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Application of Big Data with Fintech in Financial Services

Part of the Blockchain Technologies book series (BT)

Abstract

Computing technologies perform a vital role in the transformation of contemporary financial services. The emergence of financial technology (fintech) in recent years has transformed different facets of the global financial industries, thus changing the way financial personnel lives, think, and work. The fintech similarly had developed numerous technologies to advance the industry. These developments focused on the advancement of financial segments through the use of big data, cloud computing, the Internet of Things, artificial intelligence, and blockchain, for better transaction and security. Big data has seen a substantial adjustment in approaches to gather, demonstrate, and appraise information. How to use the data to develop new business models has attracted considerable attention, and recent technological advances have allowed us to produce data much faster than ever. Big data analytics is the modeling of big data to discover useful information and patterns, thereby communicating the same to support decision making and suggest conclusions. Big data can be processed, accumulated, and accumulated in the financial industries through rapidly evolving fields of big data analytics, thus enabling the understanding, rationalization, and use of big data for different purposes. Therefore, this chapter discusses the concept of big data for guaranteeing better expansion and research toward fintech. The chapter likewise will examine how large-volume financial rights data can greatly help clarify and elucidate fintech patterns. The chapter will also make an effort to convey various benefits that financial industries can make by using fintech with big data technology. The hope of using fintech with big data in financial services will have a great impact on the quality of financial transactions that can be delivered to financial sectors across socioeconomic and geographic boundaries.

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Awotunde, J.B., Adeniyi, E.A., Ogundokun, R.O., Ayo, F.E. (2021). Application of Big Data with Fintech in Financial Services. In: Choi, P.M.S., Huang, S.H. (eds) Fintech with Artificial Intelligence, Big Data, and Blockchain. Blockchain Technologies. Springer, Singapore. https://doi.org/10.1007/978-981-33-6137-9_3

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