BigDataStack technologies fit to tackle FinTech and InsuranceTech challenges


INFINITECH is a joint effort of global leaders in ICT and finance towards lowering the barriers for BigData, Internet of Things (IoT) and Artificial Intelligence (AI)- driven innovation, boosting regulatory compliance and stimulating additional investments. INFINITECH will establish a market platform that will provide access to the project’s solutions, along with a Virtualized Digital Innovation Hub that will support FinTech and InsuranceTech in their effort. 

BigDataStack technologies fit to tackle FinTech and InsuranceTech challenges

During the BigDataStack and INFINITECH joined forces in the webinar at the BDV PPP Summit 2020, titled “FinTech and InsuranceTech case studies digitally transforming Europe’s future with BigData and AI-driven innovation”. During this webinar, BigDataStack showcased three of its software components fit to tackle FinTech and InsuranceTech challenges, and taken up by INFINITECH. 

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Containers, the future in a box

During the EBDVF2020 session “European Big Data Research For Industry – 3 Projects, 7 Sectors, 9 Applications, 41 Software Components. Now What?  Richard McCreadie (University of Glasgow) highlighted the added value of the BigDataStack containerised approach. 

One of the most important enabling technologies that has made it possible for applications to be shared, bought and sold is the wide-scale adoption of containerized services. A container is a mechanism via which user-application code along with an associated environment can be packaged together into a single unit. Once a container has been built, it can be run on almost any platform (subject to available resources and if configured correctly). This allows developers to construct reusable application components. The analyst firm Gartner predicts that by 2023, 70% of organizations will be running three or more containerized applications in production.

From our observations from both BigDataStack, and also from the new Flagship Infinitech project which is using containers as the standard for next-generation financial services, containers are the future of big data compute. While there is some initial training needed to get companies up-to-speed with the technology, our end-users were impressed by the ease of use and portability of their applications once containerized. Additionally, containers provide a standardized mechanism for both data services and user application scaling on distributed infrastructures, enabling big data processing at scale to even small companies.

There are a wide range of future benefits that are only just starting to be realised. From a business perspective, as container service marketplaces become more common and widely used, it will become much easier for businesses to access state-of-the-art solutions and deploy them in production using platforms like BigDataStack.   

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