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 LEVERAGING BIG DATA ANALYTICS IN BANKING SECTOR IN INDIA: SEIZING OPPORTUNITIES, PRESERVING VALUES


    Author(s):  JASLEEN KAUR ANEJA  
Abstract

“Big data” refers to datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyze. They have to be analyzed, handled, managed and validated through typical data management tools. Banks, who are a mirror image the economy, handle enormous amount of transaction data that has to be managed, scrutinized and utilized for the benefit of banks as well as the customers. Big data is especially promising and differentiating for financial services companies. With no physical products to manufacture, data – the source of information – is arguably one of their most important assets. However, along with massive opportunities, big data brings with itself many challenges, which the banks need to carefully address. Some challenges are related to privacy, data proliferation, security, and sharing of data for outsourcing analysis, skilling of personnel and of technology. Hence this research paper seeks to understand the state of digital data, how banking sector is unleashing the power of Big Data to create value across stakeholders and analyses how big data are managed in Indian commercial banks, the factors that have a greater impact on banks in handling big data was studied and examined how analytics creates value for the business.


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