It hasn’t been long ago since the time when companies actually realized the importance of Data when making decisions. It is rare to image a time when executives from the top management of a company met and did not discuss the company’s finances based on the data. But here lies the problem with this data globally – IT IS INCREASING EXPONENTIALLY. And the systems that we have been using till date to store this data (with no hard feelings) are simply incapable of matching the rate of data generation. And any FinTech is no exception to this.
Sure the Data Warehousing and Business Intelligence is well supported by the age old Relational DataBase Management Systems (RDBMS) but with that came the problem of Data Redundancy and Data Flexibility questions.
I feel that, moving forward, for newly formed organizations or those that plan to expand their reach [and expecting to generate terabytes of data in the future], it is important to consider making changes at the grass-root level for adapting the technology that employs the use of In-Memory-Databases. Sure they come with a price and a good one too but it could certainly be considered as a one-time investment that will bear them an ability to reduce the overall Data Volume without compromising on the performance and great data flexibility.