Fintech sector in the UK set for significant growth
The Fintech sector, technology applied to financial services, is set to experience significant growth according to the UK Trade and Investment (UKTI). The UKTI are heavily involved in encouraging Fintech organisations to invest in the UK and regularly send trade delegation missions to different countries.
The Fintech sector is estimated to be worth £20 billion in annual revenue to the UK economy and this figure will increase with the addition of emerging Fintech organisations.
These emerging providers and start-ups are contributing as much as 18% of the market’s annual revenue, making them vital for the future.
The UKTI categorise Fintech into the following categories and estimated annual values:-
- Payments (£10bn)
- Software (£4.2bn)
- Data and Analytics (£3.8bn)
- Platforms (2.0bn)
While the continued growth of the Fintech sector will create a number of significant opportunities for technology companies, they must also be mindful of protecting their data to prevent fraud.
With a background in the banking sector, Panintelligence's business intelligence software has been designed with security in mind.
Over the last few years we have been working in partnership with a number of organisations, including ACI Worldwide, to help them tackle significant issues for customers in their industry.
The ACI ReD Shield solution, based on Panintelligence technology, is a real-time fraud prevention solution for eCommerce merchants and payment service providers.
New data from ACI Worldwide showed a disturbing pattern connected to online payments.
Significant increase in card-not-present (CNP) fraud attempts over 2014 Fraud rates by volume have increased: in 2015, 1 out of 86 transactions is a fraudulent attempt vs. 1 out of 114 transactions in 2014 Fraud attempt rates by volume have increased by 30 percent compared to 2014 as consumers shop with more devices online and card issuers are slower to shut down accounts after fraudulent activity
“When it comes to fraud, 2015 is likely among the riskiest season retailers have ever seen; and it is critical that they prepare for a significant uptick in fraud, particularly within eCommerce channels,” said Mike Braatz, senior vice president, Payments Risk Management, ACI Worldwide. “Our findings suggest that merchants must be even more vigilant and shore up eCommerce fraud protocols, which may leave online shoppers more vulnerable.”
Source: ACI Worldwide Research Online Retail Fraud Data and Analytics organisations are also set to benefit from the vast amounts of data being generated and business intelligence solutions will become increasingly important as a result, putting Panintelligence at the forefront with our responsive real-time dashboard.