The 3 V’s of Big Data in Payments: Volume, Variety & Velocity

 

bigdata

Client Satisfaction, Smarter & Efficient Services and  New Revenue Channels !

Join a top briefing by Jay Patani and learn from best-practice cases globally! Jay will present his 3-V’s strategy for payments: Volume, Variety & Velocity. A dynamic session with ample time to discuss your key questions and share your experience with international industry peers. Do you have already key questions for this topic? Please send them directly to: harry@smorenberg.nl and we will make sure this will be part of the presentation / discussion at GPS 2016!

 

Volume

What is driving the increase in data in the payments industry?

  • Disintermediation means vast volumes of transactions processed on centralised platforms.
  • The on-demand economy
  • More and more transactions being done online
  • Increasing ability to store transaction data (disk space costs have plummeted)
  • Increasing ability to process data (memory costs have plummeted)
  • Internet of Things

What is needed in big data infrastructure terms? Scalable storage eg. Hadoop and other technologies

 

Variety

  • Diversification of Payment Channels: Mobile, RFID on connected Devices, Contactless, Credit/Debit Cards, Cash…
  • Different kind of metadata… 360 view on customer: Transaction Data, Transaction GEO, Merchant Category, Web Click Stream, Unstructure Textual Data, Purchase channel, Social Media, Customer database, Customer complaints
  • What is needed in big data infrastructure terms? Easy integration of different types of data + ability to store and process unstructured, semi-structured and structured data.

 

Velocity:

  • Improve customer service by increasing processing speed of transactions, identifying fraud and preventing chargebacks

What is needed in big data infrastructure terms? A real time processing framework to provide actionable insights instantly.

 

 

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