Big Data Analytics Enabled Smart Financial Services: Opportunities and Challenges

Of late, the financial services industry is fast moving away from the traditional paradigm to the sophisticated digital way of dealing and the customer. Both the facets of the financial service industry, viz., the financial service provider and the customer are going through a digital evolution. In particular, banking industry has evolved from just journal and ledger entry paradigm to data and analytics driven banking operations, which subsumes online as well as offline customer behavior. This paper discusses various scenarios in baking, finance services and insurance (BFSI) areas, where big data analytics is turning out to be paramount. The paper also highlights the potential benefits, of the new-age technologies viz., Internet of Things (IoT), Blockchain, Chatbots and robotics.

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