A Review of Big Data Applications within the Financial Services Sector
Ting Tin Tin
Afif Syahmi
Chaw Jun Kit
Lee Kuok Tiung
Big Data has become one of the most popular topics across several industries, with companies looking to leverage its capabilities to extract valuable insights regarding their business operations and boost their competitive advantage in the market. The term big data implies a considerable amount of structured and/or unstructured data. In the financial sector, hundreds of millions of transactions are executed daily, offering vast opportunities for extensive data applications. However, the sheer amount of data can be very challenging to process, and it is doubtful for an analyst to be able to review an entire raw data set. This compels analysts to narrow their scope, focusing on acquiring valuable and actionable business insights for critical decisionmaking and strategies. This paper will explore some critical metrics and the latest use cases of big data analytics within the broader financial services sector.
Keywords: Financial services, Extensive data application, Big data analytics, Metrics, Decision-making
