Data space best practices for data interoperability in FinTechs

This chapter focuses on data interoperability best practices related to semantic technologies and data management systems. It introduces a particular view on how relevant data interoperability is achieved and its effects on developing technologies for the financial and insurance sectors. Financial technology (FinTech) and insurance technology (InsuranceTech) are rapidly developing and have created new business models and transformed the financial and insurance services industry in the last few years. The transformation is ongoing, and like many other domains, the vast amount of information available today known as Big Data, the data generated by IoT, and AI applications and also the technologies for data interoperability, which allows data nowadays to be reused, shared, and exchange, will have a strong influence. It is evident the entire financial sector is in a moment of new opportunities with a new vision for substantial growth. This book chapter analyzes the basis of data space design and discusses the best practices for data interoperability by introducing concepts and illustrating the way to understand how to enable the interoperability of information using a methodological approach to formalize and represent financial data by using semantic technologies and information models (knowledge engineering). This chapter provides a state-of-the-art offer called INFINITECH Way using the discussed best practices and explains how semantics for data interoperability are introduced as part of the FinTechs and InsuranceTech.