Big Data

The Role of Big Data in Banking


Big data is a buzzword that is changing how businesses operate in the 21st century. The financial industry, particularly banking, has not been left behind in this data revolution. Banks, like many other businesses, have realized the importance of big data analytics in improving customer satisfaction, identifying risks, and predicting trends. Big data refers to the massive volume of structured and unstructured data that banks collect from various sources, including social media, online banking transactions, mobile devices, and other digital platforms. This essay explores how big data is transforming banking, the challenges that banks face when adopting big data analytics, and the opportunities that big data presents to banks.