamless , secure and personalised services that today ’ s consumers crave . But doing so will require a digital transformation . They will need to simplify their business and operating models to enhance customer service and structurally reduce cost .”
As data volumes and connectivity increases , he says we can expect to see new developments such as predictive modelling to prepare for ‘ what if ’ scenarios , automation of front-end sales and customer facing environments and customer care being enhanced by selfservice functionality .
White adds , “ Having the right IT infrastructure to enable fast , secure and seamless connections will be critical for success .”
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