As the financial market continues to grow in India, more and more resources and tactics are considered imperative to ensure customer satisfaction and safety. The industry currently battles some common and frequent hurdles such as cyber-attacks, evolving customer behaviour and innovation of services. It is vital to address these issues as it facilitates better communication between both parties resulting in quality services/offerings.
The fintech penetration is occurring at a different pace in rural and urban areas. Therefore churning massive amounts of data is essential to curate services that address unique requirements at both levels. There might be certain pointers that are common across all levels, such as offering cyber security for the reason mentioned above.
The application of AI and Data Lakehouse can be monumental in obtaining the desired outcomes. Data Lakehouse is the combination of Data Warehouse and Data Lake. This data management solution is effective in processing the data effectively and efficiently, and can also perform advanced analytics while ensuring cost efficiency.
Data Lakehouse facilitates a single and unified data storage architecture that stores all of the structured, semi-structured, and unstructured data. Since Data Lakehouse is a combination of data lake, it has in-built provisions to accommodate the growing volumes of data as it can scale horizontally. As the financial sector is becoming increasingly dynamic, Data Lakehouse’s predictive analytic capabilities help in seamless navigation.
The storage of data is carried out at a relatively low cost and the solution is also equipped with performance optimisation techniques. Data Lakehouse can carry out fast and efficient querying with the help of techniques such as Indexing, Query Optimisation, and Coaching. This facilitates categorising unstructured data and segmentation while generating real-time insights.
At an enterprise level, vast chunks of data are stored and generated. Data Lakehouse processes this data for a coherent understanding which helps derive conclusions. When this is paired with seamless data processing with the ever-adopting nature of artificial intelligence, a more holistic solution is presented. Data Lakehouse enables a comprehensive view of fintech operations to the entities in the sector. This facilitates better-informed decision-making in real-time. It is designed to cater to and support business intelligence and provide an integrated and historical view of the data.
It also effectively addresses the ad-hoc and per-query basis questions without moving and disrupting the data from the data lake. Data Lakehouse can assist financial organisations in navigating compliance standards by serving as a centralised repository for all data. This makes tracking data easy and ensures that it is used correctly. AI, on the other hand, can accurately detect trends which can facilitate both - problem detection and curating a solution.
Data Lakehouse can help fintech organisations achieve cost efficiency by making use of cloud-based object storage. Thus, reducing the need to purchase multiple storage solutions and also avoiding data migrations as multiple types of data can now be stored in a single infrastructure. Data Lakehouse provides robust data governance tools, which let the fintech enterprises set and enforce data quality policies. With it in place, the data warehouse design enables advanced analytics and reporting on big datasets.
Data Lakehouse offers multiple benefits to the fintech sector such as simple processing of massive data, unmatched flexibility, and cost-effectiveness. More and more organisations are now in favour of Data Lakehouse, driven by its capabilities to provide balanced solutions - combined with data storage and management systems.
The combined implementation of AI and Data Lakehouse can help financial institutions make better and more accurate decisions in terms of risk assessment and serve the users better. As the sector makes its ambitious move to scale up to global projects, AI and Data Lakehouse combined can act as the ultimate solution.