TAG FinTech Releases Comprehensive Data Analytics/Big Data Research Report
ATLANTA, GA – March 20, 2017 – TAG FinTech, the financial industry group of Technology Association of Georgia (TAG), released a 16-page Data Analytics/Big Data Research Report last Friday. The report, based on primary research and sponsored by RightCourse and Vesta, looks at the state of data monetization in the Georgia-based FinTech community and was reviewed at a TAG Lunch and Learn event on March 17 where an expert panel discussed the results.
TAG FinTech launched an initial study in 2014 to determine the current data analytics capabilities, and where it will be by 2020. This research was revisited and expanded in late 2016 with the help of the Georgia Tech’s Scheller College of Business. The results show that Georgia-based FinTech companies are making important progress in this critical growth area . Report highlights include:
- Revenue generation – about half of the new data analytics projects underway are revenue-generating – a significant increase over 2014.
- Firms are better focused on data – 58% of respondents believe their organization is more data-centric than in 2014.
- While Risk Management and Fraud Prevention continue to lead data analytics investments, other functions within the FinTech organization such as the Call Center, Customer Service, IT, Sales and Marketing are getting stronger.
- ROI from data analytics programs is improving at FinTech companies.
- Management commitment to data analytics investments is improving.
- FinTech executives are maturing their thinking on how to productize and monetize data analytic services.
- Data analytics investments are up – FinTech organizations are investing more in their data analytics capabilities – from technology to improving skill sets.
- Competitiveness – 52% of respondents in 2016 believe their organizations are very competitive in data analytics solutions, and 38% believe their organization will be ahead of competitors by 2020.
For complete details, please download the report here http://www.tagonline.org/tag-fintech-big-data-report/.
“We saw some very positive progress in some key operational areas, but a need for further improvement in others,” said Don Campbell, Managing Principal, RightCourse. “On balance, as the march toward 2020 continues, we envision a Georgia FinTech community that will truly be empowered through data.”
About TAG FinTech
TAG FinTech was founded in 2010 to address the specific needs of companies, individuals and investors serving the financial industry both domestically and abroad. Financial technology or FinTech encompasses products, solutions, services and information providers, which drive decisions, process payments and facilitate transactions for financial institutions. Georgia FinTech company revenues are more than $34 billion annually, which places the state third in the nation behind New York and California. Together, the banking, insurance and capital markets consistently spend more on technology than any other industry. For more information about TAG FinTech, see http://www.tagonline.org/chapters-and-societies/fintech/.
Georgia Tech’s Scheller College of Business
Established more than a century ago, the Scheller College of Business has a distinguished history as part of a world-renowned technical research university. The College is internationally recognized as a leader in business education that’s grounded in a deep understanding of how advances in technology affect the way business is conducted. Scheller provides undergraduate, graduate, doctoral, professional, and corporate education for some of the future’s brightest business leaders, equipping them with the analytical skills to assess opportunities and apply appropriate technologies for a competitive advantage.
About The Technology Association of Georgia (TAG)
TAG is the leading technology industry association in the state, serving more than 35,000 members through regional chapters in Metro Atlanta, Athens, Augusta, Columbus, Macon/Middle Georgia, and Savannah. TAG’s mission is to educate, promote, and unite Georgia’s technology community to foster an innovative and connected marketplace that stimulates and enhances a tech-based economy.
The association provides networking and educational programs; celebrates Georgia’s technology leaders and companies; and advocates for legislative action that enhances the state’s economic climate for technology. TAG hosts over 200 events each year and serves as an umbrella organization for 33 professional societies. For more information visit the TAG website at http://www.tagonline.org/.