A Survey on Big Data in Financial Sector

With the advancement of computing technology, there has been rapid increase in volume, variety and velocity of data being produced, which is termed as Big Data. The Big data holds the potential to transform the enterprise operations and processes by leaps and bounds. One of the sectors that can highly benefit from the Big Data is financial. They have access to huge amount of transaction data which can be processed to gain the competitive advantages over their peers, enhance the customer banking experience, risk analysis and mitigation, operation and optimization. This paper discusses about the application of Big Data and its challenges in one of the financial sectors, which is Banking, and the benefit of Big Data in this field.