Big Data Analytics for Financial Services and Banking

Abstract

Having surveyed the scenario of the application of techniques of Big Data Analytics in the context of Internet of things (IoT), let us now examine how the application of Big Data Analytics techniques is impacting the financial services and banking section. In a highly competitive business of financial services, we have companies vying with each other to grab their potential customers. This calls for their monitoring closely the customer opinions and feedback in all different platforms of Internet-enabled world, from mortgage applications to twitter postings—which provide unprecedented data for drawing insights. The Big Data phenomenon has resulted in expanding the range of data types that can be processed, enabling the banks and financial institutions to better digest, assimilate and respond in a better way to their physical and digital interactions with the customers.