FINTECH Circle, in partnership with Bulk Data Centers, has released a report that found that FinTech companies growing concerns about their environmental impact is a major factor in determining where to store their data.
In a survey of senior executives in the FinTech and financial services sector, the report – The Data Usage Barometer – explores the broad trends taking place across FinTech.
It showed that finance increasingly relies on data and energy-intensive technologies, with Artificial Intelligence, expected to be the technology that will be most vital to future growth, followed by Machine Learning.
Over a third of survey respondents had seen an increase of 50-100% in data usage and storage needs in the past three years and more than 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.
“From embedded finance, digital assets including cryptocurrencies, trading platforms and global payment solutions, FinTech is disrupting and reshaping our lives,” said 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.”
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.