Big Data in Finance and Banking Sector
- Authors: Mohammad Irfan1, Mohammed Majeed2, Jonas Yomboi3, Abdul-Razak Abubakari4, Evans Kelvin Gyau5
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View Affiliations Hide Affiliations1 NSB Academy, Business School, Bengaluru, Karnataka 560099, India 2 Marketing Department, Tamale Technical University, Tamale, Ghana 3 Accountancy Department, Valley View University, Oyibi Ghana 4 Entrepreneurship and Enterprise Development, Tamale Technical University, Tamale, Ghana 5 Accountancy Department, Sunyani Technical University, Sunyani, Ghana
- Source: Navigating the Fintech Frontier Transformative Innovations and Risk Factors in Financial Services , pp 77-94
- Publication Date: April 2025
- Language: English
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The rapid advancement of digital technology and the widespread adoption of global communication networks have led to significant transformations in the responsibilities of enterprises, the characteristics of value generation, and even economic structures. The main objective of this chapter is to discern prevailing trends in the utilisation of big data (BD) within the banking sector. This technology possesses the potential to effectively address future crises and expedite the identification of forthcoming opportunities. The advantages encompassed in this context encompass cost-effectiveness, customer experience, and customer pleasure, among others. Conversely, the obstacles faced encompass the management of large volumes of data and the prevention of fraudulent activities, among other issues. In the realm of banking and financial services, big data serves as a multifaceted solution, a strategic instrument, and a process-driven approach to digital transformation.
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