Discuss the Roles of Big Data Analytics in Financial Institutions

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Description

Using various articles, discuss the roles of Big Data Analytics in Financial Institutions.

Clues

Financial institutions include banking, insurance, credit bureau, mortgage companies etc.

Some possible roles

Fraud detection and prevention

Credit risk management

Marketing Analysis (to generate sales leads)

Customer relationship management

24/7 Security surveillance data storage and analysis (a very massive data)

You can use these points, but your explanation must be supported with articles’ citations and references. Credit will be given for more additional points.

Important Note:

You must use at least 3 related sources for this assignment.

Your citations and references must follow an APA format.

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Explanation & Answer

Attached.

Running head: BIG DATA ANALYTICS IN FINANCIAL INSTITUTIONS

Big Data Analytics in Financial Institutions
Student’s Name
Professor’s Name
Course Title
Date

1

BIG DATA ANALYTICS IN FINANCIAL INSTITUTIONS

2

Roles of Big Data Analytics in Financial Institutions
Introduction
Data Analytics has become a necessary element of decision-making processes in the
Financial Services and Banking Industry. This process simplifies the checking and evaluation of a
large amount of client data. Institutions use Big Data Analytics, in particular, when sheer size and
volume of data exceeds the capability of traditional databases to assemble. In this tremendously
competitive financial market world, Companies invest heavily on practices of data analytics.
Roles of Big Data
Risk Analysis
Big Data Analytics helps in the analysis of risks, which are common problems in financial
institutions (Chrisos, 2018). For instance, insurance agencies must evaluate the value of risks they
are taking on during the process of insuring customers. Besides, investment firms must understand
market risks and the risk levels their customers are contented with. As such, Big Data Analysis
enables a more accurate and faster risk analysis to reduce adverse bank experience and improve
customer experience.
Detection and Prevention ...


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