Relevance of Big Data Analytics in the Banking Sector

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As the need for real-time data availability and reporting capabilities grew over the following several decades, increasingly sophisticated database standards and applications were created. These developments have recently started to accelerate due to the rising use of advanced analytics and data visualisation in recent years. The process of extracting hidden insights from vast amounts of organised and unstructured data known as data science now makes use of highly developed technology such as data mining, machine learning, and advanced analytics. Big data is no exception to the banking industry's history of being an early user of new technologies. Big Data is a term used to describe an expanding body of data that is both structured and unstructured and is present in a variety of formats. Volume, velocity, variety, value, and truthfulness are this technology's key characteristics.