Abstract
Big data is one of the most recent business and technical issues in the age of technology. Hundreds of millions of events occur every day. The financial field is deeply involved in the calculation of big data events. As a result, hundreds of millions of financial transactions occur in the financial world each day. Therefore, financial practitioners and analysts consider it an emerging issue of the data management and analytics of different financial products and services. Also, big data has significant impacts on financial products and services. Therefore, identifying the financial issues where big data has a significant influence is also an important issue to explore with the influences. Based on these concepts, the objective of this paper was to show the current landscape of finance dealing with big data, and also to show how big data influences different financial sectors, more specifically, its impact on financial markets, financial institutions, and the relationship with internet finance, financial management, internet credit service companies, fraud detection, risk analysis, financial application management, and so on. The connection between big data and financial-related components will be revealed in an exploratory literature review of secondary data sources. Since big data in the financial field is an extremely new concept, future research directions will be pointed out at the end of this study.
Highlights
In the age of technological innovation, various types of data are available with the advance of information technologies, and data is seen as one of the most valuable commodities in managing automation systems [13, 68]
This study found some financial areas directly linked to big data, such as financial markets, internet credit service-companies and internet finance, financial management, analysis, and applications, credit banking risk analysis, risk management, and so forth
The findings of this study are reasonable to conclude that big data has revolutionized finance industry mainly with the real time stock market insights by changing trade and investments, fraud detection and prevention, and accurate risk analysis by machine learning process
Summary
In the age of technological innovation, various types of data are available with the advance of information technologies, and data is seen as one of the most valuable commodities in managing automation systems [13, 68]. The financial industry is using trillions of pieces of data constantly in everyday decisions [22] It plays an important role in changing the financial services sector, in trade and investment, tax reform, fraud detection and investigation, risk analysis, and automation [37]. It has changed the financial industry by overcoming different challenges and gaining valuable insights to improve customer satisfaction and the overall banking experience [45]. Big data has a significant influence in economic analysis and economic modeling [16, 21]
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