Abstract: Big Data is one of the key technological developments that is revolutionising the way high volumes of data are processed to identify meaningful patterns and derive useful information for efficient decision making. One of the segments that has witnessed an exponential growth of data generation and consequently applications of Big Data consists of the financial systems. There is a vast growth in the amount of data generation which has necessitated the use of Big Data. A majority of the companies in the financial sector have already begun using this technological tool for efficient management of large volumes of data generated through their operations and processes. This paper evaluates the applications of Big Data in the financial systems and analyses the challenges and opportunities. Several factors such as security and data management in terms of challenges, and real time information generation and decision making support as opportunities are discussed. Based on the discussion it is determined that despite the challenges, the opportunities offered by Big Data are much more and financial systems, especially those deployed by the companies in the financial sector can benefit immensely. However, for the financial systems to become more robust, it is critical that the challenges are addressed efficiently while capitalising on the opportunities.
Keywords: Several factors, financial systems, Big Data.
Title: Challenges and Opportunities for Big Data in Financial systems
Author: Yazeed M. Almutairi
International Journal of Computer Science and Information Technology Research
ISSN 2348-1196 (print), ISSN 2348-120X (online)
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