Large Scale Data Influences Based on Financial Landscape Using Big Data

Abstract

Managing massive amounts of data is a hot topic in the worlds of business and technology right now. This kind of activity occurs in the hundreds of millions every single day. The processing of large data events is greatly aided by the financial sector. This means that every day, the financial sector processes hundreds of millions of transactions. According to experts, this is becoming a major obstacle in the way data for various financial services and products is managed and analysed. The financial and insurance industries have also been impacted by big data. Big data has far-reaching effects on the economy, making it crucial to examine the consequences of this phenomenon. The goal of this paper was to use these ideas to illustrate the current state of affairs regarding big data in the financial sector and to explain how and why big data affects various subsets of the financial sector, such as financial markets, financial institutions, and the links between online finance, financial management, online credit service providers, fraud detection, risk analysis, and the management of financial applications. The link between big data and economic variables can be better understood after reviewing the secondary literature on the subject. Due to the novelty of the concept, this study will finish by proposing avenues through which more research into the use of big data in the f inancial sector could be conducted.