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Introduction
Today’s executives of businesses are challenged with high competition, high customers’ anticipation and expectation, increasing costs of materials and labor and short product lifecycles. In such an uncertain environment, companies need to scan continuously for opportunities and risks and make decisions quickly for business based on the available data (Jeble et al., 2018). The development of information technology and the internet provides a huge amount of data being produced in various fields. Big data is used to describe this phenomenon in the digital world (Wu et al., 2018). Quantity of data increased every year, and the low price of data storage and computing makes big data analytics (BDA) practices desirable for companies as a tool to get a competitive advantage (Sanchez and Ramos, 2019). Big data is more accurate and robust than traditional ways which were used in analytics in the past. Adopting big data helps managers make better decisions based on evidence rather than anticipation (McAfee and Brynjolfsson, 2012).
According to Jeble et al. (2018), big data helps managers make forecasts in better ways, make smarter marketing decisions and use big data for better managerial and marketing practices. Big data plays a great and important role in the banking sector. Banks have a huge quantity of data, and there are several accounts preserved with a huge number of deals and information. Traditional technologies cannot preserve the data about the clients and their different deals. Because BDA is extensively used in the banking and exchange sector, it preserves all the data related to this sector. Also, big data gives many advantages to the bank sector; it helps in card fraud detection and provides an early warning for securities fraud. The Securities Exchange and Commission is using big data to reveal financial market endeavors and actions by using network analytic and natural language processors. This helps catch illegal buying and selling activities in the financial markets (Goyal et al., 2017).According to Goyal et al. (2017), besides the great opportunities of the benefits from big data come various risks of managing the data accurately and this data is very important for financial services companies because it consists of clients and account information. The significance of big data in business and...