A Review on the Role of Big Data Analytics in the Financial Services Industry

The financial services industry's digital revolution has facilitated the penetration and transformation of advanced analytics, machine learning, artificial intelligence, big data, and the cloud. These technologies are used by large organisations to expedite digital transformation, meet consumer demand, and improve profit and loss. While the majority of organisations hold enormous amounts of useful data, they typically lack the knowledge essential to maximise its value because the data is unstructured or incorrectly recorded inside the organisation. This article discusses the applications of Big Data Analytics in the financial services industry and how they are being employed. Text analytics, audio analytics, and predictive analytics are just a few of the approaches now being used to provide value to financial organisations. This can assist in resolving various critical issues in the field, including market forecasting, fraud detection, credit scoring, real-time targeted marketing, and overall customer experience enhancement