Georgia’s financial technology companies produce more than $34 billion in revenues annually, placing the state third behind New York and California. The state’s FinTech sector is set to cement its position as the global leader in payments processing, said Christine Ries, professor in the School of Economics. Her comments are included in a new report from the Technology Association of Georgia (TAG).

Georgia financial technical companies and the companies that support them must tap into big data to spur growth.

We know that payments processing is the linchpin of global trade, and the data science impact on payments is already igniting dramatic expansions of trade and prosperity in many sectors.

Data will be used increasingly and in most industries to create and sustain competitive advantage. Consider that 90 percent of data stored is never accessed. Also, 10 percent of an organization’s data is considered “hot” and a potential driver of revenue. But this data has a limited shelf life.

This cutting-edge report from TAG FinTech shows us that Georgia companies already play a leading global role. A careful reading offers many clues to the policies and practices that will assure Georgia’s leading global position in payments processing.

The new TAG report can be found here: http://www.tagonline.org/chapters-and-societies/fintech/