The benefits of real time data for financial market: a proposal model for banking in Albania

Proceedings of ‏The 5th International Conference on Applied Research in Science, Technology and Knowledge

Year: 2021

DOI:

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The benefits of real time data for financial market: a proposal model for banking in Albania

Msc.Erarda Vuka,Dr Julian Fejzaj

 

ABSTRACT: 

Technology is evolving very fast and the amount of data is becoming increasingly difficult to manage, companies need to make more and more accurate decisions at the right time, hence real time data processing is taking place in any environment. Using a real-time processing model that completes transactions without delay can be the kernel of a success. Real-time data has the potential to improve the customer experience, increase office efficiency, and enhance analytics capabilities at a lower cost. Although real-time banking is not a new concept, it is one of the most difficult processes to implement in financial market, in order to get the benefits of real-time transaction processing, such as improved portfolio management, fast credit card fraud and acceptance checks, and others, banks and other financial services. Many banks have already adopted a variety of technologies and mechanisms to provide a real-time customer experience, but the implementation of these technological improvements has additional costs and difficulties that banks sometimes prefer to bypass.  In this paper in the first part are presented the basic concepts of real time data, then we will look at the growing importance of real-time data flows and their impact on business and on people’s lives, especially in financial services. In the final part will be presented a simple implementation of real time for banking in Albania.

Keywords: Real-time data, banking, financial market, data warehouse.