Features of the use of big data in the financial sector

Abstract

The purpose of the article is to theoretically comprehend the essence of big data, identify the advantages and risks of its use by financial organisations. The article presents the results of systematisation of knowledge about the nature and features of the big data. It has been revealed that the technology makes it possible to do better analytical research, create models for forecasting economic trends and market changes, study market dynamics, analyse medical data to improve diagnosis and choice of treatment methods, predict failure or breakdown of equipment in production by assessing data from sensors, develop social and economic programmes at the state level, identify fraud and corruption in the financial sector, etc. The relevance of the rapid development of the big data technology and the expediency of its use in this sphere is substantiated. As a result of the analysis of scientific literature, the author’s definition of the technology in the financial sector is presented. Its novelty lies in considering the features and advantages of applying the big data by financial organisations. The study of the modern practice of their usage in these institutions has revealed the main strengths and disadvantages of the technology in question.