Big Data in Banking and Finance
Dive into our latest white paper, which explores how Big data is transforming the banking and finance sectors. Learn how Big data helps identify at-risk customers and improve customer churn, reduces the risk of fraudulent activities, analyzes customer interactions, and improves overall service quality.
Nowadays, data management is becoming a critical differentiator that separates market leaders from all others. Most enterprises face Big data, which is so large that it is impossible to process it using traditional software tools. Forward-thinking companies actively crunch their high-volume unstructured data to get a competitive advantage and find new business opportunities. In a rapidly evolving financial landscape, leveraging Big data is essential for staying competitive, mitigating risks, and driving growth.
This white paper contains:
- Big data defined: What is Big data, and why is it important?
- Big data and generative AI: How they align and complement each other
- Big data and AI in banking and finance
- Banking and finance. Case studies
- Summary: Big data and AI use cases in finance.
to harness Big data to transform finance.
Big Data Market Growth in Numbers
The Big data market is projected to grow from USD 348.21 billion in 2024 to USD 924.39 billion by 2032.
Big Data is Getting Bigger
We create 2.5 quintillion bytes of data every day — so much that 90% of the data in the world today has been created in the last two years alone. This data comes from everywhere: sensors used to gather climate information, posts to social media sites, digital pictures and videos, purchase transaction records, and cell phone GPS signals to name a few. This massive, diverse, and unstructured data, which is impossible to process via standard software and databases, is called Big data.
Big Data Benefits for Financial Organizations
Data-driven insights and decision-making
Risk management and fraud detection
Financial modeling and forecasting
Trading opportunities
Regulatory compliance and reporting
Customer support and virtual assistants
