As the term goes, “Data is master of all”, indeed, it has the potential to modify the entire sector. It is correct that the company now holds huge volumes of big data on almost everything today; using this data to create decisions, therefore, yet remains a problem.
With whole sectors becoming automated over the last three decades, it became feasible to register and plan all company associations; certainly, there developed software to account for everything – from user information and accounting to marketing and regulatory bodies.
Therefore, all that big data could presently be utilized beyond a variety of company settings thanks to the rise of the application programming interface system, which gives the required connective tissue to assist the flow of big data between disparate software. Despite the before-mentioned paradigmatic changes, nevertheless, there still continued restrictions limiting various enterprises from using big data to make prompt and reliable decisions.
How can big data be utilized to build faith?
Assume user onboarding, for example. Even as conventional monetary institutions give mobile banking services, allowing new users to develop accounts from their online devices, their user onboarding procedure is still registered with obstacles and problems.
As regulatory bodies, monetary institutions must authenticate the identity of their users – a vital yet important step that extends the user onboarding procedure. Usually, users are estimated to physically visit a bank branch or place to submit their IDs for authentication;
in other circumstances, they may be required to send scans of their identity documents for identity document verification. Each of those circumstances does damage to the phrase “mobile banking” because the setting, in a query, isn’t digital in the whole understanding of the time.
Even with extensive amounts of big data available, safe authorization to authentic data sources for identity verification can be a problem in the present’s online economy. As a consequence, several monetary institutions have been reluctant to extend into new markets easily since they cannot establish faith with clients who cannot be authenticated.
Big Data and the “unbanked”
Even in nations that are online-centric, there are thousands of individuals who are “unbanked” or “underbanked”, arising for several purposes. One cause is the loss of conventional identification forms.
In case, more than 1 billion individuals require a formal identity document, which makes it approximately difficult to open a bank account and acquire authorization to significant monetary services.
Therefore, of the over 120 countries that have digital passports and the more than 60 countries with official identity document cards, their access to artificial intelligence and blockchain technology varies greatly, pointing to a desire for uniformity in a presently messy situation.
Despite these problems, advancements in artificial intelligence technology and ML are making the gateway to developing real-world outcomes by digitizing detecting patterns in big data, especially on the ground of digital ID verification.
Application Programming Interface paving the way ahead
Presently, we’re observing better big data analysis, which is pointing to quicker and more precise identity verification. This is also advancing the needle on more robust regulatory compliance procedures and methods, allowing monetary institutions to reduce risk without affecting the onboarding experience.
Additionally, the latest application programming interface is raising the ability to efficiently verify and authenticate people who are performing transactions, buying or dealing online. The application programming interface can assist companies in swiftly authenticating people and minimize scams in today’s online, borderless economy. With these technological advancements, monetary institutions can develop and expand into new markets, rather than where that user lives.
We are now alarming a new period of the data economy for verified identities, which will give a meaningful and much-required global influence where more people in more countries can become a part of the monetary system. As a consequence, we are taking a huge leap toward monetary involvement.
The answer to global monetary inclusion and minimizing extreme need, along with sustainable advancement for monetary institutions, lies within online identities and big data, joined with an application programming interface. With an application programming interface, businesses can gain authorization to information sources from across the globe to authenticate the identity of their user, allowing them to take hold of further possibilities and develop quicker.
Eventually, we are entering a period where big data can be estimated and structured to present greater value when leveraged with blockchain technology, developing a truly global data economy.