Title : Impact of Big Data Analytics on Banking Sector: Learning for Indian BanksYear: 2015

Authors: Utkarsh Srivastava, Santosh Gopalkrishnan
Journal: Procedia Computer Science
Publication date: December 2015
Publisher: Elsevier
URL: click here


The big data revolution happening in and around 21st century has found a resonance with banking firms, considering the valuable data they’ve been storing since many decades. This data has now unlocked secrets of money movements, helped prevent major disasters and thefts and understand consumer behaviour. Banks reap the most benefits from big data as they now can extract good information quickly and easily from their data and convert it into meaningful benefits for themselves and their customers. Banks internationally are beginning to harness the power of data in order to derive utility across various spheres of their functioning, ranging from sentiment analysis, product cross selling, regulatory compliances management, reputational risk management, financial crime management and much more. Indian banks are catching up with their international counterparts; however a lot of scope remains.