MySQL in Fintech and Financial Services

A new breed of fast growing Fintechs are combining modern, agile technologies with a data driven approach to meet the evolving needs of consumers. The rise of Fintech is enabling consumers to have better control over their financial lives, including wider access to services with lower fees. For example, people today get more credit options, more flexible payment methods, investments with lower fees, automated advisors to meet savings and retirement goals, and much more.

Open Source in Finance

The financial industry recognizes that open source software can increase productivity and improve innovation. FINOS is an organization helping financial institutions actively adopt open source software to tackle long-standing technology and business challenges. In the FINOS 2021 State of Open Source in Financial Services report, Innovation was the number one reason for participating in open source software. Time to Market and Total Cost of Ownership were also both considered significant motivating factors for using open source software.

Modern Data-Driven Finance

MySQL is the world's most popular open source database. The fastest growing companies in the world are using MySQL to disrupt entire industries. Data is at the center of this disruption, and modern Fintechs are using MySQL to build innovative data-driven financial services, such as:

  • Digital Payments - Consumer are adopting digital payments technologies for online purchases and mobile purchases, and person to persons payments. PWC expects the number of cashless digital transactions to grow 3x by 2030.
  • Neobanks - Neobanks are challenging the traditional banking model with a low-cost structure, feature-rich products/services, and easy accessibility.
  • Loans & Financing - Buy Now Pay Later (BNPL) is an alternative to credit cards and gives consumers the flexibility to pay after a purchase, at no added cost.
  • Money Transfers - Fintech global remittance providers lower remittances costs and make transfers instantaneously, 24x7, and conveniently from a mobile device.
  • Alternative Lending - Alternative lending Fintech companies are using artificial intelligence, machine learning, and big data for loan qualification.
  • Robo Investment Advisors - Robo-advice is a breakthrough in the formerly exclusive wealth management market, bringing investment advice services to a wider audience with lower costs.
  • Blockchain & Cryptocurrencies - After a decade of speculation and testing, blockchain and cryptocurrency are becoming commercially viable technologies in banking applications.

MySQL provides the essential technologies for Fintechs to innovate faster, protect sensitive data and comply with industry regulations. MySQL delivers:

  • Developer Agility - MySQL is the most popular database because it gives developers the agility to innovate faster. Companies are using open source software and MySQL to iterate faster.
  • Fraud Detection - Datasets continue to grow larger, making it more challenging to detect fraud in a timely manner. Real-time analytics with HeatWave helps organizations identify and stop fraudulent activity immediately.
  • Regulatory Compliance - MySQL Enterprise Edition provides advanced security including encryption, masking, database firewall, auditing and more to protect sensitive data and meet regulatory requirements.
  • Real-time Analytics - Few industries can use real-time analytics better than the finance industry. HeatWave enables Fintechs to detect complex patterns on large amounts of data in real time.
  • Machine Learning - Fintechs are using Machine Learning for asset management, risk assessment, credit score calculation, and loan approvals. HeatWave AutoML automates the machine learning lifecycle, saving Fintechs significant time and effort.

Additional Resources