BIG DATA ANALYTICS IN BANKING AND FINANCIAL SERVICES SECTOR

Abstract

‘He who holds the wealth of information, holds the solution to the toughest of the situations’ this quote is very much apt for the recent ongoing scenario, where there is an invisible struggle going on among the organizations as well as nations in the search for more and more information. Now, when the Banking and Financial services sectors are put under the scanner, it becomes evident that they are sitting on top of a humungous heap of valuable data. This data can be used for the betterment and advancement of the industry as well as the people. While it is good to have large amount of data available, it will be termed a big pile of trash if it is not analyzed properly and the results obtained from it are not put to use. With the adoption of Big Data analytics into the banking and financial services, many obvious as well as concealed problems can be addressed to and even solved quickly. The main objective of this paper is to highlight the meaning of Big Data analysis, study the types of data analytics with respect to Banking and Financial services sector and to showcase the potential benefits of embracing Big Data analytics into the Banking & Financial services sector. KEYWORDS: Information, Banking and Financial services, Advancement, Big Data, Data Analytics