Suitability of big data analytics in Indian banking sector to increase revenue and profitability

Banking Sector over the last few decade has undergone drastic changes, when it comes to the way they operate and provide efficient services. Increasing population worldwide overburden the existing banking infrastructure. This will in turn increases the number of customers, online transactions and also create huge amount of data when dealing with large segment of customers. Banks in United State and other countries are now using Big Data Analytics (BDA) to handle this situation in every day. It find various patterns within their databases and for gaining the profits for their organizations. It is very surprising, yet true that most of the banks in India have actually not utilizing the information they have stored in their own databases due to several issues like connectivity, fetching time etc. Data experts expect an enormous increase in the volume of data, before 2020, i.e., the size of the data is in Petabyte's and Exabyte's. This will be the actual amount in which the data is being stored in our banks in past a decade. To address the above mentioned issues, this paper provide a detailed review on suitability of BDA in Indian banking sector. BDA is a huge step towards the development of banking sector. So, applying BDA in banking sector in India would help banks in generating actionable insights to improve strategic and operational decisions, and to stay on top of business and competition, every bank must be highly rich with technology and Analytics. Big Data is definitely going to make things easier for the banking industry.