Next-Gen NoSQL Databases for FinServ: Exploring Use Cases

The financial services industry (FinServ) is undergoing significant changes due to increasing customer expectations, systemic risk, market pressures, and regulatory forces. Financial institutions are leveraging FinTech software to adapt to this complex business environment and compete with startups in various areas such as payment processing and database management. One of the key innovations in FinServ is the use of NoSQL databases, which offer advantages over traditional SQL databases, including non-relational, cluster-friendly design, ability to handle heterogeneous data volumes, and strong consistency features. Aerospike, a leading player in this space, has continued its innovation spree with features like strong consistency and compression, making it an ideal choice for financial institutions that demand complete accuracy without losing speed or performance. NoSQL databases are expected to play a significant role in real-time data analytics, fraud, and risk management within the FinServ industry.