-Unveiling the Power of Big Data: A Comprehensive Review of its Role in the Banking Sector

Abstract

In this paper we examine the transformation of big data in the banking industry, where data has become a major asset. The advent of big data analytics is bringing about a major shift in how banks operate, interact with customers and make strategic decisions. The article first examines big data, focusing on its key features: volume, velocity, and diversity, then its impact on banking operations and then provides a comprehensive analysis of the origins of big data in its banking sector of the industry, including marketing history, customers and communications , social media engagement, and others. In addition to contributing to the banking industry's vast database, the paper outlines the many ways banks are using big data, from improving risk management to improving customer services to fraud by identifying activities and increasing operational efficiency. Finally, the article addresses big data challenges for banking, such as data privacy and security issues, and provides case studies to illustrate the tangible benefits that banks gain by embracing big data analytics acknowledge its value.