Authors:
Abeer A. Amer, Heba M. Shoukry

Addresses:
1Department of Computer Science and Information System, Faculty of Management Sciences, Sadat Academy for Management and Sciences, Alexandria, Egypt. 2Department of Management Information Systems, Faculty of Commerce, Alexandria University, Alexandria, Egypt. abamer.2000@gmail.com1, heba.shoukry@alexu.edu.eg2

Abstract:

Big Data has become one of the most popular topics, especially in the finance industry. In this paper, we explore the significant role of big data in transforming the banking sector, where data has emerged as a critical asset. The advent of big data analytics has set a paradigm shift in the operational interaction with bank customers and to make strategic decisions. First, the paper illustrated a detailed exploration of the big data concept, focusing on its characteristics, such as volume, velocity, and variety, and their impact on the banking sector. Then, the paper provides a detailed overview of the sources of big data in the banking sector, including transaction records, customer engagements, social media interactions, and others that contribute to the huge data environment of banking. Further, the paper explains how big data is utilized in banking with diverse applications, such as improving risk management practices, personalizing customer services, detecting fraud, and boosting operational efficiency. Finally, this paper presents some challenges of big data in the banking sector, including issues related to data privacy, security, and others. Some case studies are discussed as practical examples of the real benefits banks have gained from adopting big data analytics.

Keywords: Big Data; Big Data Analytics; Finance Industry; Banking Sector; Strategic Decisions; Influence of Big Data; Transaction Records; Detailed Exploration of Big Data; Customer Engagements; Social Media Interactions.

Received on: 26/02/2023, Revised on: 07/06/2023, Accepted on: 11/08/2023, Published on: 19/12/2023

FMDB Transactions on Sustainable Computing Systems, 2023 Vol. 1 No. 3, Pages: 147-156

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