Big Data Analysis Using Financial Risk Management

Abstract

Banking and finance institutes generate in addition to have transaction of huge sum of money every minutes over the arena. So via its distinctive feature of its very nature, this industry is facts in depth. The information found in this zone is complex facts and falls underneath the ambit of Big Data, which has already defined as “Set of data with massive, various and complex that is developing at growing fee”. This information holds greater potential for financial institution to have better knowledge of patron base, product performance and industry trend on this competitive market quarter. With the technological advancement in past decade, almost half of grown-up populations have begun the usage of digital banking. This exponentially developing numbers of drugs, mobiles and different electronic gadgets have made it easy for purchaser to perform one of a kind activity, communicates with exclusive businesses, studies products and services, shopping new object, comments and performing banking mission. These sports and statistics from it could be used to create a customer profile which bank can analysis to display trend and foresee consumer conduct and provide customize offerings. This paper talks a number of the prevailing utility of Big Data in banking as properly some future possibilities associated with huge data in banking region and some underlying challenges which ought to be tackled.