Applications of Big Data within Finance: Fraud Detection and Risk Management within the Real Estate Industry

Abstract

Big Data within the world of finance is about large, complex, and diverse (unstructured and structured) data sets that may be employed in providing solutions across the world for business challenges within banking companies and financial services that are long-standing. Big Data helps in enhancing the significance of FinTech in offering numerous financial services for users, facilitating the distribution of new payment, financing, and exchange services within an increasingly large proportion of the population. Technological developments have changed our lives profoundly, particularly over the last two decades. All fields of the economy have been changed, so it is hardly surprising that the world of real estate has been impacted by technological advances. Indeed, great technological strides have been made within the financial world that has allowed both professionals and amateurs to employ technical, innovative solutions that may lead to improved performance both within personally used commercial activity and for the purposes of commerce. Various applications of Big Data have been very beneficial for the world of finance because of new innovations in various technologies. The focus of this research has been upon the undertaking of a systematic analysis related to the technologies that are considered most important and that currently allow great progress to be made in fraud detection and risk management within the real estate industry by analysing the data collected. The particular focus of the research has been to highlight 3 particular interest areas, namely: i) FinTech and Big Data, ii) risk management, iii) fraud detection. A recent case study related to scandals that have arisen in the FinTech industry has provided further help in support of the research hypotheses and the conclusions are drawn.