Over half of Fintechs seeking data storage alternatives

According to a new report by FINTECH Circle and Bulk Data Centers, Fintech companies en masse are exploring new data storage infrastructure alternatives

The new report, which provides an invaluable insight into the interrelationship between Fintechs and data centres, has revealed that the majority of the sector is either exploring or planning to explore alternatives to their current data storage infrastructure. 

The report has been conducted by FINTECH Circle, in partnership with Bulk Data Centers.  Entitled The Data Usage Barometer, it surveyed senior executives across the Fintech and financial services sector.

Over a third report a 50-100% increase in data usage and storage needs

Within the report, over half of survey respondents said their company had explored or plans to explore alternatives to their current data storage infrastructure. 

This trend has been fuelled by a number of key factors. 

Firstly, over a third of survey respondents have seen an increase of 50-100% in data usage and storage needs, over the past three years alone. 

What’s more, over a third of the survey respondents predicted growth of at least two times in the next three years, with half of that group expecting an increase of more than five times.

Alongside this, the report demonstrated that the global finance industry is becoming increasingly reliant on data and energy-intensive technologies, with AI expected to be the technology that will be most vital to future growth. In fact, two-thirds of respondents said AI will be vital to their future growth. This is followed by ML, which was named by 41%.

Then, sustainability is also set as a key factor in the industry’s move towards new data storage alternatives. Half of the respondents said they are concerned about their company’s environmental impact and an even higher number agree that lowering their firm's carbon footprint is an ethical concern. 

“From embedded finance, digital assets including cryptocurrencies, trading platforms, and global payment solutions, fintech is disrupting and reshaping our lives,” commented Susanne Chishti, CEO of FINTECH Circle. 

“Central to this growth is where companies process their large volumes of data, and our survey shows that the majority of companies have explored or plan to explore alternatives to their current data storage infrastructure.”

“Fintech has taken off in recent years and the sector is revolutionising our relationship with financial services. At its core, is the focus of ‘fintech for good’, which is based on the power of the sector to improve society and to be a custodian of sustainable products and services,” added Warren Barrie, Director of Bulk Data Centers.

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