Abstract:

The banking industry has significantly thrived with the rapid advancement of human civilization and the associated growth in information technology. Earlier to this digital era, all the transactions and the business intelligence thereof had excessive human involvement. The digital world, while making the transactions clear and transparent, generated large amount of digital data. Digital data has snowballed, with the proliferation of network services, mobile devices, and online users on the Internet the banking sector has witnessed a rise of interest in big data. A recent study showed that the global population produces a total of 2.5 quintillion bytes of data daily and this continue to rise. The global financial service sector continues to rapidly embrace digitization aided by the advent of new technologies and greater government push. This trend has been further stimulated by the emergence of Financial Technology (FinTech) players, who are playing a significant role in the banking value chain. The availability of Big Data in this domain has opened up new avenues for innovation and has offered huge opportunities for growth and sustainability. Simultaneously, it has presented a number of new challenges that must be surmounted in order to maximize its value. Since today’s customers expect more personalized banking services and to remain competitive while complying with bigger regulatory surveillance, the banking services sector is hugely pressurized to utilize the depth and breadth of the available data in the best possible way. This study will examine big data and its analytics while looking at the impact and applications of Big Data in the banking domain. It will also consider the important Big Data challenges that remain to be addressed in the banking sector.

Keywords: Big Data, Big Data Analytics, Financial institution, Banking.

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