To better understand the path forward for the financial services industry in Asia, Celent, the leading research and advisory firm focused on technology for financial institutions globally, has conducted a detailed analysis of today’s landscape, based upon in-depth primary research conducted in 2021.
As payment platforms compete to outscale the competition, it’s crucial they also offer a flexible, real-time, and enriched customer experience. From consumer brands to corporations, industry leaders choose MongoDB to form the backbone of their always on, always secure, always available payments platform.
JSON Documents are the new standard for payments data. With its native JSON format, the document data model at the heart of MongoDB and MongoDB Atlas allows you to alter the structure, format, location, and storage of your data in response to changing information and requirements. Enrich your payments experience with data in any format or structure.
Data agility delivers:
Customers demand fast, frictionless payment experiences and instant, round-the-clock access to account information. The right database can help you meet these demands by providing:
Actionable Customer Insights: MongoDB’s Operational Data Layer pattern combines previously siloed data sources and unlocks a unified single view of customer data.
Resilient Scale-Out Architecture: Maintain highly available and responsive experiences, even as transaction volumes grow.
Agile Data Development: Change-friendly architecture enables you to cut release cycle time dramatically, improving speed to market and lowering risk.
Government regulations and industry standards are continuously shifting. From data locality regulations to evolving customer privacy laws, these changes can have important implications for technologies that support payment processes.
A modern database can help you maintain compliance without adding IT complexity or costs by delivering:
Flexible Document Data Model: Store and combine data of any structure and modify schemas dynamically as your data evolves using MongoDB’s flexible data model.
Real-Time Intelligence: Workload isolation allows you to query operational systems in real time without duplicating data or impacting performance.
Horizontal Scalability: Keep years of data online in a queryable form at a fraction of legacy cost, while maintaining consistent low response time.
New industry entrants are capitalizing on new technologies and driving down transaction fees. You need ways to innovate quickly while also enhancing operational efficiency. The right, modern database can help you increase business agility while cutting costs by offering:
Multi-cloud flexibility: MongoDB runs across clouds, allowing you to reduce costs and avoid vendor lock-in
Expressive Query Language: The MongoDB Query Language (MQL) provides an intuitive, powerful, full featured way to interact with document data.Make it easier for DevOps to create, run, and manage applications
Integrated Business Intelligence: MongoDB Atlas’s integrated Charts, BI Connectors, and Data Lake give you a solid foundation for advanced analytics.
If you’re designing a new payments product MongoDB's data agility allows new products to get to market quickly, without data fragmentation and unnecessary complexity.
If you’re a mature enterprise looking to modernize your payment landscape, leverage MongoDB’s flexibility to use it as a consolidated Operational Data Layer, enabling you to build new services and products rapidly using existing data without a risky rip-and-replace.
Data agility allows mature companies to get more value from their data quickly, and provides a clear path to broader modernization and a single view of the customer.
Looking to learn more about what MongoDB can do for payments? Take a look at the below resources to find out more.
A March 2021 global survey conducted by Celent, in partnership with MongoDB and Icon Solutions, shows what corporate clients want from their data-led services, and how companies plan to monetize payment data and support compliance with ISO 20022.
To better understand the path forward for the financial services industry in Asia, Celent, the leading research and advisory firm focused on technology for financial institutions globally, has conducted a detailed analysis of today’s landscape. This is based upon in-depth primary research conducted in 2021.