Scopes of Big Data & Data Science in the Banking & Financial Services (FinTech)
Technology has played a vital role in the evolution of the banking and finance industry. Advanced Technology has completely changed the way the banks operated. It has made the life much easier for the customer and the banking officials. When we talk about the technology it’s not only about the online transaction, internet banking, banking apps, online stock transaction etc. It is difficult to overstate the importance of data in today’s economy. There is so much data around us - from mobile phone usage, social network activities, web browsing, e-commerce shopping behavior, credit card history, payroll, email, biometric data, behavioral data and much more. Nowhere have big data and data science been more effective in creating change than in the banking and financial services. Fintech has radically modified the financial landscape by facilitating the big data applications and complex calculations to financial decision making. In this post, we will look into the Scopes of Big Data & Data Science in the Banking & Finance (FinTech) Sector.
Big Data is described as the large volume of data both structured and unstructured. It is a data whose scale, variation and complexity require new techniques, algorithms, and analysis to manage it and extract hidden knowledge and value from it. Big data is a very big data due to the introduction of communication means like social networking, online banking and financial transaction etc. Every year the amount of data produced by people is growing rapidly. The amount of data generated by humankind in the beginning of 2003 was 5 billion gigabytes. The same amount is created in every two days in 2011 and in every ten minutes in 2013 and in every sixty seconds in 2015. At present, the world generates around 2.5 quintillion bytes of data every day. This rate is growing rapidly and all these data generated is meaningful and can be utilized if processed with right tools and techniques.