Technology has a lot to play in the evolution of the Banking & Finance Industry in the last one to two decades. The service and the way the banks operated have advanced to make life easier for both the customers and the banking professionals. When the Big Data Revolution hit the various industries, the banking industry realised the opportunity avenues associated with it. This article provides an insight on the impact of Big Data on the banking sector.
How Big is Big Data in the Banking Sector?
Banking firms always had a huge amount of information stored in their database; clueless about what to do with it. Big Data has unlocked the doors converting this huge amount of data into meaningful benefits for themselves and their customers.
According to a report by Alacer, the banks in the US have currently around 1 exabyte of stored data, which is equal to 273 Billion mp3s. Typically, the source of information in the banking industry comes from the sources – customer bank visits, credit/debit card histories, banking volumes, account transactions, call logs, and web interactions.
Role and Impact of Big Data
As mentioned in the above paragraphs, there are a lot of areas which have been or can …