Big Data as a Service and Application for Indian Banking Sector

Abstract

The financial world, money markets, and the growth of an economy are all powered by banks. In India's financial sector, where cashless and paperless transactions are expanding quickly, bank fraud is also rising quickly, and fraudsters are now turning to cutting-edge techniques. Fighting financial crimes has always been a priority for the banking industry. Banks’ fraud losses will diminish when they are able use analytics and emerging technologies for better fraud prevention. Data has evolved into more than simply an IT resource; it is a vital feature of the banking industry's digital transformation in the present world. The majority of contemporary risk monitoring systems, which are based on data science discipline such as big data, allow for surveillance and offer Early Warning Signals (EWS) about any kind of worsening. The study of this paper signifies that how big data as a service and application proven as a strong and innovative instrument that assists Indian banking sector not only in identifying security issues and fraudulent behavior, but also in their early prevention. The experimental results of bibliometric study conducted on Scopus and Web of Science databases using in Vos Viewer software, clearly discovered big data technology is a crucial approach to deploy in Indian banking system. Findings of this paper will contribute to knowledge and practice of researchers working in this filed by increasing their understanding related to numerous big data technologies and techniques deployment for handling banking financial risks and its role in operational banking workflow management.